Traditional and widely used measuring of Russian competitiveness based upon World Economic Forum's Global Competitiveness Index (GCI) are giving Russian as well other BRIC countries with high rates of economic growth for a long time surprisingly low ranking. This paper is a contribution to understanding the key factors determining real prosperity and economic growth in the Russian Federation with alternative approach to country's competitiveness taking into account broad number of indicators including advantages of its educated workforce, its abundant natural resources, and its favorable geographical location. The paper contains detailed profiles for Russia and the comparator economies, providing an overview of the results on all indicators not included in the GCI.