Uruguay was the South American country with the highest gross national income per capita, with 18,030 U.S. dollars per person in 2022. Chile ranked second, registering a GNI of 15,360 U.S. dollars per person, based on current prices. Gross national income (GNI) is the aggregated sum of the value added by residents in an economy, plus net taxes (minus subsidies) and net receipts of primary income from abroad.
Which are the largest Latin American economies?
Based on annual gross domestic product, which is the total amount of goods and services produced in a country per year, Brazil leads the regional ranking, followed by Mexico, Argentina, and Chile. Many Caribbean countries and territories hold the highest GDP per capita in this region, measurement that reflects how GDP would be divided if it was perfectly equally distributed among the population. GNI per capita is, however, a more exact calculation of wealth than GDP per capita, as it takes into consideration taxes paid and income receipts from abroad.
How much inequality is there in Latin America?
In many Latin American countries, more than half the total wealth created in their economies is held by the richest 20 percent of the population. When a small share of the population concentrates most of the wealth, millions of people don't have enough to make ends meet. For instance, in Brazil, about 5.32 percent of the population lives on less than 3.2 U.S. dollars per day.
FAQs
Uruguay was the South American country with the highest gross national income per capita, with 18,030 U.S. dollars per person in 2022. Chile ranked second, registering a GNI of 15,360 U.S. dollars per person, based on current prices.
Which country makes the most money in South America? ›
Brazil is the largest economy in South America in terms of Nominal GDP, it has a vast and diverse economic landscape encompassing agriculture, manufacturing, services, and natural resources. Due to Brazil's major economy, it has a large influence over its neighbors, and even globally.
What country has the best economy in South America? ›
Brazil is the only South American economy in the list of top ten largest economies globally, and five economies are within the top 50 world gdp ranking. Out Of 12 economies, gdp (nominal) of 11 would increase, and one economies would decrease in 2023 compared to 2022.
What are the most expensive countries in South America? ›
The 10 Most Expensive Latin American Countries in 2023
- Uruguay. Uruguay is often thought of as the most developed Latin American country, so it's no surprise that it's also the most expensive, with a minimum monthly cost of living of $1,143. ...
- Chile. ...
- Costa Rica. ...
- El Salvador. ...
- Guatemala. ...
- Mexico. ...
- Venezuela.
Other countries, such as Argentina, Chile, Panama, Trinidad and Tobago, and Uruguay, are classified as high-income countries, while only Haiti is a low-income country (Figure 2.2).
What is the poorest country in South America? ›
Those that have the highest rates of poverty per population are Suriname, Bolivia and Venezuela. Recent political shifts in the region have led to improvements in some of these countries.
What is the cheapest country to live in in South America? ›
Bolivia. When searching for the cheapest country in South America, Bolivia usually comes up top. It is also considered one of the safest too! There is so much to see and do from the turquoise waters of Laguna Verda to the sea of pink dotted with flamingos at Laguna Colorada.
What are the 3 most expensive countries? ›
- 1- Switzerland. Switzerland is a land of breathtaking beauty, and precision engineering with a reputation for being the most expensive country in the world. ...
- 2- Norway. ...
- 3- Iceland. ...
- 4- Japan. ...
- 5- Denmark. ...
- 6- Bahamas. ...
- 7- Luxembourg. ...
- 8- Israel.
With an index score of 49.5, people in Queretaro had the highest domestic purchasing power in Mexico. In South America, the city with the highest domestic purchasing power for 2023 was Montevideo, scoring 43.9 index points.
Where do the rich live in Latin America? ›
Latin America's luxury real estate market remains a bastion of wealth, with Puerto Madero in Argentina, Del Valle in Mexico and Ipanema in Brazil holding the top spots for costliest neighborhoods.
Costa Rica.
According to the Global Peace Index, Costa Rica is recognised as the safest country in Latin America, ranking 39th in the world's security rankings.
What is the main source of income in South America? ›
South America has diverse agricultural products, vast mineral wealth, and plentiful freshwater. It also has rich fisheries and ports on three bodies of water: the Caribbean Sea, Atlantic Ocean, and Pacific Ocean. The continent's economy is centered on the export of natural resources.
Which is the most developed country in South America? ›
Chile has the highest HDI, the lowest homicide rate and the best index of economic freedom (one of the highest in the world), but it is one of the most unequal economies in South America.
