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Wealth.

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Wealth --- Management

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Sovereign wealth funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. Edited by a Nobel laureate, a respected academic at the Columbia Business School, and a longtime international banker and asset manager, this volume examines the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on essays delivered in 2011 at a major conference on SWFs held at Columbia University, this volume discusses the objectives and performance of SWFs, as well as their benchmarks and governance. What are the opportunities for SWFs as long-term investments? How do they fulfill their socially responsible mission? And what role can SWFs play in fostering sustainable development and greater global financial stability? These are some of the crucial questions addressed in this one-of-a-kind volume.

Sovereign wealth funds.

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Australia is one of the wealthiest countries in the world and has long prided itself on being an egalitarian society. However, there is a growing divide between those with the most and those with the least. Income inequality has grown as the minimum wage and unemployment benefits have failed to match the rise in average earnings, resulting in a divergence between low-income earners and average Australian wage earners. Current estimates indicate that senior executive pay is 150 times greater than average weekly earnings. In addition to income disparity, wealth in Australia is also unequally distributed, with household wealth being heavily skewed to 'real assets' - essentially, property ownership. How are income and wealth inequality measured in Australia, and what are the impacts of this rising inequality? Should we be trying harder to bridge the gap between the haves and have-nots?

Income distribution --- Wealth

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Wealth. --- Economic development. --- Money.