Liquid developer

A liquid developer, comprising:

• a toner particle containing binder resin having an acid value of 20 to 50 mg KOH/g;
• a carrier liquid which is a normal-paraffin solvent or an isoparaffin solvent;
• and
• a basic toner particle dispersing agent, said basic toner particle dispersing agent being a primary amine, wherein a first component of the binder resin has an acid value of 0 mg KOH/g and a hydroxyl value of not more than 10 mg KOH/g, the first component being present in a chloroform soluble component fraction of the binder resin having a molecular weight of not more than 2,000 as determined by GPC, and
• a second component of the binder resin has an acid value of 21 to 50 mg KOH/g, the second component being present in a chloroform soluble component fraction of the binder resin having a molecular weight of 10,000 to 40,000 as determined by GPC.