Economy of Moscow:
Moscow is one of largest city economies in Europe and it comprises approximately 24% of Russian GDP. As of 2008 Moscow economy reached 8.44 trl roubles ($340 bln or $459 bln PPP adjusted).
Moscow has the lowest unemployment rate of all federal subjects of Russia, standing at just 1% in 2010, compared to the national average of 7%. The average monthly wage in the city is 41,600 roubles (1,070), which is almost twice the national average of 21,800 rubles (560), and the fourth highest among the federal subjects of Russia.
Moscow is the undisputed financial centre of Russia and home to the country's largest banks and many of its largest companies, such as Russia's largest company Gazprom. Moscow accounts for 17% of retail sales in Russia and for 13% of all construction activity. Since the 1998 Russian financial crisis, various business sectors in Moscow have shown exponential rates of growth. Many new business centers and office buildings have been built in recent years, but Moscow still experiences shortages in office space. As a result, many former industrial and research facilities are being reconstructed to become suitable for office use.
However, while the overall stability has improved in the recent years, crime and corruption continue to remain a problem hindering business development.
The Cherkizovskiy marketplace was the largest marketplace in Europe with daily turnover of about thirty million dollars and about ten thousand sellers from different countries (including China, Turkey, Azerbaijan and India). It was administratively divided into twelve parts and covers a wide sector of the city.It is closed from 1 July 2009.
In 2008, Moscow had 74 billionaires with average wealth of $5.9 billion, which placed it above New York's 71 billionaires. However, in 2009, there are only 27 billionaires in Moscow compared with New York's 55 billionaires. Overall, Russia lost 52 billionaires during the recession List of Russian billionaires by net worth. Topping the list of Russia's billionaires in 2009 is Mikhail Prokhorov with $9.5 billion, ahead of the more famous Roman Abramovich with $8.5 billion, in 2nd place. Prokhorov's holding company, (ONÈKSIM) group, owns huge assets in hidrogenium energy, nanotechnology, traditional energy, precious metals sector, while Abramovich, since selling his oil company Sibneft to Russian state-controlled gas giant Gazprom in 2005, has bought up steel and mining assets. He also owns Chelsea F.C.. Russia's richest woman remains Yelena Baturina, the 45-year-old second wife of Moscow Mayor Yuri Luzhkov. Oleg Deripaska, the 1st of this list in 2008 with $28 billion, in 2009 is only 10th with $3.5 billion.
The nouveau riche, also called the "New Russians", often pejoratively, have a reputation for flaunting their wealth; the avenues for doing so, and subtly, have also increased in recent times a sense of fashion and self-consciousness has instilled itself through the many haute couture and haute cuisine spots in Moscow.