Colombia Emerges as the Wealth Hub of Latin America

In defiance of misconceptions and global trends over the past five years, the number of millionaires in Colombia has grown by 39%, whereas worldwide they declined 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.

On a regional level, Colombia managed to defy trends and maintain a positive GDP growth through the 2008/9 financial crisis. It has even outperformed its most powerful neighbours – Mexico and Brazil – in terms of millionaire creation since the crisis struck in 2008.

“The rate at which millionaires are created is an influential indicator of the wider economy” says WealthInsight?s Oliver Williams. “And, contrary to perceptions, there is a bourgeoning wealth class in Colombia, particularly in Bogota”.

“Equality is extremely important in a country where there is still a large segment of the population below the poverty line”, says Williams. “But, looking at the distribution of wealth in the country, it is well below the global average: Colombia’s 35,900 millionaires control 22% of total individual wealth in the country which is below the worldwide average of 29% and far off some other emerging nations”.

For more information please see attached white paper: ‘Colombia: Paisas and their Pesos’.

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Editor’s Notes

About this report
The WealthInsight report: ‘Colombia 2013 Wealth Book’ was published on the 5th of September 2013.

About WealthInsight
The WealthInsight Intelligence Center Database is an information resource on the world’s high net worth individuals (HNWI) and wealth sector. Compiled and curated by a team of research specialists, the database comprises dossiers on over 60,000 HNWIs 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, wealth managers and family offices in each market.

For further information
Please contact Ida Kloster at the WealthInsight Press Office at +44 (0) 2032 200 818 or email press@wealthinsight.com.

www.wealthinsight.com

“Colombia Emerges as the Wealth Hub of Latin America” was originally created and published by Private Banker International, a GlobalData owned brand.

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