Sunday, August 13, 2017

The Rise In Russian Income Inequality Since 1990

Thomas Piketty has written extensively about the rise in income inequality in the US and other capitalist nations in recent years.  Piketty and his colleagues have turned their attention to the rise of income inequality in former communist nations since 1990.  They found that income inequality in Russia is similar to, or greater than income inequality in the US.  Inequality in Russia is also  greater than it is in China and former communist nations in Eastern Europe.  They also found that much of wealth held by Russia's richest citizens is held offshore.  The offshore financial assets held by rich Russians is about equal to total household financial assets held in Russia.  Money laundering in Russia must be a big business.  (It may also have provided a boom for real estate developers in the rest of the world.  A lot of the money has been invested in real estate)

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