Latin America is full of countries with emerging markets and already-booming economies. America Economia released a list of the best cities in Latin America for business in 2014.
The ten the best cities in Latin America for business:
- Miami, United States
- Santiago, Chile
- Mexico City, Mexico
- Sao Paulo, Brazil
- Panama City, Panama
- Bogota, Colombia
- Buenos Aires, Argentina
- Rio de Janeiro, Brazil
- Lima, Peru
- Montevideo, Uruguay
Miami, the capital of Latin America—at least in the United States—retained its top spot from 2013 thanks in part to the United States’ gradual economic recovery. The ranking does not define Latin America based on geographic parameters, but instead based on demographic ones. This allows the inclusion of Miami in the ranking. Miami’s population is mainly Hispanic, and Spanish is spoken at home by a majority of the population.
Bogota was one of the biggest gainers, going from eighth in 2013 to sixth as Colombia emerges out of the shadows of Pablo Escobar and sheds the image of being a dangerous narco-state. Thanks to increases in infrastructure and human capital, Quito, Ecuador, also made substantial gains, going from 34th to 28th—the largest jump by any city in the ranking.
Continued infrastructure developments, specifically the expansion of the Panama Canal, helped Panama City keep its spot in the top five.
Brazil, while receiving a couple mentions, does not receive the glowing reviews it has previously received. Violence, a high cost of living, and a lagging quality of life contribute to Brazil’s cities’ drop in rankings. Still, the country managed to keep two spots in the top ten, maintaining its status as a Latin American business and industrial powerhouse.
The rankings are based on several factors, including social and political indicators, economic performance, banking and informational services, physical infrastructure, education and health services, workforce ability, environmental sustainability, and brand power.