Chile has been ranked as Latin America's most sustainable and ethical nation according to a study of more than 50 economic, social, corruption, legal, political and environmental indicators, which compare eight major Latin American countries.

The Madrid-based rating firm Management & Excellence worked with the LatinFinance, a monthly magazine, to compile the study. Argentina was ranked second ahead of the region's larger economies, Brazil and Mexico.

Chile proved to be the most sustainable country as it did the best in most categories, such as being first nation to start corporate governance reforms which were first implemented in 2000. Chile was also ranked the most ethical and has the lowest recorded crime rate compared to the nations that were surveyed.

Mexico was, however, the economic winner as it benefited from trade with the U.S., which increased by more than 175 percent ever since the North American Free Trade Agreement was signed in 1994.

Venezuela's current surplus is the highest out of all the Latin American countries, according to the survey as it has the highest oil exports. The country is ranked third in GDP per capita. However 47 percent of its population is currently living below the poverty line.

The eight countries that were evaluated include Chile, Venezuela, Brazil, Mexico, Colombia, Argentina, Colombia and Ecuador.

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