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Less than 1% of Brazilians Own 54% of Brazil’s Assets

In SΓ£o Paulo, Brazil, the contrast between a favela house and boutique Daslu for millionaires An estimated 130.000 Brazilians, or about 0.75% of the country's population, have financial assets valued at over a million US dollars, which totals 573 billion US dollars, well above half the country's GDP, according to a report published in daily Folha de S. Paulo.

However these sums only refer to financial assets and bank accounts, points out the newspaper report, which was made with data from the Internal Revenue Office and The Boston Consulting Group, which is planning to release the full report sometime next September.

Between 2003 and 2005, Brazil with a population of 189 million climbed from a world position of 18th place to 14th regarding the number of millionaires in the country. Among emerging economies Brazil overtook India and Russia and is only behind China, points out the report.

The total fortune of Brazil's millionaires jumped from 540 billion in 2003 to 573 billion in 2005, which is equivalent to 53.7% of the country's GDP.

The increase in assets of the richest Brazilians can be explained by the stabilization of the country's economy and the stock exchange. Since the arrival of socialist president Luiz InΓ‘cio Lula da Silva in 2002 the SΓ£o Paulo Stock Exchange index has multiplied by five.

Gabriel Ulysses, researcher from the SΓ£o Paulo Applied Economics Research Institute argues that Brazil's social balance remains unchanged with "10% of the population holding 80% of the country's overall income."

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  • Show Comments (12)

  • ch.c

    [quote]Junkie….why dont you go back in the Amazon if this is what you prefer !!!!.
    [/quote]

    Why should I go there when I have my own central air conditioning, dish washer, garbage compressor,etc;

    If you want ,you can team up with those two clowns and move to Manaus and import all these gadgets and sell to our Indians πŸ˜‰

  • be honest once in your life

    Velhinho
    Brazil has always suffered foreign interference in its history; donÀ’€ℒt forget it was a colony subjected to the world order of those times. In a more recent past, some of the most delicate political and social sceneries in Brazil involved some Γ€Β’β‚¬ΛœobscureÀ’€ℒ forces, quoting an expression of the Brazilian former president Getulio Vargas in his letter of suicide. So, it is not confusion that leads me to write. I understand with your angry response you minimize the value of the Brazilian history study and of education in general. The military also thought this way. More importantly for the development of this country was providing extensive funds to technical, managerial and communication public courses in Brazil.

    IÀ’€ℒll give you a recipe to make a rather Brazilian-like country: place all the conditions mentioned on the first post in a bowl; add up the notorious Brazilian corruption, functional illiteracy and impunity. Stir. Complement with the following ingredients: the proverbial Brazilian self-indulgency, excess of individualism and cowardice for political actions. There you go, a brand new Brazilian-like country. Enjoy. What comes first the egg or the chicken? The lyrics of Cazuza can always add up a help and put a light into it: À’€œBrazil, show your face, I want to see who pays to make us being this way. What is your business, the name of your business partner? You can say it, trust in me.À’€Â

  • Ric

    The main reason the wealthy have wealth and get more is not that they know how to make money, but that they know how to keep it. Which is not easy in a changing world.

    Most people who win in the lottery soon go through their winnings and end up worse than they were before. Once in awhile a small business owner wins and becomes a big business owner, but rarely, since smart people usually donΓ€β€šΒ΄t acquire tickets anyway.

    The majority of those who participate in land grabs, squatters, invasΓ€Ζ’Β΅es, soon sell out for cash, blow it and squat somewhere else.

    Brazilian business management magazines often comment about the necessity for large family businesses to hire competent people in areas like sales, buying, personnel and etc., rather than letting little brother head up accounting and having Tio JoΓ€Ζ’Β£o run the transportation dept.

    Remember the Matarazzo factory in SP?

  • Ric

    Yes, one can always extrapolate with total impunity. Especially in a forum like this one. And sorry you are still having the DTs, especially since itΓ€β€šΒ΄s Wednesday already.

  • dt

    Can one not extrapolate that their might be an alliance between the American government and Brazilian elites? There is enough blame to go around. Brazilians understand that we are still lead by an oligarchy but every time the people moved to eradicate it, the Americans and Europeans complain about the loss of property right and undermining of democracy by supposed “commies” forces within Brazil.

  • ch.c.

    To the idiots…..Brazilians …..
    ……are you really surprised ?
    Why do you believe Brazil is ranked 10th….from the queue of course….for the wealth inequality ?????

    And to the junkie O Velhinho, with your statement “You both are just a bunch of clowns trying to impress us with Central Air Conditioning, Garbage disposers,Coffee Makers and all the gadgets you have in your country” ………. tell us then why Brazilians are so proud to have TELEVISION nearly in most families ?
    Why are Brazilians proud to have more and more cars ?????? And more and more appliances than ever !!!!!!!!!

    Junkie….why dont you go back in the Amazon if this is what you prefer !!!!.

  • O Velhinho

    Madre Deus
    [quote]They have yet to discover kitchen garbage disposal units, or central air conditioning.
    [/quote]

    You must be another ill informed idiot just like that doggy.You both are just a bunch of clowns trying to impress us with Central Air Conditioning, Garbage disposers,Coffee Makers and all the gadgets you have in your country.

    Oh, before I forget, have you discovered the WMD in Iraq or the whereabouts of OBL ?

  • O Velhinho

    be honest once in your life
    [quote]The highest inequality of the world was a gift from the dictatorship times. Refer to any good Brazilian history book please.
    [/quote]

    You are a very confused young man. You are one of those Brazilians,who always put the blame on others for our miseries.Till now, it was fashionable to bash the Military government for all our miseries. Since the last General gave up the power to Sarney 22 years ago, all your elected politicians accomplished were taking the country to the boondaks. Of course you invented the Americans and Europeans for our woes.

    I am betting that in a couple of years time, you are going to find a fresh scapegoat. That would be Chinese!

    YOU BE HONEST ONCE IN YOUR LIFE.Stop blaming others and start asking yourself why we are in this shitsville.

    We need leaders and NOT chronic grumblers like you.And I dont have to read any good history book written by the half assed intellectual followers of Fidel nor Che.

  • be honest once in your life

    This is a truely absurd that 10% of Brazilians own 80% of income. Marcelo, if you read this, see one effect of globalization, dog eat dog capitalism, and more importantly, past historical moves. The highest inequality of the world was a gift from the dictatorship times. Refer to any good Brazilian history book please.

    Ugly Americans, don’t laugh at other’s burdens, that’s ugly, ignorant and insensitive. Also, never forget the world moves fast, one day you are at a position the other at the opposite one.

  • doggydaddy

    Observer
    Or how many bathtubs have you ever seen here with hot water booster tanks? Very few and far between. Even the underclass…working class in N.America and Europe have these in their homes and apartments. When I bought my bathtub to be installed in my home here in Brazil it was a nightmare to find a hot water tank. The dealer said .. just use the shower head to fill it! Oh,really!!!!!!!!!!

  • madre deus

    They have yet to discover kitchen garbage disposal units, or central air conditioning.

  • doggydaddy

    Observer
    So much for the middle class growing…. according to some nitwits that comment here. Again do they have electric clothes dryers and automatic dishwasher machines in their homes.. Zero..

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