Credit Suisse said

A staggering 35 per cent of household wealth in Russia is owned by just 110 people, the highest level of inequality in the world barring a few small Caribbean islands, a report by a major investment bank says.

By contrast, billionaires worldwide account for just 1-2 per cent of total wealth, Credit Suisse said. Russia has one billionaire for every $11bn in wealth while the rest of the world has one for every $170bn.

The fall of communism saw Russia’s most prized assets sold off to businessmen later known as oligarchs. President Vladimir Putin allowed them to keep their wealth in exchange for political loyalty.

Credit Suisse Group is a Switzerland-based 

multinational financial services holding company, headquartered in Zürich, 

that operates the Credit Suisse Bank and other financial services investments. The company is organized as a stock corporation with four divisions: Investment Banking, Private Banking, Asset Management, and a Shared Services Group that provides marketing and support to the other three divisions.

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