Liquid developer and method for manufacturing liquid developer

A liquid developer, comprising:

• a carrier liquid with an SP value of not more than 8.20;
• a toner particle that is insoluble in the carrier liquid, the toner particle containing a polyester resin with an acid value of 5 to 50 mg KOH/g and having a number-average molecular weight of 3,500 to 20,000, the polyester resin containing a monomer unit derived from an alcohol component and a monomer unit derived from an acid component;
• and
• a toner particle dispersing agent, the toner particle dispersing agent being a polymer having a primary amino group and having an amine value of 30 to 200 mg KOH/g, wherein
• a ratio of a total number of acid groups in the polyester resin relative to a total number of amino groups in the polymer having the primary amino group is 1.0 to 10.0,
• the monomer unit derived from the alcohol component includes a monomer unit derived from a C2-12 aliphatic diol, and a content of the monomer units derived from the C2-12 aliphatic diol as a percentage of the monomer units derived from the alcohol component is 40 to 100 mol %, and
• the monomer unit derived from the acid component includes a monomer unit derived from a C8-12 aromatic dicarboxylic acid, and a content of the monomer units derived from the aromatic dicarboxylic acid having 8 to 12 carbon atoms as a percentage of the monomer units derived from the acid component is 75 to 100 mol %.