As the world struggles to return to a steady level of development, the global powerhouses of the start of the century are being overtaken by developing economies, such as that of Brazil, China and, of course, Russia.

Last year, Russia witnessed GDP growth of 4.3 per cent. This exceeded forecasts from major economists of 4.1 per cent, as revealed in a survey by Bloomberg. By comparison, the UK managed just 0.8 per cent growth, while many European countries failed to show any signs of a return to strength.

It is thought that consistently high consumer demand as well as a boost in investment are responsible for Russia's positive result for the year, which came despite significant changes in the agricultural industry and a decline in the growth rates of manufacturing and natural resources.

Vladimir Osakovskiy, chief economist at the Bank of America Merill Lynch, explained to Bloomberg: “Industrial production is in large part tied to trends on export markets and demand for the goods Russia exports.

“The slowing world economy, including Europe, certainly has a negative effect on industrial output.”

Meanwhile, the oil industry held its own despite fluctuations in prices and global demand, thanks in part to the sheer scale of Russia's productions.

According to recent reports from consultancy Bain & Co, the global luxury goods market grew by ten per cent to 191 billion euros between 2010 and 2011. In addition to individuals from China and the Middle East, Russian business leaders were among those to have kept the market afloat, keeping themselves in beautiful jewellery and tailored clothing.

But Russians aren't just topping up their wardrobe and enjoying holidays. The market for big ticket items such as private jets and boats is also still doing well. David Dannrether, a London-based partner at law firm Withers, told Reuters that demand for jets is as high as ever with between three and five private plane deals processed most years.

Boats are also high up on the list for those with money to enjoy. Michael Enser, head of marketing at the British Marine Federation, told the news agency: “The super-rich are still super-rich – they're just a little bit less super-rich. But there's still demand for larger and larger boats like the Sunseeker 28, which was launched at this [London Boat Show].”

While many people are struggling, big business is clearly still booming for many Russians. We're pleased to see these people are still able to enjoy their money and keep the economy moving for those who manufacture and designs these luxury items.

However, there will always be those who still have cash to splash. And why shouldn't they? Not only will their purchases – if carefully considered – bring personal happiness, but such expenditure is also the means by which the economy will return to good health.

But when others are facing hardships, it can be difficult to avoid that niggling feeling of guilt as you glance down at the sparkling diamond jewellery adorning your wrist.

This feeling forms the motivation behind recent decisions taken by many luxury firms to move away from ostentatious designs and towards a more discreet form of class and distinction. Bernard Fornas, chief executive at Cartier, noted that his company is doing just this.

In an interview with Bloomberg, he stated: “Bigger watches are losing a bit of ground today. When you are in crisis periods you show off less and you have shapes that are more discreet and more ergonomic. The feel- guilty factor is very important.”

And luckily for Cartier, this approach appears to be working seeing as, despite the economic climate, the business is performing well. Rene Weber, analyst at Bank Vontobel in Zurich, told the news agency that Cartier's revenue is predicted to grow by around 25 per cent in the fiscal year to the end of March, with around 45 per cent of its revenue expected to come from watches.

The currency has weakened by three per cent against the dollar since the outbreak of political protests following the disputed parliamentary elections held at the beginning of December 2011.

The upheaval has left the rouble in a very different place compared to this time last year when it was one of the best performing currencies in the world thanks to the strength of Russia's commodity market.

Now, the currency has slipped to 31.9 to the dollar, prompting investors to reconsider their finances and even sell their roubles and associated assets.

John Peta, portfolio manager at Acadian Asset Management, told the Wall Street Journal that the firm has cut its exposure to the rouble: “It's never good when you have people in the streets. That could lead to more capital flight.”

At the moment, the currency's future remains uncertain with a number of factors still working in the rouble's favour. For example, world oil prices look set to remain above the $100 a barrel cut off, while work is continuing on the eurozone's debt crisis, which is likely to work in Russia's favour is solved.

But not all investors will find the patience to see out the rouble turmoil. This could prompt a foray into alternative investments, such as real estate, which as we saw over the course of 2012 has proven to be a lucrative market for those with the cash to snap up post-recession bargains.

Located at 15 Central Park West, the apartment is a dream piece of real estate, with stunning views of the city's skyline and Central Park from its huge terrace. In addition to the impressive exterior and location, Mr Rybolovlev will have access to four bedrooms, a gallery, a bar and a library, giving him plenty of space to enjoy his lifestyle.

The businessman made his billions as the former owner of Urakali, one of Russia's largest potash fertiliser concerns. As the world's 93rd richest person with a net worth of around $9.5 billion, the Russian is will barely feel the $88 million he is forking out for the apartment, after already purchasing Donald Trump's villa in Palm Beach Florida for $100 million.

Mr Rybolovlev has bought the apartment from former Citigroup chief executive Sandy Weill and his wife Joan, who bought the apartment for $42.2 million. However, they have insisted that there will be no negotiation on the latest price tag, but all of the proceeds are to be donated to charity.

The hefty price tag, which many real estate experts believed nobody would pay, makes the apartment the most expensive to be sold in Manhattan, beating the previous record of $53 million paid in 2006 for the Harkness Mansion.

According to Architectural Digest, the Central Park property manages to overcome its status as an apartment to provide a “sweep of space” which provides a “Versailles-like enfilade of grand rooms and views”, with the highest ceilings and windows possible in the given space.

Third quarter data from the Moscow-based Federal Statistics Service revealed that the economy grew at its fastest pace in more than a year, thanks largely to agricultural output, retail sales and construction.

Indeed, the gross domestic product expanded by 4.8 per cent between July and September in comparison to the same period in the previous year. Furthermore, this is the fastest pace of growth recorded since the second quarter of 2010, suggesting that the country is well on its way to recovery following the global financial crisis and the drought of recent months which affected the agricultural industry.

