E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > Political Talk

Political Talk
You may discuss anything regarding politics in this forum ONLY. If you cannot respect others opinions, your access to this forum will be removed.

Reply
 
Thread Tools Search this Thread Display Modes
Old 10-14-2013, 05:01 PM   #1
VaderDave
Invictus
 
VaderDave's Avatar
 
Join Date: Aug 2004
Location: El Dorado Hills, CA
Posts: 11,898
My Ride: 330CiC ZHP
Russia shows the United States how wealth inequality is really done.

http://blogs.wsj.com/emergingeurope/...n-billionaire/

Quote:
MOSCOW—When it comes to household wealth, it seems Russia has come full circle.

In the days of the Soviet Union, the country boasted that all its citizens shared the wealth equally, but a new report has found that a mere 20 years after the end of Communism, wealth disparity has soared with 35% of the country’s entire wealth now in the hands of just 110 people.

“Russia has the highest level of wealth inequality in the world, apart from small Caribbean nations with resident billionaires,” Credit Suisse’s annual global wealth report says.

The study discovered that in Russia there is one billionaire for every $11 billion in household wealth. In the rest of the world, there is one for every $170 billion.

According to Forbes, there are 110 billionaires in Russia out of a population of 143 million people. In 2000, there were just eight billionaires in the country. By contrast, there are currently 442 billionaires in the United States — which has just over twice Russia’s population — compared to 269 in 2000.

One of the authors of the report, Anthony Shorrocks of Global Economic Perspectives Ltd., said it was impossible to compare Russia’s wealth disparity to that of any place else.

“The situation in Russia has no parallel. If you look at how Russians have made their money and the sort of political ties that seem to be necessary to maintain it, there are just very few places where the situation is similar,” he said.

He said researchers arrived at the eye-popping figure by dividing the number of billionaires listed in Forbes into a composite estimation of Russia’s overall wealth as gathered from balance sheets, market capitalization data and other economic information published by Russia’s state statistics agency. Mr. Shorrocks said, however, that Russia’s wealth figures were not as clear as in other countries due to a lack of data on the value of non-financial assets, like real estate.

He also noted that the high percentage of wealth being held in such a small number of hands has remained at roughly the same level for years.

But the study showed — when weakening exchange rates are factored in — average wealth in Russia has been falling. In 2007, the average adult had around $14,000 when a dollar bought 25 rubles. But now that figure stands at just $11,900, with the exchange rate standing at just over 32 rubles to the dollar. At a constant exchange rate, average wealth has shown “no sign of growth,” since before the economic crisis in 2008, the report found.

Overall, 93.7% of Russia’s adult population has less than $10,000 in wealth, according to the report; 5.6% has between $10,000 and $100,000; 0.6% has between $100,000 and $1 million; and 0.1% — or about 84,000 people — has over $1 million. In the U.S., according to the report, 30.7% of the adult population has less than $10,000; 33% has between $10,000 and $100,000; 30.7% has between $100,000 and $1 million; and 5.5% — or 1.3 million people — has over $1 million.

Credit Suisse estimates that worldwide there are 98,700 “ultra-high net worth individuals,” or people worth $50 million or more. Almost half of them live in the United States. Russia is 11th on the list between India and Australia. Just 3,100 people have assets of over $500 million, the report said.
VaderDave is offline   Reply With Quote
Old 10-14-2013, 05:08 PM   #2
Lair
Modded ///Member
 
Lair's Avatar
 
Join Date: Mar 2008
Location: Sea level
Posts: 321
My Ride: e90, cheap Boxster
Give it time. We'll get there.
__________________

Quote:
It's the best years of your life they want to steal.
Congratulations.
Lair is offline   Reply With Quote
Old 10-14-2013, 05:29 PM   #3
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
I used to have a Russian blonde gf. Good times.
__________________
Quote:
Originally Posted by SonicBoom
Europeans are stoopid. They keep splitting countries, while being jealous of our powa. Of course the EU is good for them, but does that have any real power?

Not even mentioning the efficiencies of larger countries.

As divided as this country is, at least we are one.
bimmerfan08 is offline   Reply With Quote
Old 10-14-2013, 05:40 PM   #4
5ynd1cat3
Registered User
 
Join Date: Oct 2009
Location: Cincinnati
Posts: 478
My Ride: swagger wagon
Re: Russia shows the United States how wealth inequality is really done.

