Market Research

Brazil Tops Latin America Rich List, Says Wealth-X

Vanessa Doctor 10 June 2011

Brazil Tops Latin America Rich List, Says Wealth-X

Wealth-X has come out with its latest report on the growing population of ultra high net worth individuals in Latin America, showing Brazil has the most ultra-wealthy residents.

The study shows that UHNW individuals in the region, or those with at least $30 million in investable assets, have reached a total of 15,125 and have a combined net worth of $2.3 trillion. 

Topping the list with the most number of ultra affluent people is Brazil, followed by Mexico, Argentina, Colombia, and Peru. Around 31 per cent of the region's total number of UHNW individuals are Brazilian, with a combined net worth of $890 billion.

The estimates take account of shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets. 

The region is receiving increasing interest from the wealth management world, with some of the West’s biggest hitters, such as Citigroup, JP Morgan, Julius Baer, Goldman Sachs and Morgan Stanley all ramping up their presence in the market, especially in Brazil - the continent’s largest economy. Meanwhile, domestic wealth management players, such as Itaú Private Bank and BTG Pactual in Brazil, are actively fighting to hold onto their market and build more business.

Furthermore, data from the latest BofA Merrill Lynch/Capgemini World Wealth Report showed that the high net worth population in Latin America grew 8.3 per cent over the preceeding year.

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