What is the Average Salary in Latin America?

by Time Doctor
average salary in latin america

Latin America is the name given to a group of mostly Spanish-speaking countries (except Brazil, where Portuguese is the official language) from North America, Central America, and South America. 

Since some of these countries, such as Puerto Rico, are also considered part of United States territory, we cannot define a single average Latin America salary. Additionally, differing local currencies and fluctuating exchange rates make a single universal figure difficult to determine. 

Instead, in the article, we’ll look at the average salary in Latin America for some countries based on their economic development and ease of outsourcing. We’ll also consider various components of this average salary figure, such as median salary, salary range, and minimum salary laws. 

What is the Average Salary in Latin America (By Country)

In alphabetical order, the following countries make up the Latin America region: 

  • Argentina.
  • Bolivia.
  • Brazil.
  • Chile.
  • Colombia.
  • Costa Rica.
  • Cuba.
  • The Dominican Republic.
  • Ecuador.
  • El Salvador.
  • Guatemala.
  • Honduras.
  • Mexico.
  • Nicaragua.
  • Panama.
  • Paraguay.
  • Peru.
  • Puerto Rico.
  • Uruguay.
  • Venezuela.

We’ll look at the average income figures from just a few key countries as they’re best poised for development and outsourcing.  

(Click on the link to go to a specific section)

1. Argentina

Argentina, or the Argentine Republic, is the world’s largest Spanish-speaking country. 

It’s a developing Latin American country and ranks 46th on the Human Development Index (HDI). Buenos Aires, the capital city, is comparable to Lithuania in Eastern Europe. 

A) Average Salary

An employee in Argentina can earn an average monthly salary of 45,200 ARS (Argentine Peso). 

According to the March 2022 exchange rate, that is equivalent to 412.11 USD (US Dollars) per month. 

B) Salary Range

Argentinian salaries can range between 33,000 ARS per month as the minimum salary to 202,000 ARS/month (highest average salary, the actual maximum can be higher). 

The range depends on various factors such as: 

  • Location. 
  • Job type. 
  • Education level. 
  • Years of experience. 

C) Median Salary

The median salary in Argentina is 41,500 ARS/month, meaning half the population earns less than this amount while the other half has an income higher than 41,500 ARS/month. 

Read more about the average salary in Argentina here.

Here’s a list of some popular professions in Argentina and their average salaries. 

Job TitleAverage Base Salary (per year)
Human Resources Manager1,960,138 ARS 
Software Developer1,862,053 ARS 
Graphic Designer 885,449 ARS 
Administrative Assistant 620,892 ARS 
ESL Teachers (English as a Second Language)572,350 ARS 

Source: Salary Expert

E) Minimum Wage

The Argentinian minimum wage increased from 32,000 ARS/month in January 2022 to 33,000 ARS/month in February 2022.

2. Bolivia

Bolivia and its capital, La Paz, are located in western-central South America. While the country ranks fairly high on the HDI (#107), it remains one of the poorest in the region. 

According to the World Bank, Bolivia has witnessed steady economic growth on par with many developed nations, barring the pandemic dip.

A) Average Salary

A working person in Bolivia in 2022 typically earns around 8,530 BOB (Bolivian Boliviano) per month, about 1244.13 USD/month. 

B) Salary Range

Bolivian salaries can range from 2,160 BOB/month to 38,100 BOB/month. These are lower and higher averages, actual numbers may differ. 

C) Median Salary

The median salary in Bolivia is 9,040 BOB/month. This means about 50% of the population earns less than 9,040 BOB/month while the other half earns more. 

Check out more information about the average salary in Bolivia here.

Let’s look at some popular Bolivian professions and their average salaries. 

Job TitleAverage Base Salary (per year)
Sales Manager14,600 BOB 
Architect 10,300 BOB 
Business Analyst 10,300 BOB 
Chartered Accountant7,600 BOB 
Secondary School Teachers6,820 BOB 

Source: Salary Explorer

E) Minimum Wage

Bolivia offers its workers a government-mandated minimum wage of 1,805 BOB/month and an obligatory Christmas bonus equal to a month’s pay. 

3. Brazil

Brazil is the largest country in both South America and Latin America. While the actual capital city is Brasilia, Sao Paulo is the most populous one.  

The World Bank characterizes Brazil as an upper-middle-income country, making it an attractive outsourcing destination for many US-based and other foreign companies. 

A) Average Salary

In 2022, a Brazilian employee can expect to have an income of an average of 8,560 BRL (Brazilian Real) per month. This comes to around 1703.62 USD/month.

B) Salary Range

Brazilian salaries can range between 2,170 BRL/month (minimum salary) to 38,200 BRL/month (highest average, actual salary can be higher). 

C) Median Salary

The median Brazilian salary is 8,220/month. Here, half (50%) of the population earns more than 8,220/month and 50% earn less. 

Learn more about the average salary in Brazil here. 

Here are some of the most common professions in Brazil and their salaries. 

