Colombia is emerging as the wealth center of Latin America
Despite the misconceptions and global trends of the past five years, the number of millionaires in Colombia has grown by 39%, while globally this number has decreased by 0.3%.
Despite a global recession, regional economic volatility and Colombia’s internal instability and drug wars, the number of millionaires in the country now stands at 35,900.
At a regional level, Colombia managed to defy trends and maintain positive GDP growth during the 2008/2009 financial crisis. Since the crisis hit in 2008, the country has even outperformed its most powerful neighbors – Mexico and Brazil – in terms of creating millionaires.
“The rate at which millionaires are created is an influential indicator of the broader economy,” says Oliver Williams of WealthInsight. “And, contrary to popular belief, there is a growing wealth class in Colombia, especially in Bogota.”
“Equality is extremely important in a country where a large part of the population still lives below the poverty line,” says Williams. “But when we look at the distribution of wealth in the country, it is well below the global average: Colombia’s 35,900 millionaires control 22% of the country’s total individual wealth, which is below the global average of 29% and is far removed from some other emerging countries. “.
For more information see attached white paper: ‘Colombia: Paisas and their pesos’.
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Editorial Notes
About this report
The WealthInsight report: ‘Colombia 2013 Wealth Book’ was published on September 5, 2013.
About WealthInsight
The WealthInsight Intelligence Center Database is a source of information about the world’s high net worth individuals (HNWIs) and the wealth industry. The database was compiled and compiled by a team of research specialists and contains files on more than 60,000 high-net-worth individuals from around the world. The Intelligent Center also includes tracking of wealth and liquidity events as they happen, and detailed profiles of major private banks, asset managers and family offices in each market.
For more information
Contact Ida Kloster at the WealthInsight Press Office on +44 (0) 2032 200 818 or email press@wealthinsight.com.
www.wealthinsight.com
“Colombia Emerges as Latin America’s Prosperity Hub” was originally created and published by Private Banker International, a brand owned by GlobalData.
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