I’ve lived around South America (Argentina, Chile, Uruguay, Ecuador) and presently live in Vietnam.
Personally, I prefer Southeast Asia due to the climate, lifestyle optimizations (getting things made, household management, etc.) transport options (Singapore in and hour and a half, easy flight to HK, fly straight to Dubai in 7.5 hours) - beach options, work ethic and entrepreneur expat scene.
Culturally, I prefer South America, but then again, if I fully embraced the culture, I would never get anything done…
I know Colombia is demonstrating positive economic growth, but if you have any aspirations of actually doing business where you live, Southeast Asia is a better bet in my opinion and on a stronger growth trajectory.