Sorry I feel I have to follow up on this one because first answer was horribly.
I think the main reason is innovation.
The last hundreds of years significant innovation has come from north western Europe. Basically from the France/Northern Italy and upwards. Perhaps with epicenter in the Nederlands.
The US has contributed significant innovation as well, same for Japan.
With innovation comes business. And with business comes partnerships.
So there you have the outline of the west + Japan.
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I also think Latam as much part of the western world as it can be, without being part of it. This is mostly because of shared culture.
You need to either innovate more or attract innovators/businesses to the Latam area.
And to make to place attractive you need some systemic stability and efficiency, so that businesses believe they can count on the people they do partnerships with, and so that people feel safe working from there and living there.