The economic recovery recorded in Latin America during 2025 allowed the wealth of high-net-worth individuals (HNWIs) to return to a positive trajectory, according to Capgemini’s World Wealth Report 2026, published by the French multinational and global leader in consulting, technology services, and digital transformation.
However, the region’s progress remained well below that seen in the world’s leading wealth-creation hubs, reflecting both the structural limitations of Latin American economies and the widening gap relative to technology- and artificial intelligence-driven markets.
According to the report, the wealth of Latin American HNWIs increased by 5.1% in 2025, outperforming only the Middle East, where wealth contracted by 1.5%.
A comparison with the leading regions highlights the distance that still separates Latin America from the world’s major engines of wealth creation. Asia-Pacific led growth with an increase of 10.5%, followed by North America at 9.9%, Europe at 8.0%, and Africa at 7.0%.
Even more revealing is the performance of the high-net-worth population itself. While Asia-Pacific and North America recorded increases of 9.4% and 9.1%, respectively, the number of HNWIs in Latin America rose by just 0.3%, suggesting that wealth growth was concentrated primarily among existing large fortunes rather than driven by the creation of new millionaires.
The report identifies several factors behind the improvement observed in the region. Moderating inflationary pressures, a gradual recovery in investment, stronger corporate earnings, and relative macroeconomic stability created a more favorable environment for financial assets.
Mexico was among the best-performing markets. The wealth of its HNWIs increased by 5.4%, while the number of HNWIs rose by 1.8%, supported by strong corporate profits and greater macroeconomic stability.
Brazil also delivered positive results. The wealth of the country’s affluent individuals increased by 6.0%, driven primarily by utilities and commodities companies. However, the number of HNWIs declined slightly by 0.2%, reflecting greater wealth concentration.
The Region Is Growing, but Losing Relative Importance
Although Latin America is participating in the global expansion of wealth, Capgemini’s report makes it clear that the region is losing relative weight within global wealth.
Between 2018 and 2025, the wealth of Latin American HNWIs increased from approximately $2.6 trillion to nearly $3.5 trillion, confirming a positive long-term trend. However, the pace of growth has been insufficient to keep up with North America and, especially, Asia-Pacific.
The difference is largely explained by structural factors. Capgemini identifies three persistent obstacles: low productivity, weak job creation, and trade uncertainty.
While the United States and several Asian countries benefited from the boom in artificial intelligence, semiconductors, and technology, Latin American economies remain more dependent on traditional sectors and commodities, a structure that limits their ability to generate new fortunes at the pace seen in other regions.
Implications for the Wealth Management Industry
From the perspective of private banking and wealth management, the report’s message is significant. Latin America continues to generate wealth and investable assets, but the nature of market growth appears to be changing.
Rather than expanding through the mass emergence of new clients, the industry may increasingly depend on deepening relationships with already established wealthy families and individuals.
This environment particularly favors the ultra-high-net-worth segment, which globally continues to demonstrate the strongest capacity for asset growth and concentration.
For private banks, multifamily offices, and wealth managers, this means competition for existing clients is likely to intensify, while differentiation through private market solutions, wealth planning, succession services, and highly customized offerings will become increasingly important.
Technology Gap, Wealth Gap
The report’s strategic conclusion is that Latin America is experiencing a period of recovery, but not one of leadership.
The region has moved beyond some of the volatility that characterized recent years and is benefiting from greater macroeconomic stability. However, structural constraints and limited exposure to the sectors currently driving global wealth creation are widening the gap with North America and Asia.
The result is a combination of reasonable wealth growth (5.1%) and virtually no growth in the number of new HNWIs (0.3%), a dynamic that points toward greater wealth concentration and a less dynamic wealth management market than those found in developed economies.
In other words, Latin America continues to generate wealth, but not at a pace sufficient to prevent a gradual loss of relevance within the global wealth landscape.
