He has been controversially described as Europe's richest man, with an alleged personal fortune put at more than $40bn.

But yesterday Russia's prime minister Vladimir Putin made a rather more modest declaration of his wealth - owning up to an income last year of a paltry £100,000, including his KGB pension.

His assets included a 1,500 square metre plot of land and "a stake in a garage cooperative equivalent to one car seat".

Putin's declaration follows an initiative by Russian president Dmitry Medvedev to combat the country's ubiquitous corruption. Under a new law passed last December, all senior government officials now have to give annual declarations of their income, together with that of their spouses and under-age children.

Vladimir Putin
© Dmitry Astakhov/EPAPutin's assets included a 1,500 square metre plot of land.
Medvedev yesterday led by example, revealing that last year he earned £87,170. Critics, however, point out that the exercise is likely to have little or no impact on corruption.

The new legislation does not force Russian bureaucrats to disclose the income of grown-up family members or relatives. No agency has been tasked with establishing whether annual declarations are actually true.

Investigators point out that most wealthy Russian officials hide their real incomes via a network of offshore accounts, often in Switzerland or Liechtenstein.

Last year, the anti-corruption organisation Transparency International said Russia had slid down its annual corruption index and was now on a par with Kenya and Bangladesh, with a rating of just 2.1 out of 10