Uruguay is the second richest country in South America, and that is largely because of its booming export business. This booming export business has created a stable economy for the people of Uruguay and contributes to the $24K per capita.
Is Uruguay a wealthy country?
Uruguay was the South American country with the highest average income per capita, with over 16.2 thousand U.S. dollars per person per year. Chile ranked second, registering a gross national income of around 15 thousand U.S. dollars per person, based on current prices.
How did Uruguay get rich?
But historically, it was a wealthy country. According to Uruguays Deputy Economy Minister, Luis Porto, back in 1870, Uruguay — like Argentina and Australia — was one of the worlds richest economies. This was largely thanks to its rich agricultural endowment. It won the inaugural FIFA Football World Cup in 1930.
Why is Uruguay more developed?
Uruguay is one of the most stable countries in Latin America, ranking third in the Human Development Index. The main growth of the Uruguayan economy is fueled by the agriculture sector with an export-oriented focus (rice, wheat, corn, and soybeans are staple exports).
Why is Uruguay so expensive?
Prices there are very expensive because the country is socialist and imposes high value-added taxes on everything. I ran into several American expats there who mentioned how they go stateside each year for huge shopping trips (because US sales taxes are much lower).
Whats life like in Uruguay?
Expats in Uruguay agree that the best thing about living in Uruguay is the friendly people. In addition to the friendly locals, the weather, beautiful beaches and stable economy make it a great place to live.