Liquid developer

A liquid developer, comprising:

• an insulating liquid;
• and
• toner particles which are dispersed in said insulating liquid and contain a resin and a coloring agent,
• said resin containing a first resin which is a urethane-modified polyester resin resulting from increase in chain length of a component derived from a polyester resin by a compound containing an isocyanate group and a second resin different from said first resin,
• said first resin being contained by not lower than 70 mass % with respect to a total of said first resin and said second resin,
• said component derived from the polyester resin containing a constitutional unit derived from an acid component and a constitutional unit derived from an alcohol component,
• a ratio of a constitutional unit derived from an aliphatic monomer occupied in said constitutional unit derived from the acid component and said constitutional unit derived from the alcohol component being not lower than 80 mass %, and
• relation of 2.3≦Mw/Mn≦4 (10000≦Mn≦50000) being satisfied, where Mn represents a number average molecular weight of said first resin and Mw represents a weight average molecular weight of said first resin.