Thread by @ChrisO_wiki

1/ The ranks of Russia's super-rich are reported to have grown substantially during the war in Ukraine, with the number of billionaires growing by 53% and their collective wealth increasing by nearly 65%. At the same time, small businesses and pensioners are struggling. ⬇️

2/ The 'Chelyabinsk of the Future' Telegram channel reports that since the start of the full-scale invasion of Ukraine in 2022, the number of Russian billionaires has increased from 88 to 135 (of whom 10 have moved abroad and renounced their Russian citizenship).

3/ The combined wealth of the billionaires has increased from $350 billion to $576.8 billion, a 64.8% growth. Not surprisingly, figures from the official state agency Rosstat show that the Gini coefficient, which shows the level of income inequality, has risen significantly.

4/ At the same time, small businesses have been hit hard by the economic impacts of the war such as inflation, logistical disruption, difficulties in making payments, and high interest rates. They are reported to have suffered a 25% drop in income.

5/ Pensioners are also suffering – despite an inflation rate of over 9% in August 2024, the real purchasing power of pensions has only increased by 0.6%. This is reportedly due to the authorities indexing pensions well below the level of real price growth.

6/ At the start of the war, proponents of sanctions on Russia hoped that pressure on Russia's super-rich would turn them against Putin's war. However, rather than suffering, they seem to be doing better than ever before.

7/ It's likely that Putin is consciously allowing them to profit in order to keep them on board with the war effort. In short, the war may be binding them closer to Putin, while increasing repression is discouraging the economic losers from complaining. /end

Source:
t.me/ChelFuture/7361