As one of the top performing emerging markets, Russia has not yet been tapped into for an exchange traded fund (ETF). The government has collected so much oil-tax revenue, its foreign debt is nearly paid off, and it is accumulating a large current account surplus. Analysts and fund managers say this commodity-linked wealth is trickling down to consumers and they predict Russia will be a trillion dollar economy in the near future.

Despite a correction in emerging markets this summer, and a pullback in oil prices, Russia has been among the top performing markets this year on the MSCI developing market index, up 38%, reports Barbara Kollmeyer of Third Millennium Russia Fund (TMRFX) is up 22% and ING Russia (LETRX) rose 47% so far this year. Commodities are the first reason investors seek Russia, but the rising consumerism in the country will change that.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.