11 May 2011, 18:45

Russia predicted millionaires boom in 2020

Russia predicted millionaires boom in 2020

The report from Deloitte, one of the worlds’s leading international accounting and consulting firms, estimates Russia will have over 1 million dollar millionaires by 2020. Currently, their number is three times smaller. Meanwhile, Moscow is already at the top of the billionaire list being home for 79 billionaires.

The report from Deloitte, one of the worlds’s leading international accounting and consulting firms, estimates Russia will have over 1 million dollar millionaires by 2020. Currently, their number is three times smaller. Meanwhile, Moscow is already at the top of the billionaire list being home for 79 billionaires. New York ranks second with only 58 people boasting billion fortunes. 

For the past several years Moscow has remained one of the most expensive cities. Housing prices and rent are as high as they are in London and New York. Like the world’s leading financial centers, Moscow has plenty of fashion boutiques and is in the top of most comfortable cities. All this makes Moscow attractive to investors. As of today, practically all major companies have their branch offices in Moscow and in other regions of Russia, which cannot but improve Russians` well-being, says Anatoly Aksakov, a member of the State Duma committee for financial market:

"Money attracts money, a rich person attracts wealth. And the richer a country is, the more investment it gets."

Of course, it would be great if we saw not only the rise in millionaires but also the decreasing number of people living beyond the poverty line. Anatoly Aksakov continues:

"The growing number of millionaires is a good sign. But it is necessary that incomes they get with support from the government where the country’s economic policy is shaped were evenly distributed among the population. It is obvious that if the number of millionaires is increasing, standards of living become higher for the majority of people."

Some experts have a different opinion. Alexei Logvin of ‘Rus Capital’ company thinks that the growing number of well-off citizens does not have so much to do with the country’s economic situation. He believes that a true indicator of a country`s prosperity is the percentage of people belonging to the middle class.

However, one thing is beyond doubt: the growing number of rich people results from successfully developing economy.

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