After discussing in the first part of the paper alternative approaches to measuring the value of the stocks of human capital its second part provides empirical estimates of Russia’s human capital based on the lifetime income approach. The results show that using an annual discount rate of 4 per cent and assuming annual growth in real earnings of 5.2 per cent, the market value of Russia’s human capital stock in 2010 was more than 600 trillion rubles, or nearly 40 trillion US$ by PPP. In 2002—2010 its stock doubled in real terms. Ratio of human capital to GDP was around 13 and its ratio to physical capital was more than five. In 2010, the average human capital stock per head of working age population amounted to 6 million rubles, or about 380,000 US$ by PPP.