Job TitleAverage Base Salary (per year)
Financial Analyst133,493 BRL 
Civil Engineer122,392 BRL 
Office Manager119,921 BRL 
Paralegal84,063 BRL 
Teachers Assistant38,161 BRL

Source: Salary Expert

E) Minimum Wage

Brazil’s government increased the minimum wage in January 2022, from 5.51 BRL per day (1.10 USD) to 40.40 BRL/day (8.04 USD).  

This gives minimum wage earners an average monthly wage of 1,212 BRL (241.24 USD). 

4. Chile

A developing yet high-income country, Chile is a founding member of the United Nations and ranks the highest (#43) in the HDI among all Latin and Caribbean countries.

A) Average Salary

A Chilean employee typically has an average income of 1,870,000 CLP (Chilean Peso) per month, around 2322.55 USD/month in March 2022. 

B) Salary Range

Chilean salaries can range anywhere from 473,00 CLP/month to 8,340,000 CLP/month (maximum average, actual salary can be higher). 

C) Median Salary

The median Chilean salary is 1,940,000 CLP/month, which means half the population earns less than this amount while the other half earns more.

Some of the most popular professions in Chile are: 

Job TitleAverage Base Salary (per year)
Pharmacist 33,514,830 CLP 
Newscaster29,046,313 CLP 
Registered Nurse 22,318,423 CLP 
Personal Trainer14,017,058 CLP 
Bank Teller 7,008,959 CLP 

Source: Salary Expert

E) Minimum Wage

For workers under 18 or older than 65, the minimum wage is 243,561 CLP/month (303.23 USD). 

For those aged 18-65, the minimum monthly wage is 337,000 CLP (419.56 USD). 

5. Colombia

Colombia is the third-largest economy in South America. Bogota, the capital district of Colombia, is comparable to Oman in the Middle East in terms of the HDI. 

In the fourth quarter of 2021, Colombia witnessed a higher GDP growth rate (4.3%) compared to developed countries like the United Kingdom (1.0%). Colombia’s overall 2021 growth (7.61%) was higher than the global average of 5.5%

A) Average Salary

The average salary for a Colombian employee in 2022 is 4,690,000 COP (Colombian Peso) per month, equivalent to about 1228.17 USD/month. 

B) Salary Range

Colombian salaries can range from 1,190,000 COP/month on the lower end to 20,900,000 on the higher end of the spectrum. 

C) Median Salary

The median salary in Colombia is 4,410,000 COP per month. This number divides the population in half, with 50% earning more and 50% earning less than this figure. 

Dive deeper into the average salary in Colombia figures. 

Here are some popular professions in Colombia. 

Job TitleAverage Base Salary (per year)
Human Resources Manager53,845,069 COP 
Software Developer Associate 53,304,122 COP 
Occupational Therapist34,790,107 COP
Car Salesperson24,163,499 COP 
Call Center Representative15,095,140 COP 

Source: Salary Expert

E) Minimum Wage

In 2022, the minimum wage in Colombia rose about 10.07% to reach an all-time high of one million Colombian Pesos (COP) per month. This is equivalent to a monthly salary of 262.54 USD. 

6. Costa Rica

The Republic of Costa Rica in Central America has Free Trade Zones and attractive tax incentives that allow foreign manufacturing companies to operate in the country at a low cost. 

A) Average Salary

A full-time Costa Rica employee in 2022 typically earns around 2,360,000 CRC/month (3685.38 USD/month). 

B) Salary Range

Costa Rican salaries can range between 597,000 CRC (Costa Rican Colon) a month to 10,500,000 CRC/month. 

C) Median Salary

The Costa Rican median salary is 2,460,000 CRC per month, meaning half the population earns more than this amount while the other half earns less than 2,460,000 CRC/month.  

Read more about the average salary in Costa Rica in this detailed article. 

Listed below are some common and popular professions in Costa Rica. 

Job TitleAverage Base Salary (per year)
Head of Client Services27,475,611 CRC 
Bank Branch Manager12,460,421 CRC 
Auditing Consultant11,602,201 CRC 
Technical Writer and Editor8,527,381 CRC 
Law Secretary5,063,285 CRC 

Source: Salary Expert

E) Minimum Wage

Costa Rica doesn’t have a fixed minimum monthly or hourly wage. Instead, the government has established varying net salaries for different skill levels and job titles. 

These figures are adjusted once a year, typically in January. 

Currently, the minimum national average wage varies from 10,875.11 CRC per day (16.98 USD) for all workers to 14,205.12 CRC/day (22.18 USD) for specialized workers. Tech workers can earn the highest salary of 696,873.72 CRC (1,088.24 USD) per month. 

7. Ecuador

Ecuador in northwestern South America has witnessed major economic growth from 2006 to 2016, with an annual per capita GDP growth of 1.5%

A) Average Salary

In 2022, a working person in Ecuador earns around 1,360 USD/month. 

B) Salary Range

Ecuadorian salaries can range from 340 USD/month to 6,080 USD/month. 

C) Median Salary

The median salary in Ecuador is 1,470 USD/month, meaning half the Ecuadorian population earns more than this amount while the other half earns less than 1,470 USD/month. 

