Citizens' Wealth: Why (And How) Sovereign Funds Should be Managed By the People For the People; Angela Cummine

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Never before have so many governments possessed so much wealth in the form of financial assets amassed in state-controlled investment funds. Over seventy governments around the world possess a Sovereign Wealth Fund (SWF). These investment vehicles store and invest state wealth from natural resources or other windfalls in financial markets. With an estimated worth of over US$6 trillion, SWFs eclipse both private equity and hedge fund holdings. Despite this, the effects of the financial crisis of 2007/2008 continue to be felt. Inequality has increased, poverty is on the rise and the global economy continues to be sluggish. As governments around the world scramble to find a way to kick-start growth, Angela Cummine shows how and why this powerful new economic tool could provide some relief if managed in the interests of its rightful beneficiaries the people. Citizens Wealth elaborates a long-established idea whose time has come. For over 200 years, leading thinkers have agitated for governments to create an additional source of revenue by turning states into wealth-owners. But few have acknowledged that sovereign wealth funds make this idea a reality. Even fewer have systematically set out what measures are needed to ensure that the capital in sovereign funds truly works in the best interests of establishing communities. This book offers such a blueprint. By exploring global experiences of sovereign fund management, from Britain to Alaska, Norway to New Zealand and Singapore to Chile, Cummine sets out how these funds can reflect, promote and protect the interests and values of their citizen- owners. If the proposed reforms are embraced, this will transform sovereign wealth into citizens wealth