This paper attempts to contribute to the ongoing debate on the historical roots of the high economic inequality of contemporary Iberian America. Our approach, which is basically empirical, departs from the mainstream scholarship. We show new data on wages and heights in several viceroyalties that (1) suggest relatively medium-to-high levels of material welfare among the commoners in Bourbon Hispanic America; and (2) allow us to build indexes of economic inequality. An international comparison of those indexes casts some doubts on the widely accepted view that Viceroyal America’s economy was exclusively based on extremely unequal or extractive institutions, as it has been popularized by the influential works by Engerman and Sokoloff and Acemoglu et al.