Standard Chartered Private Bank predicts a current “super-cycle” in global growth – which has produced a surge in commodity prices – will keep the Latin American continent expanding 10-fold from the start of the century in economic size to be worth $308 trillion by 2030.

The super-cycle – defined as a period of historically high global growth lasting a generation or more – is driven by expanding trade, high investment rates, urbanization and technological innovation, SCPB said in a report, entitled “Super-Cycle Growth Opens World Of Opportunity for Latin American Investors”.

As recently reported by this publication, the Latin American growth story has already caught the eye of wealth managers and private banks such as StanChart, looking to tap a rising number of high net worth and ultra high net worth individuals. Mexico, for example, boasts the world’s richest man – Carlos Slim, the telecoms tycoon.

“Latin American business owners and private investors need to be extremely selective in their asset allocation, seeking both emerging market and local tax and fiduciary expertise as they explore the significant growth opportunities created by the current economic super-cycle.

The report estimates that Latin American growth will be quicker than for the world as a whole, expanding to account for 9 per cent of the global economy by 2030, up from 7 per cent today. The biggest individual country to benefit from this progress will be Brazil, moving up from being the eighth largest economy to the fourth by 2030, overtaking Japan, Germany, France and the UK in fewer than 20 years’ time.

Part of the driver for this growth will be expansion in Asia, especially China with its hunger for commodities and other products, the report said.

“Longer term, we expect that India will be a significant trade relationship for Latin America. Even as populations of other emerging economies start to age and labour costs increase, India’s young economy anticipates significant urbanization and a rise in manufacturing,” it said.