Let’s look at some popular professions in Ecuador. 

Job TitleAverage Base Salary (per year)
Facility Manager60,324 USD
Physical Therapist 29,242 USD
Accountant28,063 USD
Paralegal22,613 USD
Tax Evaluator 18,943 USD

Source: Salary Expert

E) Minimum Wage

In 2022, Ecuadorian workers are guaranteed a minimum salary of 425 US Dollars without social benefits. This is the highest among all other Latin American countries. 

8. Mexico

Sandwiched between the United States and the Pacific Ocean, Mexico is the 12th largest country in terms of GDP PPP (Purchasing Power Parity). 

The capital, Mexico City, is the most populous city in North America.

A) Average Salary

A Mexican employee typically earns around 33,200 MXN (Mexican Peso) per month, about 1628.62 USD/month per the March 2022 exchange rate. 

B) Salary Range

Mexican salaries can range from 8,410 MXN/month to 148,000 MXN/month. 

C) Median Salary

The median salary in Mexico is 32,600 MXN/month. So 50% of the population earns less than this, and the other half (50%) earns more than 32,600 MXN/month. 

Check out our detailed breakdown of the average salary in Mexico. 

Listed below are some popular job titles in Mexico. 

Job TitleAverage Base Salary (per year)
ESL Instructor349,989 MXN 
School Psychologist320,106 MXN 
Inside Salesperson263,196 MXN 
Bookkeeper165,441 MXN 
Receptionist127,648 MXN 

Source: Salary Expert 

E) Minimum Wage

In 2022, Mexico raised its minimum wage to 260.34 MXN (12.77 USD) per day along the northern border, the home of many foreign companies and their factories. 

In the rest of the country, the minimum wage is set at 172.87 MXN (8.48 USD) per day. 

9. Puerto Rico

Puerto Rico is a Caribbean island and an unincorporated territory of the United States. It’s described as a high-income, developed nation.  

The capital city, San Juan, has the second-highest cost of living in Latin America and the Caribbean, following Nassau in the Bahamas.  

A) Average Salary

The average yearly salary for 2022 in Puerto Rico is 20,100 USD or 1,680 USD per month. 

B) Salary Range

Puerto Rico salaries can range from 5,090 USD/year (minimum salary) to 89,900 USD/year (highest average salary). 

C) Median Salary

The median annual salary in Puerto Rico is 19,700 USD, meaning half of the population earns less than this while the other half earns more.  

Some common professions in Puerto Rico are detailed below. 

Job TitleAverage Base Salary (per year)
Attorney39,000 USD
Pharmacist25,500 USD
Architect23,400 USD
Internal Auditor17,500 USD
Call Center Representative6,940 USD

Source: Salary Explorer

E) Minimum Wage

In 2022, Puerto Rico increased its hourly wage to 8.50 USD, which is higher than the Federal Minimum Wage. It’s estimated that this rate will increase by 1 USD per year until July 2024. 

10. Uruguay

The South American country, Uruguay, is a developing, high-income country and ranks first when it comes to the prosperity of its citizens and the size of the middle class. 

A) Average Salary

An Uruguayan employee in 2022 typically earns around 33,00 UYU (Uruguayan Peso) per month or 776.06 USD/month. 

B) Salary Range

Salaries in Uruguay can range from 8,340 UYU/month to 147,000 UYU/month. 

C) Median Salary

The median salary in Uruguay is 33,600 UYU/month, with 50% of the population earning less than this and 50% earning more. 

Let’s explore some common job titles in the Uruguay job market and their salaries. 

Job TitleAverage Base Salary (per year)
Accounting Manager49,100 UYU 
Project Manager35,900 UYU 
Civil Engineer30,100 UYU 
Graphic Designer21,500 UYU
Administrative Assistant16,700 UYU 

Source: Salary Explorer

E) Minimum Wage

The minimum wage in Uruguay is set at 19,364 UYU per month, equivalent to 455.44 USD/month. 

We’ll now briefly explore the top industries and tasks you can outsource to Latin America. 

Top 3 Industries in Latin America for Outsourcing

outsourcing to latin america

Latin America has witnessed great economic growth and stability over the past decade. 

This, coupled with the low wages (compared to other Western countries), makes the region an attractive outsourcing destination for many US, UK, and EU-based companies. 

Here are a few tasks you can outsource to this developing region. 

1. Software Development

Latin America is a quickly growing outsourcing destination for software development outsourcing thanks to the growing tech talent in the region. 

2. Accounting

Due to the countries’ proximity to the Western world, accounting and financial outsourcing are easy to shift to Latin American countries. 

3. Customer Support

As Latin Americans are typically bilingual in Spanish and English, they can help you provide better customer support in these languages and more. 

Wrapping Up

As you can see, the average salary figure in Latin America is as varied as the countries themselves. 

Each country has its own average salary figure due to different currencies and economies. 

You can use the information above to make an informed decision about where to outsource your business for maximum cost savings.

 
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