If you get a flow of credit increasing, as we've seen in the last few years - that flow of credit didn't go to more wealth accumulation as we normally use the term in economics, as capital goods. What you got is an increase in bubbles of one kind or another.
Put yourself in the shoes of one of these oligarchs who has been given a gift of $10 billion. Russia is in a deep depression. Nobody's investing. There is a widespread political consensus that the way you got your wealth is illegitimate.
The grand larceny that occurred in Russia, the corruption that resulted in nine or ten people getting enormous wealth through loans-for-shares, was condoned because it allowed the reelection of Boris Yeltsin.
