Colombia is a beautiful, diverse, and dynamic country where success and happiness vary. There’s a lot to take in, so cover what being rich in Colombia entails, considering income, wealth, education, and lifestyle. We will also discover the exclusive and lavish places and activities that the rich enjoy!
Rich in Colombia refers to households that earn at least 8.6 million COP ($2,300 USD) per month, spend 6.3 million COP ($1,600 USD) on lifestyle choices, live in a luxurious neighborhood, and have 16 years of schooling. People who can afford vehicles without a loan also fall in the rich category.
Also read: Mosquitoes In Colombia
What Does Wealth Look Like In Colombia?
Different people will likely have varying opinions on how best to measure wealth. One possibility is to examine the incomes of households in Colombia and how it separates them into different social classes.
The World Bank statistics show that in 2021, the richest 20% of the Colombian population held 56.3% of all the income, while the poorest 20% held only 2.7%. In other words, the top 20% of the wealthiest people in Colombia earn more than 20 times that of the poorest 20%.
The World Bank also shows that the average monthly income of the 10% of earners totaled 8.6 million COP ($2,300 USD) in 2021. It reveals that anyone who exceeds this income figure is rich by Colombian standards.
It’s also possible to measure wealth by lifestyle and consumption choices. Spending habits show that the average Colombian monthly family expenditure is around 6.3 million COP ($1,600 USD) in July 2023. These expenses include the following:
- Transportation
- Housing
- Food
- Entertainment
- Education
- Utilities
- Health
Anyone with a budget large enough to spend more than 6.3 million COP falls into the upper-class or wealthy category.
Of course, assets and savings are also another means of measuring wealth. The average cost of a new vehicle in Colombia is 81 million COP ($19,700 USD) as of July 2023. If someone can purchase a new car without needing a loan, Colombians consider them rich.
What Is Considered Upper Class In Colombia?
There are different ways to differentiate a middle-class family from an upper-class family. Let’s look at income, wealth, education, and lifestyle subjects.
Income
Income is the most straightforward factor that distinguishes a family’s economic status in Colombia. Families who earn 1.2 million – 3.5 million COP ($300 – $850 USD) per month fall into the middle-class category. Those who make over 3.5 million COP ($850 USD) belong to the upper-class society.
Wealth
Wealth is about the economic resources and assets available to each family. It may include savings, properties, investments, and other forms of capital.
It also indicates a certain level of security and stability while carrying over to inter-generational dependencies. Upper-class citizens hold roughly 75 – 80% of the gross national product, and the middle class about 15 – 20%.
Education
The Education level represents the cultural and human capital of every family. It provides opportunities to bolster family outcomes regarding health, social standing, and reliability.
It’s also a major player in shaping a family’s attitude and values toward money and creating preferences and lifestyle choices. Upper-class citizens typically have 16 years of schooling, while middle-class have 10 years.
Lifestyle
Lifestyle is all about the social practices and patterns of consumption between families. It includes how much a family eats, pays for housing, clothing, leisure, transportation, etc. In reality, it defines the level of comfort a family enjoys and their overall well-being as humans.
For instance, there’s even a significant gap in lifestyle differences between urban middle-class citizens and rural middle class.
Where In Colombia Do Rich People Live?
The wealthiest Colombian people are those that occupy the cities, specifically in Medellín, Barranquilla, Cali, and Bogotá. Most of the neighborhoods in these cities are highly advanced and luxurious and carry an air of exclusivity. Some examples of these neighborhoods are:
- Rosales in Bogotá – This wealthy neighborhood is famous for its brick high rises and proximity to the financial district. It’s also close to the Zona G (Gourmet Zone), with many upscale restaurants and bars.
- El Poblado in Medellín – It’s a popular neighborhood among expats, tourists, and locals. They enjoy its modern architecture, green spaces, shopping malls, nightlife, and gastronomy. It is also home to some of the most luxurious apartment towers in the city.
- Ciudad Jardín in Cali – A residential neighborhood characterized by nature-rich and commercial areas and excellent security. It is one of Cali’s most expensive places to buy or rent a house.
- El Prado in Barranquilla – This neighborhood is rich with historical significance and preserves the colonial and republican architecture of the city. It is also a cultural and artistic hub with many museums, theaters, and galleries.
How Many Colombians Are Millionaires?
Based on statistics from the Swiss bank Credit Suisse, there were 39,000 millionaires in Colombia in 2022. This equates to roughly 0.1% of the adult population in Colombia.
This figure is relatively low compared to other countries in the region, such as Brazil (266,000), Mexico (318,000), or Chile (66,000).
What Can Tourists Do In Colombia With $50 USD?
A tourist with $50 USD spending money can enjoy a whole day of activities in Colombia.
It’s possible to join the Bogotá Graffiti Tour, a guided walk showcasing some of the city’s most impressive street art. While the tour is free, there’s an unspoken rule about tipping the guide around 25,000 COP ($9 USD).
Around lunchtime, tourists can head to the Mercado La Concordia and enjoy a fresh item from the Menu of the Day. It costs as little as 10,000 COP ($3.50 USD).
When the afternoon rolls around, take the cable car or funicular up to Monserrate, a hill that offers stunning city views and a beautiful church. The round-trip ticket costs 22,000 COP ($7.50 USD) on weekdays and 25,000 COP ($8.50 USD) on weekends.
For dinner, there are mouthwatering local specialties to satisfy every palate. You can enjoy the following:
- Ajiaco – a local favorite and hearty chicken-potato soup
- Bandeja paisa – a platter of meat, beans, rice, plantain, and egg
- Arepas – corn cakes with cheese or other fillings
These delicacies are in nearly every restaurant and go for around 15,000 COP ($5 USD).
As the day draws to a close, explore some of the nightlife in Zona Rosa or Zona T. They have some of Colombia’s best bars, clubs, and live music venues. A beer costs around 5,000 COP ($1.50 USD), and a cocktail 10,000 COP ($3.50 USD).
