Coveted, Criticized, Latin America's Rich Multiply Katell Abiven - Agence France-Presse
go to original June 22, 2015

Models next to Porsche cars during the International Sao Paulo Motor Show. (Reuters/Paulo Whitaker)

They buy 10 Porsches a day and travel the world by private jet, toting their Louis Vuitton bags and leaving behind a faint scent of Chanel.

They are Latin America's super-rich, and they are multiplying faster than anywhere in the world, coveted by luxury brands keen to tap their buying power, but criticized for paying low taxes in a region plagued by inequality.

Latin America, a region of some 600 million people, is home to nearly 15,000 "ultra high net worth" individuals, or people with fortunes of at least US$30 million, according to luxury industry consultancy Wealth-X.

The number rose five percent last year, while the number of billionaires rose to 151, a 38 percent increase. That was the fastest growth rate for billionaires of any region on Earth.

Read the rest at The China Post

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!