The changing face of oligarchy in Latin America

Implications for democracy and development

Abstract

This exploration analyses the evolving nature of oligarchy in Latin America amid technological change and global wealth concentration. While traditional family-based elites rooted in land, commodities, and protected industries continue to dominate, a new tech-based elite has emerged through fintech, e-commerce, and digital platforms. These actors differ from old oligarchs in origin, global mobility, and dependence on digital infrastructure, yet increasingly intersect with established elites through investment alliances and shared economic interests. The exploration argues that their power lies less in direct political intervention and more in infrastructural control over data and digital services, reinforcing new forms of dependency and state capture. Although the tech elite introduces innovation and entrepreneurial dynamism, its limited commitment to taxation, redistribution, and democratic accountability suggests continuity in wealth defence strategies. Rather than transforming power structures, Latin America faces a reconfigured oligarchy with uncertain implications for democracy and development.