Latin America, a region rich in natural resources and cultural diversity, is home to economies with varying levels of development, with some countries standing out in terms of per capita wealth. According to Global Finance, Latin America’s three wealthiest nations per capita top the list when considering Gross Domestic Product (GDP) per capita adjusted for purchasing power parity (PPP). Through stable economic policies and well-developed strategic sectors, these countries have established themselves as leaders in the economic well-being of their inhabitants.
In addition to their economic strength, these countries are home to some of the wealthiest and most influential entrepreneurs in the region, according to Forbes. In Panama, Stanley Motta leads his conglomerate in financial services and his stake in Copa Airlines. Iris Fontbona, heading the Luksic Group, dominates Chile’s mining and financial markets. Juan Carlos López Mena stands out in Uruguay’s transport and tourism sectors with his company Buquebus. Each of these millionaires is a significant figure in their respective nation and has the highest per capita income in the region.
Which Are the Wealthiest Countries in Latin America?
The three wealthiest countries per capita in Latin America have distinguished themselves through remarkable economic growth, maintaining high levels of per capita income and consolidating strategic sectors that drive regional development:
Panama: US$44,797 per capita
According to Global Finance, Panama was established as the country with the highest per capita income in Latin America in 2024, reaching an average of $44,797. This impressive economic achievement is mainly due to the significance of the Panama Canal, which continues to be a strategic point for global trade, and the robust development of the country’s financial sector.
Chile: US$31,005 per capita
According to recent Global Finance data, Chile ranks as one of the three wealthiest countries per capita in Latin America, with a per capita GDP of approximately $31,005. Known for its diversified and stable economy, Chile is a global leader in copper production and has growing service and agriculture sectors. This economic stability supports open trade policies and a favorable environment for investment.
Uruguay: US$30,170 per capita
According to Global Finance, Uruguay is the third wealthiest country in Latin America in terms of per capita income, with approximately $30,170. This status is mainly due to its political and social stability and an economy focused on export sectors such as agriculture, livestock, and green technologies. Uruguay also promotes foreign investment and has developed a digital infrastructure.
The Leading Millionaire in Each Wealthy Latin American Country
Accompanying this growth, each country is home to influential entrepreneurs who have amassed significant fortunes and substantially impacted their respective industries. Among these notable millionaires are figures who have diversified their investments into sectors such as aviation, mining, and river transport:
Panama: Stanley Motta
Stanley Motta is Panama’s wealthiest entrepreneur, according to Forbes. With a fortune exceeding a billion dollars, Motta is known for his majority stake in Copa Airlines and his leadership roles in other sectors, such as banking and insurance, through the Motta Group. This group includes investments in Banco General and ASSA Compañía de Seguros, strengthening his influence in the region and solidifying his position in Central America. His success is attributed to a strategy of diversification and business alliances, establishing him as one of Latin America’s most prominent economic leaders.
Chile: Iris Fontbona
Iris Fontbona is the richest person in Chile and the wealthiest woman in Latin America, with an estimated fortune of $25.7 billion, according to the latest 2024 Forbes ranking. Her wealth comes primarily from the business conglomerate she inherited from her husband, Andrónico Luksic, which includes Antofagasta Minerals, one of the largest copper producers in the world. Fontbona invests in Banco de Chile, CCU, and other beverage, finance, and energy businesses. Iris and her family maintain a low profile. Still, their influence in the Chilean and Latin American economies is significant, reflecting the power and reach of one of the largest business empires in the region.
Uruguay: Juan Carlos López Mena
Juan Carlos López Mena, the entrepreneur who controls river transport between Argentina and Uruguay, is one of Uruguay’s most prominent businessmen. Through his company, Buquebus, he manages around 80% of passenger and cargo traffic on the Río de la Plata, with around $250 million in annual revenue. Although born in Argentina, López Mena moved to Uruguay, expanding his investments beyond transport, venturing into sectors such as tourism and agriculture with his dairy farm, Talar, in Laguna del Sauce.
Economic Strengths of Panama, Chile, and Uruguay
The three wealthiest countries per capita in Latin America—Panama, Chile, and Uruguay—have reached high GDP per capita levels through strategic economic policies and sectoral solid development. Leading the list with a per capita income of $44,797, Panama leverages its globally significant Panama Canal and well-established financial sector to drive growth. Chile follows with $31,005 per capita, sustained by copper mining, diverse services, and open trade policies that foster investment. With $30,170 per capita, Uruguay benefits from political stability, a focus on export-driven agriculture, and advancements in green technologies.
These countries are also home to some of Latin America’s wealthiest entrepreneurs, whose ventures reinforce each nation’s economic strength. With stakes in Copa Airlines and the financial sector, Stanley Motta exemplifies diversified investments in Panama. In Chile, Iris Fontbona leads the Luksic Group, a mining, banking, and energy powerhouse, making her the wealthiest woman in Latin America. Uruguay’s Juan Carlos López Mena, through his company Buquebus, dominates transport across the Río de la Plata and has expanded into tourism and agriculture. These prominent figures underscore the economic influence of Latin America’s three wealthiest countries per capita.