An updated list of the 10 richest Latin American Countries. An ideal society should be one in which a person can aspire to whatever height he can dream of. One in which the poor should be afforded the basic necessities of life such as good food and water, decent housing, and clothes that are better than rags. There is a rich class in every country no matter how poor, and every country does have a stash of wealth in some form or another.
Those are not the things that make a country rich, however, a country is rated rich by the average standard of living, or quality of life. This, in turn, is facilitated by the earning power of the citizens. Of course, earning power in any society is never equal; some people due to their opportunities, knowledge, and abilities can earn very high figures, while others may earn smaller amounts. A country is considered rich if on average its citizens earn enough money to live well.
In this article, we bring the spotlight to countries in Latin America that are rich in this context. We want to see what Latin American countries have the highest average citizen earning, and enjoy the best standard of life. This may be useful for a person seeking to emigrate, or an investor looking to bet on a new economy, in a fresh environment. Without any further ado, we now give you the top 10 Richest Countries in Latin America.
Top 10 Richest Latin American Countries 2020
– Income (Per Capita): $27,058 USD
Chile- geographically situated between the Pacific Ocean and the Andes mountain range on the South American continent comes in on position number one on our list. The country is relatively rich, with a yearly per capita income averaging at about $27,058. It should, therefore, come as no surprise that the country’s population enjoys a high living standard, similar to what is obtainable in some countries on the European continent. Furthermore, when it comes to infrastructure chile is quite developed. Chile is also one of South America’s most socially advanced nations, leading the way when it comes to human development, economic freedom, globalization, low corruption, and low rate of violent crimes. Much of the nation’s wealth comes from its mining, business and that is supported by the personal services, wholesale, retail trade, and manufacturing sectors of the economy.
– Income (Per Capita): $24,051 USD
Uruguay comes in next on our list with a slightly lower per capita income of $24,051 USD. Even though Uruguay comes in at number 2, it is probably the most viable economy for the long term. Uruguay’s wealth is generated from the export of wool, rice, soybeans, frozen beef, malt, and milk. These are agricultural products, and will not run out anytime soon- a stark opposite with mining ventures that are sure to turn up empty one day. While many agricultural economies tend to be fragile, Uruguay’s agricultural economy is developed enough to support a per capita of $24,051 making them a country of well-paid farmers. Apart from living in relative wealth, Uruguay also ranks highly in democracy, peace, low rate of corruption, well balanced social structure, and good government. It is also number one in South America when it comes to freedom of the press, and the size of the middle class and prosperity.
– Income (Per Capita): $20,425
Argentina claims the next with a per capita of $20,425. The country is famous across the world for the quality of its beef – a product which it exports to the biggest and richest markets in Europe and America. Argentina is also big on research and development especially when it comes to finding new ways to breed cattle. The country has a literate population of around 43 million people, and a diversified, export-orientated economy. With time, the country may do better on the social side, and rank higher in the other sections that characterize a working society.
– Income (Per Capita): $16,662 USD
Coming in at the Number 4 position on our list richest Latin American countries is Brazil. Brazil has a per capita income of $16,662 USD. This is the largest South American country both in terms of population and land area. Brazil is also the continent’s most multicultural and ethnically diverse nation. The economy is an emerging economy, but robust enough. The country also has the ninth-largest GDP in the world. The country gets its wealth from a variety of sources including agriculture, industry, and a range of services. The agricultural sector is well developed, and Brazil is the world’s largest producer and exporter of oranges, coffee, sugar cane, cassava as well as sisal, soybeans, and papayas. The country remains iconic for football and makes unspecified amounts of money through this means as well.
– Income (Per Capita): $15,845 USD
SURINAME, which is a vestige of the Netherlands comes in next with a per capita income of $15,845 USD. The country is situated on the northeastern Atlantic coast of South America. This is the smallest sovereign state in South America and owes much of its success to its association with the Dutch. The country exports aluminum ore, oil, and gold as its major and most profitable exports, and the majority of business it does is with the Netherlands, the United States, Canada, Trinidad and Tobago and also the islands that make up the former Netherlands Antilles.
– Income (Per Capita): $15,719 USD
Booking its space at the number 6 spot is Columbia. Columbia has a per capita income of $15,719 USD. Columbia has an abundant cache of petroleum, which currently makes up 45% of all exports. Aside from this, there is also the information technology sector, which is one of the fastest-growing in the world.
– Income (Per Capita): $14,252 USD
Peru is next on our list with a per capita income of $14,252 USD. The country’s history has not been rosy at all; oppression, coups, social unrest, and economic instability has taken a toll on the country, but Peru has overcome all these to turn itself around by in improving global integration in recent years. Today, Peru is one of South America’s highest-ranking sovereign states when it comes to social freedom.
– Income (Per Capita): $14,131 USD
Paraguay comes in next with a per capita income of $14,131 USD. Its export trade is a huge contributor to its success. The economy is largely agriculture-based; the country is the sixth-largest soybean producer in the world, as well as the second-largest producer of Tung oil, the sixth-largest exporter of corn, the tenth-largest exporter of wheat and the number 8th largest exporter of beef. Furthermore, it is recording steady increases in its energy, auto parts, and clothing industries.
– Income (Per Capita): $11,701 USD
Number 9 on our list is Ecuador. Ecuador has a per capita income of $11,701 USD. The country is an agriculture-based economy that relies heavily on commodities such as bananas, coffee, rice, potatoes, cassava (manioc, tapioca), plantains and sugarcane; cattle, sheep, pork, beef, as well as dairy products. The company also exports fish, and shrimp; and balsa wood. The tourism industry has also increased exponentially in the past few years.
– Income (Per Capita): $8,524 USD
Next, we have Guyana. Guyana has a per capita income of $8,524 USD. The majority of Guyana’s wealth comes from the export of its agricultural products, including rice, sugar. The country also has mining industries that produce bauxite and gold, and other minerals, while the timber logging industry is also doing quite well.
That’s all about the richest countries in Latin America in 2020.
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