Much is up in the air in Latin America: Mexico may see its first-ever female president, the Argentine peso is collapsing amid the country’s highest inflation in three decades and Brazil’s new president Luiz Inácio Lula da Silva continues to wrestle with a deeply polarized political environment. But one thing is certain: billionaires in the region are booming, both getting richer on average and adding new members to their ranks.

The average Latin American billionaire’s net worth rose by 23% on this year’s World’s Billionaires list, which also welcomed 21 new faces from the region, compared to just 1 last year. In all, Forbes found 110 members in Latin America, worth a combined $530 billion, up from $413 billion in 2023.

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