Colombia emerges as wealth hub in Latin America

Columbian coffeeThe number of millionaires in Colombia has grown by 39% over the past five years, says WealthInsight, while the number worldwide has declined by 0.3%. Despite a global recession, regional economic volatility and Colombia’s internal instability and drug wars, the research firm says the number of millionaires in the country now stands at 35,900. This means Columbia has even outperformed its most powerful neighbours – Mexico and Brazil – since the financial crisis started in 2008. “Equality is extremely important in a country where there is still a large segment of the population below the poverty line,” says Oliver Williams, an analyst at WealthInsight. “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”. ©2013 funds europe

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