Top 10 Richest Countries in Latin America 2023
The Richest Countries in Latin America can in truth only be called relatively rich because the usual metric for this calculation which is the GDP per Capita will show that these Latin American countries are far behind the developed world in terms of the quality of life of the individual citizens.
However, the richest countries in Latin America are full of economic opportunities for those brave enough to take them. Furthermore, many people from more affluent countries decide to retire and then move to other countries where they can live on less than they usually would if they had remained in their countries of origin.
The truth is that rich countries are often expensive to live in because the rich economies require constant input to remain rich. In any case, these are the richest countries in Latin America.
Richest Countries in Latin America
1. Chile
Chile is a country that is a long narrow strip of land between the Andes Mountains and the Pacific Ocean. Chile is a country that is located in western South America. The county is a fairly big spit of land; it measures 756,096 square kilometers. As for population, the country has about 17.5 million that call it home.
Chile is one of South America’s most stable and economically balanced countries. The country has more economic freedom, human development, and all other factors that qualify good countries to live in. The economy is boosted by agriculture, tourism, and the services industry. Some of the major agricultural produces in Chile are grapes, wheat, maize, oats, apples, pears, onions, peaches, garlic, asparagus, beans, beef, wool, fish, timber, hemp, and poultry products.
There is also plenty of potential in the mining industry because the country has plenty of mineral resources that may later become very significant in the future.
2. Uruguay
Uruguay is a country in South America that shares borders with Argentina and Brazil. Uruguay also has an opening to the Atlantic Ocean. This is a relatively small country, with a land size of about 176,000 square kilometers. The country also has a population of about 3.51 million making it smaller than some cities.
The economy of Uruguay is boosted by Agriculture, Transportation, Tourism, Telecommunications, and energy. There is plenty of cattle rearing in Uruguay, and there this country is also one of the world’s largest producers of soybeans, horse meat, and beeswax among other things.
3. Mexico
Mexico is the next country on our list. The country is in North America but in the southern side of the continent. Mexico famously shares land borders with the United States, and it also shares land borders with other countries like Guatemala and Belize. The country is also open to the Pacific Ocean, and also to the Caribbean Sea, and then to the Gulf of Mexico. The country has about 126,014,024 people that call it home.
Mexico’s GDP per capita is $21,412. The economy is boosted by the presence of industry; particularly the automotive and oil industry, other manufacturing sectors. Agriculture is also significant in the country and adds value to the country in terms of jobs and purchasing power.
4. Argentina
Argentina is a country in South America. The country shares borders with Chile, Bolivia, Paraguay, Brazil, and Uruguay. Argentina has access to the South Atlantic Ocean. The country has a total land area of 2,780,400 km2 and a population of about 45 million people.
The economy of Argentina is boosted by agriculture; in fact, Argentina is often used as an example when discussing agricultural economies. The country is a major producer of cattle which is processed as beef. Other agricultural products of Argentina include soy, yerba mate, maize, and wheat.
5. Brazil
Brazil is probably one of the most popular Latin American countries, but it is certainly not the richest. But Brazil has certain distinct advantages over most of Latin America. For one thing, there is the size: Brazil is the largest country in both South America and Latin America. The country encompasses a total land area of about 8.5 million square kilometers. As for population, it has over 211 million people calling it home.
Brazil has a GDP per Capita of $16,727. However, it has one of the most balanced economies in the region. The country has gold, iron, oil, and uranium. The country also has agriculture; of which one of the major products is cattle. Then there is manufacturing; of which the automotive and heavy machinery sector is quite huge, and then there is tourism. Sports is another solid sector that is probably better here than in some developed countries, and then there is a services industry that complements all the sectors mentioned above.
6. Colombia
Colombia is next on the list with a GDP (PPP) per capita of $15,720. This is the 6th richest country in Latin America. Colombia is a Spanish-speaking country in South America with a population of about 50 million people.
Columbia may rightly be called a poor country, depending on the viewpoint. However, there is hope because the country has recently been on a steady increase in terms of economy. As the economy has grown, so has the poverty level continued to fall consistently. Colombia’s economy is boosted by industry; Colombia has one of the largest shipbuilding industries in the world. The services sector is also a major contributor to the economy. Colombia has also invested heavily in information technology.
7. Peru
Peru is a country in South America, located in the western part. The country has a population of 33 million people. The country is also the third-largest in South America by land area. Peru has everything: coastal region opening up to the Pacific, the Andes mountains, and the Amazon River.
The country has a GDP per capita of $14,999. A major drawback has been political and social turmoil that limited progress for a long time, but now Peru is on the right track. Peru is experiencing a social and economic boom and there is plenty of agriculture, industry and the services industry is also on an upward trajectory.
8. Paraguay
Paraguay is a country in South America. It is near Argentina, Brazil, and Bolivia. Paraguay has a population of 7 million.
Paraguay has a GDP per capita of $14,131. The economy is boosted by agriculture, the produce of which is mostly exported to other countries. Soybean, Corn, Wheat, and beef are all exported in large quantities; and the country ranks highly for some of these products.
9. Ecuador
Ecuador is another Latin American country that ranks among the richest. The country has a population of about 17,715,822 people and a total landmass of about 283,561 km2. Part of the land includes the famous Galapagos Islands.
Ecuador has a GDP per capita of $14,131. Its economy is boosted by commodities, and also by tourism; Ecuador has a unique ecology, especially the famous Galapagos Islands which has some plants and animals that you cannot find anywhere else in the world, and that thousands of people troop in to see.
10. Venezuela
Venezuela comes in last on this list because of a bad social structure, and a poorly managed economy. The country has a GDP per capita of $9,066, despite having huge oil reserves, and enough land to become an agricultural powerhouse.
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Conclusion:
The richest countries in Latin America can be called poor countries when looking from the perspective of people from the developed lands in Europe or America, but they certainly offer an alternative option for people who want to visit or live in a country that does not require them to spend so much money on living expenses.
Some of these countries may also be very good markets for investors, although other factors such as medical facilities, security, and human rights must also be taken into consideration.
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