Number of insured persons in the funded part of the pension system, 01.2005–02.2022 (million). Note: The share of private asset-management companies (PAMCs) in a number of insured persons is comparatively small (0.2 million people compared to 73.8 million total) and the line is hardly visible. Source: Authors’ calculations based on data from NPF Constructor project (https://ipei.ranepa.ru/ru/npf-ru), Bank of Russia, and Pension Fund of the Russian Federation.