Insight Report: Business Strategies for Targeting HNWIs and UHNWIs in Latin America

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Latin America has one of the world’s fastest-growing HNWI populations. The combined HNWI population in Brazil, Mexico, Chile, Colombia and Argentina is more than double that of the GCC countries of the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain. In 2014, there were around 186,000 HNWIs in the GCC countries, while the Latin American countries listed housed 463,000 HNWIs. This represents significant opportunities for private banks and wealth managers to offer both onshore and offshore investments services.
However, macro-economic uncertainties – including currency depreciation, recession in Brazil, recent international banks closing regional branches including HSBC and Deutsche Bank in 2015, slumps in oil and commodity prices and the Chinese economic slowdown – have all to some extent diverted offshore investments to the US, causing banks to adjust services accordingly.
Regulatory disparities also create complexities in private banking and wealth management in Latin America. It is therefore important for private banks and wealth managers to recognize the ‘new wave’ of private banking and wealth management in Latin America. This report provides an in-depth market analysis and strategies for targeting HNWIs and UHNWIs in the region.


The report covers the following areas:

• Attitudes of Wealth Managers and Private Banks to Targeting Latin American HNWIs and UHNWIs

• Market Snapshot of the Latin American HNWI and UHNWI Markets covering Brazil, Mexico, Chile, Colombia and Argentina

• Business Strategies for Targeting HNWIs and UHNWIs in Latin America

Key Highlights

• HNWI population in Latin America – including Brazil, Mexico, Chile, Colombia and Argentina – grew by a CAGR of 1.4%, going from 438,753 individuals in 2010 to 463,143 individuals in 2014, and is projected to grow by a CAGR of 3.2% to exceed 530,000 by 2019.

• Chile’s HNWI population is one of the fastest growing in the region, recording a forecast compound annual growth rate (CAGR) of 4.8% between 2015 and 2019.

• Real estate and bonds are popular investment options for Latin American HNWIs and UHNWIs.

• Both single- and multi-family offices are likely to grow in Latin America, while online investment platforms are still emerging.

• Private banks and wealth managers increasingly use event sponsorship to raise brand awareness

Reasons to Buy

• Understand the needs of Latin American HNWIs and UHNWIs, their demographic trends and key regulatory issues facing wealth advisors.

• Be informed about drivers, barriers and key financial products and services offerings in Brazil, Mexico, Argentina, Colombia and Chile and address each trend accordingly.

• Be aware of the attitudes of private banks and wealth managers towards future outlook of Latin American Wealth Management Market.

• Build robust business strategies with respect to expansion strategy, client strategy and marketing strategy to target Latin American HNWIs and UHNWIs more effectively.

BBVA Bancomer
Banco de Crédito e Inversiones
Banco Santander
Banco Bradesco
Itau Unibanco
ESP Properties
Deutsche Bank
WE Family Offices
JP Morgan Chase & Co.
ABN Amro
Transparency international
Credit Suisse
Banco Azteca
Banco Monex
Grupo Financiero Multiva
Banco Safra
First National Santa Fe
BancoItau Argentina
BBVA Banco Frances
Black Rock
Vanguard Group
Franklin Templeton
Aberdeen Asset Management
Banco de Crédito e Inversiones
Banco de Chile
Banco Santander Chile
Banco CorpBanca
Banco de Bogotá
Popular Banca Privada
Banco de Bogotá
Colombian Central Bank
Grupo Bancolombia
BTG Pactual
Turim Family Office and Investment Management
Pivos Capital
Bancredito Private Banking
Avante Financial Group
Morning View Partners
Lugen Family Office
Drake Family Office
Picton Advisors
Verax Wealth management
Financial Times
Banco CR2
Julius Baer
GPS Investimentos Financeiro
Sumitomo Mitsui Banking Corporation
Financiera de Desarollo Nacional S.A
Claro SA
Grupo Financiero Inbursa SAB
Banco Standard de Investimentos
Banco Indusval SA
Banco Intercap SA
Cruzat & Claro SA
The Starr Group
Dazhong Insurance Co.
Atralpo SL
Kranos Capital
Liberty Seguros Argentina
Standard Chartered
American Express.