However, the Organisation for Economic Cooperation and Development, (OECD) has also announced this month that Russian economic growth is set to be constrained over the course of the coming years, due to a poor business environment and energy inefficiency issues.

The group suggested that GDP may only expand by 4.1 per cent in the run up to 2014, following its impressive return to growth this year. The OECD explained: “[It] is not fully exploiting opportunities provided by Russia’s rich endowment of natural resources and the high skill level of its population.

“A glaring and persistent handicap for the functioning of the Russian economy is the poor business environment. This is holding Russia back from becoming the modern, diversified, innovative economy that it aspires to be.”

In the Sunday elections, the party had 49.54 per cent of the vote, after 96 per cent of ballots had been counted. This is a significant decline on the 64.3 per cent of support the party gained in the 2007 elections.

The result is likely to leave the United Russia party with 238 seats in the 450-seat parliament, according to reports from the Financial Times. They had previously held 315 seats.

However, the party is attempting to make light of the decline, noting that it still holds the majority. Speaking at a press conference, senior United Russia leader Andrei Vorobiev noted: "Bigger is not necessarily better."

However, Putin did not appear so optimistic and reports suggest that he appeared visibly upset and tense after seeing the decline in his party's support, although he did remark that the result will still "allow us to guarantee stability of the development of our state".

Putin's popularity has largely developed on the back of such stability as his leadership has delivered calmer years for the country. However, accusations of corruption are now becoming all too common and it is feared that his support is starting to trickle away.

With the presidential election in March, in which Putin is running, this could be a problem, although the signs suggest that he still has the majority backing.

Katia Zatuliveter won her hearing with the Special Immigration Appeals Commission today, (Tuesday, 29 November) after convincing those present that she had not been liaising with Russian spies while in the employment of Portsmouth South MP Mike Hancock and was not a threat to British national security.

She had, however, had an affair with the Liberal Democrat member of the Defence Select committee, which was one of the main reasons she aroused suspicion in the first place.

The idea of a honey-trap involving the older politician initially evolved when Mr Hancock jumped to Ms Zatuliveter's defence in 2010. In December, the Russian was due to fly to Moscow when she was arrested and accused of being a spy. The politician was quick to protest her innocence and demanded proof of the suspicions from the security services.

His behaviour was immediately judged as being indicative of a deeper issue when it was revealed that the pair were having an affair.

Despite the commission's ruling, the Home Office and others remain unconvinced. A spokeswoman observed: “National security is the primary duty of government and we will take all necessary steps to protect the public from individuals we believe pose a threat and remove them from the UK.

“The court ruled that there were ample grounds for suspicion. We are therefore very disappointed by the court's judgement and stand by our decision to pursue deportation on national security grounds.”

Meanwhile, Ms Zatuliveter's solicitor, Tess Gregory, observed that the Russian woman is “delighted by the judgement” and criticised the prosecution for building a case “entirely on speculation, prejudice and conjecture”.

The battle is taking place at the UK's High Court, but its focus is the events that took place in the late 1990s in Russia, when Mr Berezovsky and Mr Abramovich were busy amassing their fortunes.

A post-communist Russia set the scene in which business-minded individuals were able to build great empires amid a lawless undercurrent within the country's society.

During this time, Mr Berezovsky claims that he owned a share of Mr Abramovich's oil company Sibneft, which Abramovich in turn had acquired from the Russian state for very little during the so-called 'shares for loans' privatisations.

However, Mr Abramovich insists that Mr Berezovsky actually just received $2.5 billion for providing political services and there was no partnership in place or agreement to split any proceeds. This is the centre point of the trial, but a number of other transactions are also under investigation.

The reasons behind hosting the trial in the UK are varied and complicated. There is a strong argument that the main point of contention would not even be acknowledged in a Russian court of law as Mr Berezovsky claims that the deal rests on a verbal agreement.

However, as an exile from Russia, it is also clear that he would barely be able to seek justice in Moscow and, as a result, the UK is obliged to offer him that chance. Meanwhile, the country's own lawyers are looking at some handsome fees in return for their services, while both nations are enjoying a peak into the luxury world inhabited by these people in the not-so-distant past.

Dissatisfaction and frustration with the stagnant economy is thought to be at the root of people's desire to leave as research and development opportunities within Russia are being largely ignored.

President Vladimir Putin has also been cited as a driving force behind the mass emigration as a growing number of people have become concerned with corruption and the restriction of personal freedoms that have come about under Putin's rule.

There is a strong chance that he will return to power next year and many of those who can are looking for alternatives abroad. In fact, reports from the LA Times suggest that the number of people moving overseas is comparable in numbers to the emigration that followed the Bolshevik Revolution.

Polls suggest that around 20 per cent of Russians are thinking about emigrating, while among the young 18 to 35-year-old group, the figure is closer to 40 per cent. In fact, more than a million individuals have left the country in the past few years; a level of emigration that will eventually present a problem for the Russian economy if left unchecked.

While many of these people are leaving with the intention of returning when times are better, Dmitry Oreshkin, a political analyst at the Institute of Geography, told the paper that “very few” actually do return. “The intellectual potential of the nation is being washed away, as the most mobile, intelligent and active are leaving,” he observed.

Without significant changes, there is a distinct possibility that the situation will gain momentum, posing a threat to the country's economy and leaving it bereft of a large proportion of its brightest minds as it is educated Russians in particular who are looking for better career prospects, and finding them, on distant shores.

If Russia wants to encourage them to return it will need to invest heavily in its facilities and start to demonstrate that it values academia, research and the active members of its society.