San Pedro Garza García (SPGG) in Nuevo León stands out as the richest municipality in Latin America, with a GDP per capita of 79,588 dollars in 2022, according to Fitch Ratings. This figure significantly surpasses the national average of Mexico, which was 11,290 dollars. Compared to the average of each state in the United States, San Pedro would rank sixth, only below states like Washington, Massachusetts, and California.
In contrast, the GDP per capita of Nuevo León was below any U.S. state, reaching 23,300 dollars in 2022. Despite the limitations imposed by the Mexican economy, the economy of SPGG is on par with that of developed nations. According to Orel Montemayor, senior analyst at Fitch Ratings, the credit rating of San Pedro would even be higher than that of Mexico if it were not subject to sovereign conditions.
The municipality of San Pedro has a AAA(mex) rating from Fitch Ratings, the highest at the national level. Its economic strength is largely due to the presence of corporations and a high purchasing power among the population. Montemayor mentioned that the financial, insurance, and real estate sectors contribute significantly to the local economy, further supported by high taxes on real estate and developments, which are indicators of the thriving economic activity in the region.
