Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Coveted and criticized, Latin America's rich multiply

by

MONTEVIDEO Jun 22, 2015 - 12:00 am GMT+3
No Image
by Jun 22, 2015 12:00 am
They buy 10 Porsches a day and travel the world by private jet, toting their Louis Vuitton bags and leaving behind a faint scent of Chanel. They are Latin America's super-rich, and they are multiplying faster than anywhere in the world, coveted by luxury brands keen to tap their buying power, but criticized for paying low taxes in a region plagued by inequality.

Latin America, a region of some 600 million people, is home to nearly 15,000 "ultra high-net worth" individuals," or people with fortunes of at least $30 million, according to luxury industry consultancy Wealth-X.The number rose 5 percent last year, while the number of billionaires rose to 151, a 38-percent increase.

This is the fastest growth rate for billionaires of any region in the world. Natixis Global Asset Management, a firm that specializes in managing large fortunes, recently launched its first Latin American offices, in Mexico City and Montevideo. "We've clearly identified it as one of the regions where individual wealth is in an exceptional growth phase," said Sophie del Campo, head of the firm's Iberian division in Madrid.

Ensconced behind the high walls of their luxury villas, the mining magnates, telecoms tycoons, large landholders and others who make up Latin America's uppermost crust can be less visible than the region's poor. But they are the flipside of its intractable inequality problem. Their lavish lifestyles and growing numbers are attracting keen interest from the global luxury industry, eager to expand to new markets and court new customers in existing ones. Porsche is one example. Since arriving in Latin America 15 years ago, the German sports car maker has increased annual sales to the region from less than 300 vehicles to nearly 3,900 vehicles, said George Wills, president of Porsche Latin America, which is based in Miami.

The region's largest economies, Mexico and Brazil, remain the "volume drivers," he said. "But if you look in terms of the markets themselves, the markets that are enjoying good growth are markets like Peru, Colombia, Panama... with 60 percent growth in some of them." According to market research firm Euromonitor, the Latin American luxury market will total $26.5 billion in 2019, up 88.8 percent from 2014 - the strongest growth in the world. The boom applies to big-ticket luxuries, too. Mexico is the world's second-largest market for private jets, behind the U.S, with Brazil poised to surpass it within the next decade, according to a recent market study by Brazilian jetmaker Embraer.
  • shortlink copied
  • Last Update: Jun 22, 2015 10:31 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    life
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    A week of rage in Spain over rapper's imprisonment
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021