How can it be that more governments are wealthier than ever, and yet fewer citizens enjoy the benefits that such wealth can bring?
Never before have so many governments owned so much wealth in the form of financial assets amassed in state-controlled investment funds. Despite this, the effects of the 2008 crash are still being felt, and countries still scramble to find a way to kick-start growth. Inequality has increased and poverty is on the rise globally.
“Citizens’ wealth” – creating an additional source of revenue by turning states into wealth-owners - is a long-established idea. And yet we are still to see this powerful tool used to its full potential effect, and in the service of ensuring the interests of its rightful beneficiaries – the people.
At the RSA, political theorist Angela Cummine outlines what measures are needed to ensure that the management of sovereign funds truly reflects, promotes and protects the interests and values of their citizen-owners.