Table of Contents

Executive Summary

1 Introduction

1.1 What is this Report About?

1.2 Definitions and Scope

2 Attitudes of Wealth Managers and Private Banks to Targeting HNWIs and UHNWIs in Latin America

2.1 Key Insights into Latin American HNWI and UHNWI Investment Behavior

2.2 Economic Outlook of the Latin American Wealth Management Market

3 Snapshot of Latin American HNWI and UHNWI Markets

3.1 A Comparison of Business Strategies for Targeting HNWIs and UHNWIs in Latin America

3.2 Latin America’s HNWI and UHNWI Market Sizes and Key Market Trends

3.3 HNWI and UHNWI Demographic Trends

3.4 Drivers and Barriers of the HNWI and UHNWI Markets

3.4.1 Drivers

3.4.2 Barriers

3.5 The Regulatory Landscape

4 Latin American Markets: Mexico, Brazil, Argentina, Chile and Columbia

4.1 Financial Product and Service Offerings

4.1.1 Brazil

4.1.2 Mexico

4.1.3 Chile

4.1.4 Colombia

4.1.5 Argentina

4.2 The Role of Family Offices: Managing HNWI and UHNWI Wealth

4.3 Business Strategies for Targeting HNWIs and UHNWIs

4.3.1 Expansion strategy

4.3.2 Client strategy

4.3.3 Marketing strategy

5 About WealthInsight


Table 1: HNWI Wealth Band and Group Definitions

Table 2: Competitive Benchmarking for the Wealth Management Sector in Key Latin American Markets

Table 3: Key Parameters for the Wealth Management Sector in Latin America

Table 4: Overview of Strategies to Target HNWIs in Latin America

Table 5: HNWI Populations in Latin America, 2010–2019

Table 6: HNWI Wealth in Latin America (US$ Billion), 2010–2019

Table 7: UHNWI Market Size in Latin America, 2010–2019

Table 8: UHNWI Wealth in Latin America (US$ Billion), 2010–2019

Table 9: Top 10 HNWI Families in Latin America by Wealth (US$ Billion), 2014

Table 10: Status of FATCA Agreements of Latin American Countries with the US, October 2015

Table 11: Domestic Banks in Brazil and their Main Product and Service Offerings

Table 12: Domestic Banks in Mexico and their Main Product and Service Offerings

Table 13: Domestic banks in Chile and their Main Product and Service Offerings

Table 14: Alternative Investments in Colombia (US$ Billion), 2010–2019

Table 15: Domestic banks in Columbia and their Main Product and Service Offerings

Table 16: Domestic Banks in Argentina and their Main Product and Service Offerings

Table 17: Family Offices in Latin America

Table 18: Family Business Share by Country and Contribution to National GDP, 2012

Table 19: Key Factors Driving Growth in Multifamily Offices in Latin America

Table 20: Major Expansion Deals in Latin America, 2012–2015

Table 21: Internet Users in Latin America, 2014

Table 22: Key Examples of Event Sponsorship in Latin America


Figure 1: HNWI and UHNWI Populations, 2014

Figure 2: Latin American HNWI Populations by Age Group (%), 2014

Figure 3: HNWI Population by Gender, 2014

Figure 4: HNWI Population by Wealth Band, 2014

Figure 5: HNWI Population by Primary Source of Wealth, 2014

Figure 6: Latin American HNWI Populations by Industry Concentration (%), 2014

Figure 7: Currency Devaluation in Key Latin American Markets, 2014–2015

Frequently asked questions

Insight Report: Business Strategies for Targeting HNWIs and UHNWIs in Latin America standard reports
Currency USD

Can be used by individual purchaser only


Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Insight Report: Business Strategies for Targeting HNWIs and UHNWIs in Latin America was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
Peru Insurance Industry - Key Trends and Opportunities to 2028
$1,450 | May 2024
Financial Services
Apple Pay - Competitor Profile
$350 | June 2024
Financial Services
Luxembourg PESTLE Insights - A Macroeconomic Outlook Report
$500 | June 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Insight Report: Business Strategies for Targeting HNWIs and UHNWIs in Latin America in real time.

  • Access a live Insight Report: Business Strategies for Targeting HNWIs and UHNWIs in Latin America dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.