The republics of the North Caucasus are among the Russian regions with the lowest levels of savings in the bank per capita, according to a study by the state agency RIA Rating published on Monday. The analysis was compiled using data from the Central Bank of Russia and Russian Statistic Agency (Rosstat) as of 1 January 2026.
According to the study, residents of Ingushetia have, on average, only ₽26,400 per person ($340), a figure 68 times less than in Moscow, the ranking’s leader, where residents have an average of ₽1.8 million ($23,000).
Also at the bottom of the list are are Chechnya (₽31,500, $400), Daghestan (₽61,600, $800), Karachay–Cherkessia (₽87,500, $1,100) and Kabarda–Balkaria (₽93,000, $1,200).
North Ossetia (₽162,700, $2,100) also made the top ten regions with the lowest deposits. Despite these low figures, deposit volumes in all North Caucasus regions have grown by 8–20 percent over the past year.
In addition to low savings, previous studies by the same agency indicate that the North Caucasus republics have the lowest wages in the country. Cities such as Nalchik, Grozny, Vladikavkaz and Cherkessk rank at the bottom of the list of major Russian cities by average income. Salaries in these cities reach only about half the national average, RIA Rating notes. The capital of Ingushetia, Magas, also entered the bottom ten.
According to a study published in October 2025, a resident of Nalchik with an average salary of ₽50,000 ($650) — based on data for the first half of 2025 — can afford slightly more than two consumer baskets, the minimum necessary for living. By comparison, in Novy Urengoy, the top-ranked city, the same salary would allow the purchase of around six such baskets.
Residents of Grozny earn on average ₽49,000 ($630), Vladikavkaz ₽49,000 ($630), and Cherkessk ₽51,500 ($660). In Magas, the capital of Ingushetia, residents with an average salary of ₽54,000 ($700) can afford nearly 2.5 consumer baskets per month.
The economic situation is further aggravated by budget deficits. Regional budgets in the North Caucasus for 2026 were prepared with significant gaps: preliminary calculations show that six republics are short by around ₽13.5 billion ($174 million). For comparison, in 2025 the deficit in North Caucasus budgets, after final adjustments, reached nearly ₽40 billion ($515 million) . To achieve the planned figures for this year, the republics will have to sharply reduce expenditures, including social programmes and infrastructure investments.
Low levels of savings and wages are directly linked to the limited opportunities for economic development in the region. The North Caucasus remains predominantly agrarian and socially dependent on federal transfers. Regional budget revenues are mainly formed through taxes from a small number of large enterprises, as well as federal subsidies.
According to Rosstat, unemployment rates in some North Caucasus republics exceed the national average: in Ingushetia it stands at 26%, in Daghestan 10.9%, in North Ossetia - 7.4%, in Chechnya 6.9% and in Karachay–Cherkessia – 6.7. By comparison, the average rate across Russia at the beginning of 2026 was 2.2%
