• Categories
  • Archives

124 People Hold 12% of Brazil’s Wealth. Half of Population Survives on US$ 4 a Day

Brazilian favelaBrazil’s 124 richest people hold assets totaling 544 billion reais equivalent to 238.6 billion dollars or 12.3% of the country’s GDP, which is considered one of the most unequal in the world. The 124 are included in Forbes magazine latest publication that brings together all those Brazilians with fortunes over a billion reais (about 438 million dollars). 

Top of the list is Jorge Paulo Lemann chief investor in the 3G Capital fund, which has recently purchased US ketchup manufacturer Heinz and is an important shareholder at brewers AB-InBev and Burger King.

Lemann, 74, has a fortune of 16.7 billion dollars, and is followed by Joseph Safra, of Lebanese origin and owner of the Safra bank with assets valued at 14.9 billion dollars. Most Brazilian fortunes belong to families that dominate corporations in traditional industries such as banking, construction and food.

Among the 124 only one has made his money with Internet and the new technologies: Eduardo Saverin, co-founder of Facebook.

The list suffered a major loss in this year’s Forbes edition, Eike Batista who was once the seventh richest man in the world and has squandered his assets with the dramatic fall in the value of oil company OGX shares and the rest of his conglomerate EBX in recent months.

But these great fortunes contrast with the official indexes which show Brazil is one of the world’s countries with the greatest income and wealth disparities.

In effect the Gini index in 2011 had Brazil with 0.501 points, in a scale from 0 to 1 with the highest disparities among rich and poor as it advances towards 1.

Furthermore 41.5% of all salaries and bonuses are concentrated in 10% of the richest paid staff according to 2010 census data, while half the population of 200 million lived on monthly incomes of less that 130 dollars per capita.

Mercopress

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

9 Years of Privatization Bring US$ 5 Bi in Investments to Brazil’s Railways

Brazilian railways transported 178.3 billion ton-kilometers in the third quarter of the year, according ...

Brazil Counting on US$ 18 Billion in Foreign Investment This Year

Foreign direct investments in Brazil amounted to US$ 859 million in February, according to ...

Brazilian Gasoline Gets Back Its 25% Alcohol Addition

Brazil has two kinds of sugarcane-based ethanol. There is a pure ethanol. And there ...

Mercosur Exports Record US$ 135 Bi. Brazil’s Share Is 71%

Mercosur (Brazil, Argentina, Paraguay, and Uruguay) exports reached US$ 135,6 billion in 2004, a ...

Who Will Save Democracy in Brazil? The Left Has Shown It Won’t.

Many people in developed countries still believe that politics in Brazil might be resumed ...

Brazil and US Sign Agreement on Money Laundering

Brazil will sign today, in London, a cooperation agreement in the judicial area with ...

Tom Jobim and Vinicius, the Brazilian Odd Couple Who Started It All – Part One

After sitting in silence for nearly three quarters of an hour, an agitated audience ...

Chilean Hooligans Have 72 Hours to Leave Brazil or Be Deported

The invasion of the press center of the Maracanã stadium, in Rio, Brazil, moments ...

Brazil’s Bradesco Bank Boosts Profit by 2.4% to US$ 2.6 Billion

Bradesco, Brazil's biggest private bank, posted net income of 4.1 billion Brazilian reais (US$ ...

Brazil: Economic Policy to Be Kept Despite the Pain

Brazil’s presidential Chief of Staff (ministro chefe da Casa Civil), José Dirceu, in remarks ...