Latin America's richest men and their heirs began gathering in Cartagena, Colombia today. 

The event's organizers are calling it the "Gathering of Fathers and Sons" (Encuentro de Padres e Hijos). Billionaires from Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela are flying in to the Caribbean city on their luxurious private jets to talk shop – but billionaire-style, like with $20-a-pop bite-size hors d'oeuvres. It's unclear what's on the agenda, since the meeting was supposed to remain low-profile, but they will certainly be mixing business with pleasure, during their five-day stay.

The gathering is being hosted by Julio Santo Domingo (worth $5.4 billion) at his mansion on the private island of Barú off the coast of Cartagena. Also representing Colombia is the country's only other billionaire: Luis Carlos Sarmiento (worth $5.5 billion). The world's second-richest man, Mexican telecommunications tycoon Carlos Slim (worth $60 billion), will be there, too, as will Venezuelan media magnate Gustavo Cisneros (worth $4.6 billion), along with several other mega-rich dollar moguls. 

According to Forbes, Brazil is the Latin American country with the most billionaires with 17, followed by Mexico with 10.

The Colombian Navy will be escorting the billionaires' "yacht-cade" while police take over the only highway to Barú. And for good measure, they've invited Colombian President Álvaro Uribe to their elite getaway for a meeting on Tuesday. The global economic meltdown must certainly be on their agenda. There's a saying in Latin America: "Los ricos también lloran" (the rich also cry). But I don't think they have much to worry about (what's a few million less?).

Growth projections for Latin America have been progressively reduced by analysts as the economic crisis deepens. The Brookings Institution notes, "Last July the IMF estimated a 4 percent GDP growth rate for the Western Hemisphere in 2009. In September that figure was lowered to 3 percent, and this past January a new projection of 1.1 percent was released." 

It's hard to make millions when the economy is just barely breaking even, so maybe they are discussing ways to keep the regional economy afloat.

They certainly have the financial clout to make a big impact: Their net worth is about equivalent to the GDPs of Bolivia, El Salvador, Paraguay, Panama, and Nicaragua combined. Carlos Slim alone is worth three times El Salvador's GDP.