MOSCOW -- MOSCOW (AP) — A staggering 35 percent 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 1-2 percent of total wealth, Credit Suisse said in its report published Wednesday. Russia has one billionaire for every $11 billion in wealth while in the rest of the world there is one for every $170 billion.

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 and some of whom are known to be the presidents' friends, like Gennady Timchenko.

Credit Suisse said that there were hopes with the demise of the Soviet Union that Russia would turn into a high skilled economy with fair wealth distribution but "this is almost a parody of what happened in practice."

The 35 percent of wealth that Russian billionaires own is equivalent to $420 billion.

"Russia has the highest level of wealth inequality in the world, apart from small Caribbean nations with resident billionaires," the bank said in the report.

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  • In this Friday, Dec. 18, 2009 file photo, then Russian prime minister Vladimir Putin, right, is seen during judo training at a sports school in St. Petersburg, Russia. (AP Photo/RIA Novosti, Alexei Druzhinin, Government Press Service, file)

  • Russian president Vladimir Putin in judo gear struggles against 10-year-old Japanese schoolgirl Natsumi Gomi on tatami mat as he visits Kodokan judo hall September 5, 2000 in Tokyo. (Pool Photo/Liaison)

  • Russian president Vladimir Putin (R) speaks with the national team's athletes as he visits a Judo Academy in Zvenigorod outside Moscow on May 8, 2012. (ALEXEY NIKOLSKY/AFP/GettyImages)

  • Russian prime minister Vladimir Putin (top) takes part in a judo training session during his working visit to St. Petersburg on December 18, 2009. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (C) sits with a group at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010 where he took part in a judo training session. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian president Vladimir Putin, second left back, with his former judo coach Anatoly Rakhli, second right back, watches young sportsmen wrestling while visiting a sports school in St. Petersburg, Russia, Thursday, May 30, 2013. (AP Photo/RIA-Novosti, Alexei Nikolsky, Presidential Press Service)

  • Russia's president Vladimir Putin (2nd R) and American action movie actor Steven Seagal (L) visit a newly-built sports complex of Sambo-70 prominent wrestling school in Moscow. (ALEXEI NIKOLSKY/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin smiles as he takes part in a judo training session at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (R) takes part in a judo training session at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (top) takes part in a judo training session at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (top) takes part in a judo training session at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (background R) takes part in a judo training session at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin takes part in a judo training session at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (top) takes part in a judo training session in front of a poster showing wrestlers fighting at the 'Moscow' sports complex in St. Petersburg on December 22, 2010. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russia's prime minister Vladimir Putin (C) sits with a group at the 'Moscow' sports complex in St. Petersburg, on December 22, 2010 where he took part in a judo training session. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian prime minister Vladimir Putin (R) holds a judo training session at the Top Athletic School during his working visit to St. Petersburg, on December 18, 2009. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian prime minister Vladimir Putin (R) holds a judo training session at the Top Athletic School during his working visit to St Petersburg on December 18, 2009. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian prime minister Vladimir Putin (top) holds a judo training session at the Top Athletic School during his working visit to St. Petersburg, on December 18, 2009. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian prime minister Vladimir Putin takes part in a judo training session during his working visit to St. Petersburg on December 18, 2009. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian prime minister Vladimir Putin (R) holds a judo training session at the Top Athletic School during his working visit to St. Petersburg, December 18, 2009. (ALEXEY DRUZHININ/AFP/Getty Images)

  • Russian president Vladimir Putin (L) demonstrates his judo skills to famous Japanese, Olympic judo champion Yasuhiro Yamashita (R) during their visit to a sports school in St. Petersburg, 24 December 2005. (ALEXANDER NIKOLAYEV/AFP/Getty Images)

  • Russian president Vladimir Putin (R) makes a throw, demonstrating his judo skills during his visit to a sports school in St. Petersburg, 24 December 2005. (ALEXANDER NIKOLAYEV/AFP/Getty Images)

  • Russian president Vladimir Putin (C-R) makes a throw, demonstrating his judo skills during his visit to a sports school in St. Petersburg, 24 December 2005. (ALEXANDER NIKOLAYEV/AFP/Getty Images)

  • Russian president Vladimir Putin (top) makes a throw, demonstrating his judo skills during his visit to a sports school in St. Petersburg, 24 December 2005. (ALEXANDER NIKOLAYEV/AFP/Getty Images)

  • Russian president Vladimir Putin (R) makes a throw, demonstrating his judo skills during his visit to a sports school in St. Petersburg, 24 December 2005. (ALEXANDER NIKOLAYEV/AFP/Getty Images)

  • Russian president Vladimir Putin in judo gear, escorted by Japanese prime minister Yoshiro Mori, right, bows before entering Kodokan judo hall in Tokyo, September 5, 2000. (Pool Photo/Liaison)

  • Russian president Vladimir Putin training in sambo wrestling in Novo-Ogaryovo presidential residence in June 2002. (Photo by Sovfoto/UIG via Getty Images)

  • Russian president Vladimir Putin shows off his judo skills against a Japanese opponent at a Tokyo judo training center, 05 September 2000. (AFP/Getty Images)