The first major entity to begin investing in farmland as an asset was Teachers Insurance and Annuity Association of America (TIAA)—one of the largest pension firms in the United States, with $1,375 billion in assets. In 2007, the TIAA began purchasing enormous tracts of land. By 2017, the TIAA owned more than 1.9 million acres of farmland worldwide— an area significantly larger than the state of Maryland—including over 490,000 acres in Brazil alone. TIAA’s purchases in Brazil led to the consolidation of power in the hands of a small number of agribusinesses specializing in soy monoculture, driving farmers off their traditional land in record numbers, and leading to widespread deforestation, wildfires, and loss of biodiversity.
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- Giving Tuesday 2023
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- Celebrating Okra Fest 2023: A Conversation with Cam Terry