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

In São 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 Inácio Lula da Silva in 2002 the São Paulo Stock Exchange index has multiplied by five.

Gabriel Ulysses, researcher from the São 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."

Tags:

You May Also Like

A Quarter of Brazilian Executives Think Worst of World Crisis Is Over

All over the world, the number of executives who believe that the global economic ...

WikiLeaks Shows a Brazil Where Muslim Terrorism Is Fought Very Discreetly

Secret diplomatic messages from the United States released  by WikiLeaks reveal that Brazilian authorities ...

Senate Confirms Brazil’s First Woman – a Confederate Descendant – as Chief Justice

The eleven justices on the Brazilian Supreme Court elect their own Chief Justice for ...

Brazilians Are Already Over 202 Million

The most populous state, São Paulo, is home to 44.03 million people. The state ...

Brazil Has Already Law to Bar Invasion of Chinese Products

Brazil’s Foreign Trade Chamber (Camex) of the Ministry of Development, Industry, and Foreign Trade ...

Brazil’s Zero Hunger Food Experts Get a Week of Training

Encouraging healthy eating habits among Brazilians is the purpose of courses in the cities ...

July 1993

CONTENTS: Cover: Stop! They want out of Brazil – The secessionist movement (p. 7) ...

Child carrying sibling looking through the trash in Brazil

Brazil’s Poor Are Too Peaceful While Their Kids Starve do Death Amid Plenty

Recent studies show that a Brazilian prisoner is twice as likely to have come ...

It’s Cultural. Police Alone Will Not Solve Violence, Says Brazil’s Lula

Brazilians angered by gang violence that rocked South America’s largest city demonstrated across the ...

In Brazil, Beggar’s Wage Is Privilege

Brazil’s President Lula asks, "Why should a university professor retire at age 53." And ...