Peru has emerged as one of the fastest growing and stable economies in Latin America over the past decade.
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According to a new report from WealthInsight, 1,004 new millionaires were created in Peru last year, a number which underpins the country’s strong economic growth.
With a real GDP growth of around 6.3% in 2012, Peru has remained strong and resilient driven by sustained investments, supportive terms of trade and sound policy management. The construction sector, which grew at a rate of 20.5% in 2012, along with the commercial and services sectors, emphasize this growth. Favourable fiscal policies and a rapidly expanding mining sector also increased investments in the country.
Multimillionaires account for 1.23% of the total wealthy population in Peru, which is well above the global average of 0.7%. WealthInsight expects the number of multimillionaires to increase by 14%, to reach 339 individuals in 2017, up from 284 in 2012. At the same time their wealth is projected to increase by 26% to reach US$51 billion by 2017.
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By GlobalData"Peru provides opportunities for both domestic and foreign investors and is anticipated to witness strong growth in number of millionaires and their wealth. The Peruvian millionaires’ boost is driven by the optimistic combination of low public debt, low inflation and GDP growth forecast to exceed 6%", says WealthInsight Analyst, Lorna Chellapermal.
"The new millionaires are the consumers leading the country’s retail, financial services and construction boom" says Chellapermal. For instance, Eduardo Belmont is the wealthiest Peruvian at the head of Belmont Corporation, a beauty product company with a wealth of US$5.8 billion at the end of 2012.
