Wealth and inequality in Spanish America, from colonial rule to the eve of independence in Montevideo

Abstract The present article employs probate records to analyse private wealth accumulation and distribution in Montevideo between 1760 and 1825. The results reveal four major findings. Firstly, there was a sustained rise in average wealth over time, even in the face of independence‐related wars. Secondly, asset portfolios became more complex and urban‐oriented. Thirdly, wealth inequality declined over the period under study. Finally, Montevideo exhibited relatively low levels of inequality in comparison with other contemporary global regions. The distribution of urban real estate and enslaved individuals, in particular, became more equitable, revealing a distinctive pattern of slave ownership. Notwithstanding these more general improvements, the top decile continued to accumulate significant fortunes. The findings are consistent with the importance of frontier conditions, institutional frameworks, and warfare for understanding distributive outcomes in this setting. The case of Montevideo highlights the historical contingency of inequality trajectories over time.