Moscow is the capital city of Russia and one of the biggest economic hubs in the country. The city has a rich history, culture, and a flourishing economy. One of the notable features of Moscow’s economy is its billionaires. The article will discuss the number of billionaires present in Moscow and the impact they have on the city’s economy.
Definition of a billionaire
A billionaire is a person who has a net worth of at least one billion dollars. This means that their total assets, including property, stocks, and investments, amount to a billion dollars or more. According to Forbes, a person’s net worth is calculated by subtracting their liabilities from their assets. A person is considered a billionaire if their net worth is equal to or greater than one billion dollars.
Number of billionaires in Russia
Russia has the fourth-highest number of billionaires globally, after the United States, China, and Germany. According to Forbes, there are currently 99 billionaires in Russia, with a combined net worth of $392 billion. Several factors have contributed to the rise of billionaires in Russia, including the privatization of state-owned enterprises, the development of natural resources, and the growth of the technology sector.
Moscow’s position in the ranking
Moscow is home to around 87 of Russia’s billionaires. This makes it the city with the highest concentration of billionaires in the country. Moscow’s billionaires have a combined net worth of $354 billion, which is 90% of the total wealth of all Russian billionaires. Moscow ranks fourth globally for the number of billionaires in a city, after Beijing, New York, and Hong Kong.
Criteria for listing in the billionaire ranking
Forbes uses several criteria to determine a person’s net worth and whether they qualify for the billionaire’s list. These include their assets, liabilities, investments, and the value of their company. Forbes also considers the public records, interviews with industry experts, and company filings to verify a person’s wealth.
Methodology for counting billionaires in Moscow
Forbes uses a variety of sources to identify billionaires in Moscow. This includes publicly available information, such as company filings and news reports, as well as interviews with industry experts and the billionaires themselves. Forbes also uses estimates to calculate the value of privately owned companies and investments.
Most prominent billionaires in Moscow
Some of the most prominent billionaires in Moscow include Roman Abramovich, the owner of Chelsea Football Club; Alisher Usmanov, the founder of USM Holdings; and Vladimir Potanin, the CEO of Norilsk Nickel. These billionaires are involved in various industries, including mining, technology, and finance.
Industries with the most billionaires in Moscow
The most significant industries for billionaires in Moscow include finance, mining, and technology. These industries have seen significant growth in recent years, contributing to the rise of billionaires in the city. Many of Moscow’s billionaires have made their fortunes through investments and ownership of companies in these sectors.
Wealth gap in Moscow
The wealth gap in Moscow is significant, with billionaires at the top and many people struggling to get by at the bottom. According to a report by Credit Suisse, the top 10% of the population in Moscow holds over 80% of the city’s wealth. This has led to criticism of the billionaire class and calls for more equitable distribution of wealth.
Impact of billionaires on Moscow’s economy
Billionaires have had a significant impact on Moscow’s economy. Many of them have invested in businesses and industries, creating jobs and contributing to economic growth. Some billionaires have also made significant philanthropic contributions, supporting education and healthcare initiatives.
Comparison with other cities
Compared to other cities, Moscow ranks fourth globally for the number of billionaires. However, it has a higher concentration of billionaires than any other city in Russia. Other cities with a high number of billionaires include New York, Hong Kong, and Beijing.
Conclusion
Moscow is home to a significant number of billionaires, with a concentration of wealth in finance, mining, and technology. While billionaires have contributed to the city’s economic growth, they have also contributed to the wealth gap and income inequality. As the city continues to develop, it will be essential to consider the impact of billionaires on society and work towards a more equitable distribution of wealth.
