Even the digital age hasn’t obviated the need for big cities as focal point for economic and financial activity. And in this category, Latin America more than holds its own.

In its most recent Global 500 issue, Fortune Magazine’s editors set out to find the next business hot spots. They said they looked at economic data, asked business leaders where they planned to open new offices and factories, and called Booz Allen Hamilton consultants to suss out emerging innovation hubs.

Among 15 locations worldwide that Fortune declared as The Best New Cities for Business were three in Latin America, the same number as they found North America and one more than the editors could identify in Europe.

Fortune noted that:

• Bogota, Colombia, is a place where it takes just days to incorporate a business.
• Santiago, Chile, is starting to show up on the corporate radar screen, thanks to its political and economic environment.
• San Jose, Costa Rica, now ranks as the commercial hub of Central America, and deserve to be included as the third Latin American city on this list.

Of the 30 most populous metropolitan areas on earth, according to the World Atlas, six are in Latin America. Mexico City, home on the world’s wealthiest person—Carlos Slim, head of America Movil SAB de CV (NYSE:AMX)—ranks third, just ahead of New York City.

The emergence of these world-class cities has positive implications for a variety of stocks, especially consumer-centric companies.

Read more in the attached weekly update, including current picks for this tough environment ...

Happy trading this week!

Rudy