This chapter analyses the influence of shifting wealth on skills and production development in Latin America. It proposes that an inadequate supply of skills (in terms of quantity and quality) explains their limited role in the Latin American development model. This situation has left the vast majority of countries in the region caught in the middle-income trap, which is particularly difficult to escape in the current context, in which shifting wealth is making it difficult to identify and acquire the necessary skills. More than in any other emerging region, Latin American companies are not seeing their demand for skills being met. This contrasts with the drop in returns to education in the region, reflecting the complexity of acquiring the skills needed in such a dynamic economic environment. The chapter also analyses the distribution of workers according to their level of skills and highlights the potential role of technical and vocational training in increasing the impact of training on employment.