Moscow: A staggering 35 per cent of household wealth in Russia is owned by just 110 people, the highest level of inequality in the world barring a few small Caribbean islands, a report by a major investment bank says.

By contrast, billionaires worldwide account for just one to two per cent of total wealth, Credit Suisse said in its report published on Wednesday. Russia has one billionaire for every $US11 billion ($11.6 billion) in wealth while in the rest of the world there is one for every $US170 billion.

Chelsea owner, Russian billionaire Roman Abramovich, watches his team play Liverpool. The oligarch is one of 110 people in Russia who comprise 35 per cent of its wealth. Credit:AFP

The fall of Communism saw Russia's most prized assets sold off to a small circle of businessmen later known as oligarchs. President Vladimir Putin allowed them to keep their wealth in exchange for their political loyalty.

Metals and banking tycoons Vladimir Potanin and Mikhail Fridman, who made their fortunes in the 90s, are still high on the list of Russia's richest men. But the past decade saw a rise of new billionaires who draw their wealth from state contracts. Some of them are known to be the presidents' friends, like Gennady Timchenko.