Philenews

Venezuela: Wealth and Poverty - Separating Fact from Fiction

Published January 4, 2026, 15:11
Venezuela: Wealth and Poverty - Separating Fact from Fiction

Venezuela, once the wealthiest country in South America, has experienced a dramatic economic collapse in recent years. Its GDP has plummeted since 2012, and per capita income has followed a similar trajectory, although it shows some recovery in 2024, a decline is expected in 2025. Simultaneously, poverty has increased significantly, forcing millions of Venezuelans to emigrate. Today, nearly 7.8 million Venezuelans are refugees or migrants, compared to just 700,000 in 2015. The situation is characterized by extreme poverty and, in some cases, famine, while a small elite maintains privileged living conditions. The economic crisis and political instability have led to mass migration and a humanitarian crisis.