Moscow is home to the third-highest number of billionaires of any city in the world, and has the highest number of billionaires of any city in Europe. It is the financial center of Russia and home to the country's largest banks and many of its largest companies, such as oil giant Rosneft. Moscow accounts for 17% of retail sales in Russia and for 13% of all construction activity in the country. Since the 1998 Russian financial crisis, business sectors in Moscow have shown exponential rates of growth. Many new business centers and office buildings have been built in recent years, but Moscow still experiences shortages in office space. As a result, many former industrial and research facilities are being reconstructed to become suitable for office use. Overall, economic stability has improved in recent years; nonetheless, crime and corruption still hinder business development.