September 26, 2022
Publication: Citywealth Magazine
The COVID-19 pandemic has pushed ultra-high net worth individuals (UHNWIs) to restructure their finances and relocate investments out of Latin American countries. Citywealth interviewed Latin America experts to understand the reasons behind this movement.
Evelyn Sheehan outlines the recent political and economic turmoil facing Latin America, saying: “The region has struggled to sustain economic growth for decades and has been consistently struck by political upheaval”. Ms. Sheehan states that the rise in left-wing politics and increasingly dysfunctional politics have caused concern, especially when considering that “potential confiscation and/or nationalization efforts in some countries are certain to jeopardize long-term growth.”
Ms. Sheehan also discusses trends in asset management, stating that cryptocurrencies are becoming a popular asset for UNHWIs; as well as Miami, Uruguay, and Paraguay being hot destinations for both investments and family relocations.