It's better to be at the table than on the menu.

Sent from my Obamaphone
__________________
5ynd1cat3 is offline   Reply With Quote
Old 10-14-2013, 08:04 PM   #5
Green_Shine
Registered User
 
Join Date: Apr 2006
Location: North
Posts: 373
My Ride: Back seat riding
Russia shows the United States how wealth inequality is really done.

Quote:
Originally Posted by Lair View Post
Give it time. We'll get there.


This society is getting more and more worthless by the day.


Sent from BimmerApp mobile app
__________________
Green_Shine is offline   Reply With Quote
Old 10-14-2013, 08:12 PM   #6
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 334
My Ride: Beach Cruiser
Send a message via AIM to Act of God
Russia was much better when everyone but the oligarchs were poor!
__________________
Gold Medal Recipient: Jimmy Rustling (2014)

“They have the guns and therefore we are for peace and for reformation through the ballot. When we have the guns then it will be through the bullet.” - Saul Alinsky, quoting Lenin
Act of God is offline   Reply With Quote
Old 10-14-2013, 09:37 PM   #7
VaderDave
Invictus
 
VaderDave's Avatar
 
Join Date: Aug 2004
Location: El Dorado Hills, CA
Posts: 11,898
My Ride: 330CiC ZHP
This is Middle-Ages-level concentration of wealth. It will be interesting to see how long it can last.
VaderDave is offline   Reply With Quote
Old 10-14-2013, 09:43 PM   #8
NOVAbimmer
Registered User
 
Join Date: Aug 2006
Location: VA
Posts: 12,461
My Ride: 14 Impala FXST M796
Russia shows the United States how wealth inequality is really done.

I swapped about twenty bucks for rubles. Boom, Russian billionaire.


Sent from BimmerApp mobile app
__________________
NOVAbimmer is offline   Reply With Quote
Old 10-15-2013, 08:06 AM   #9
'busa
Registered User
 
'busa's Avatar
 
Join Date: Jun 2005
Location: FL
Posts: 1,465
My Ride: E90 335i (sold)
Quote:
Originally Posted by NOVAbimmer View Post
I swapped about twenty bucks for rubles. Boom, Russian billionaire.


Sent from BimmerApp mobile app
20 US Dollar equals 645.56 Russian Ruble

__________________
'busa is offline   Reply With Quote
Old 10-15-2013, 09:07 AM   #10
Lair
Modded ///Member
 
Lair's Avatar
 
Join Date: Mar 2008
Location: Sea level
Posts: 321
My Ride: e90, cheap Boxster
I'm moving.
__________________

Quote:
It's the best years of your life they want to steal.
Congratulations.
Lair is offline   Reply With Quote
Old 10-15-2013, 09:47 AM   #11
NOVAbimmer
Registered User
 
Join Date: Aug 2006
Location: VA
Posts: 12,461
My Ride: 14 Impala FXST M796
Quote:
Originally Posted by 'busa View Post
20 US Dollar equals 645.56 Russian Ruble

thank you, buzz killington
__________________
NOVAbimmer is offline   Reply With Quote
Old 10-15-2013, 11:02 AM   #12
Carskibum
Registered User
 
Join Date: Mar 2005
Location: Hoboken, NJ
Posts: 3,116
My Ride: E90
Send a message via AIM to Carskibum
Quote:
Originally Posted by Lair View Post
Give it time. We'll get there.
A broken system enabling bribes to further wealth of privileged few is a bit different than what is going on here.
__________________
Carskibum is offline   Reply With Quote
Old 10-15-2013, 12:27 PM   #13
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
Quote:
Originally Posted by Lair View Post
Give it time. We'll get there.
We're actually going in the opposite direction.
__________________
Quote:
Originally Posted by SonicBoom
Europeans are stoopid. They keep splitting countries, while being jealous of our powa. Of course the EU is good for them, but does that have any real power?

Not even mentioning the efficiencies of larger countries.

As divided as this country is, at least we are one.
bimmerfan08 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Censor is ON





All times are GMT -5. The time now is 05:34 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use