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The extremely rich in post-Soviet countries are often called oligarchs, a term of Greek origin loosely translated as “the rule of few”…and these billionaires are outstandingly rich compared to the size of the Russian economy that generated that wealth.
Russia: …According to The Economist, approximately 85% of Russian billionaire wealth can be attributed to the so-called crony sector, where business and political power players work together to share profits and favors. Russian President Vladimir Putin has been known to use this class of the loyal and influential to cement his power for years…
The U.S. also exhibited an extraordinarily high billionaire wealth at between 14% to15% of GDP but, despite the fact that the United States is home to around 35% of all the billionaires listed on the Bloomberg index, including the top 9 individuals with net worths between $95 billion and $221 billion, Russian billionaires are still richer in comparison to their country’s economic output.
France, India and Canada also ranked high for the wealth-to-GDP ratio. In their cases, the outcome is driven by extremely wealthy individuals that eclipse the wealth of other billionaires in the countries…Other countries which lack these outstandingly wealthly individuals tend to have lower billionaire-net-worth-to-GDP ratios with Germany at 7%, the U.K. at 4% and Japan at 1.6%.
China: Despite China’s large economic output, the richest Chinese individual…currently only has $66 billion to his name and the second-richest has a net worth of only $45 billion, contributing to the country’s modest result of a 5.7% billionaire-wealth-to-GDP ratio as of March 10.
Second-ranked Sweden, on the other hand, hosts an oversized number of very wealthy billionaires from the worlds of business and aristocracy in a small country. The interests that control global players like H&M, Securitas and Tetra Pak reside here…
The ratios used in the chart above are based on calculations by the Bloomberg Billionaires Index which includes the 500 richest individuals in the world, most recently showing individuals with a net worth of around $5.2 billion and upwards.
The above version of the original article by Katharina Buchholz was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
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