Russians keep 75% of national income offshore
According to the report of analysts, Russian citizens hold about 62 trillion rubles ($1tn) abroad.
Citizens of Russia keep unaccounted funds on offshore accounts equivalent to 75% of the national income. This conclusion was reached by analysts of the American non-profit organization National Bureau of Economic Research (NBER).
Authors of the report "From the USSR to the Oligarchs: Inequality and Property in Russia" say that Russian citizens have hidden these funds in 2015. At the same time, the gross national income of Russia in that year was estimated at 81 trillion rubles ($1.37tn). Thus, abroad, Russians hold about 62 trillion rubles ($1tn).
Analysts note that, Russian citizens hold approximately equal amounts of assets inside the country and offshore. And the boundaries between different forms of unaccounted assets are difficult to determine due to the lack of transparency in financial reporting around the world.
"It is more difficult to know who owns these riches and in what form," the report says. Analysts also mentioned that the level of inequality in Russia is much higher than in China and other former communist countries in Eastern Europe.