Uruguay and Chile have the highest national per capita income among the Latin American countries, according to the World Bank’s data for 2018.
Uruguay recorded a per capita income of US$15,650, while Chile’s earnings per person stood at US$14,670.
Despite reeling from soaring inflation and economic hardship, Argentina has the third highest per capita income in the region.
If its earnings per person had increased by another US$5, Argentina would have been classified as a high-income country. That’s because the countries whose per capita income ranges between US$3,996 and US$12,375 fall into the medium-high category.
No country in Latin America was listed as a low-income nation, nor could any nation from the continent seek a place in high-income groups. All of them were categorized as either medium-high or medium-low income countries.
Colombia, Argentina, Costa Rica, Mexico, Brazil, Peru, Ecuador, Paraguay, Belize, and Guatemala were classified as medium-high income countries, while El Salvador, Bolivia, Honduras, and Nicaragua, were considered low-income countries.
Considering the report, there are far poorer countries in the Middle East and North Africa, with both the continents ranked lower on the index.
The country with the highest per capita income in the world is Switzerland, followed by Norway, whose earnings per person stood at US$80,790. With more than US$62,850 in per capita income, the United States is the largest country with a high average income per person.