The Symbolism Behind Brazil’s Burger King Buyout

“The agreement on Thursday for Burger King Holdings to be acquired by a Brazilian-backed investment firm, like a deal two years ago for Anheuser-Busch that involved some of the same investors, is one of those emblematic transactions that seem to herald the emergence of a new global business player.

But it has been a long time coming. The growth of the Brazilian economy in recent years has created a whole new class of wealthy entrepreneurs who are looking for opportunities to invest their fortunes and are not daunted by the idea of trying their luck beyond Brazil’s borders.

Traditionally, Brazilian business has been dominated by an often cautious elite based in São Paulo, the country’s industrial and financial hub. But the economic surge of the last decade has changed that. According to a recent study conducted by the Boston Consulting Group, between 2006 and 2008, the number of millionaires in Brazil jumped nearly 70 percent, to 220,000, from 130,000. That is a remarkable statistic. With about one-sixth the population of India, another member of the BRIC group (Brazil, Russia, India and China) of emerging economies, Brazil had more millionaires than India. The even more elite club of Brazilian billionaires is also growing at an unprecedented rate.” – Source (more here)

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