In defiance of misconceptions and global trends over the past five years, the number of millionaires in Colombia has grown by 39%, whereas worldwide they declined by 0.3%.
Despite a global recession, regional economic volatility and Colombia’s internal instability and drug wars, the number of millionaires in the country now stands at 35,900.
On a regional level, Colombia managed to defy trends and maintain a positive GDP growth through the 2008/9 financial crisis. It has even outperformed its most powerful neighbours – Mexico and Brazil – in terms of millionaire creation since the crisis struck in 2008.
"The rate at which millionaires are created is an influential indicator of the wider economy" says WealthInsight?s Oliver Williams. "And, contrary to perceptions, there is a bourgeoning wealth class in Colombia, particularly in Bogota".
"Equality is extremely important in a country where there is still a large segment of the population below the poverty line", says Williams. "But, looking at the distribution of wealth in the country, it is well below the global average: Colombia’s 35,900 millionaires control 22% of total individual wealth in the country which is below the worldwide average of 29% and far off some other emerging nations".
For more information please see attached white paper: ‘Colombia: Paisas and their Pesos’.