Who benefited most from the rule of caudillos in Latin America?

The people who benefitted the most from the rule of
caudillos were the caudillos themselves and
those who supported them.  The caudillos were typically not that
interested in ruling for the benefit of all.  Instead, they were more likely to be
interested in their own wealth and power.  Because they needed supporters, they spread
the wealth to important people who backed them.  The common people, however, were not
very important to the caudillos, so little of the wealth trickled
down to them.

Caudillos typically came
to power via military strength.  They stayed in power through military strength and
through the support of various local powers throughout their countries.  They relied,
then, on the support of the military and of powerful figures, not on the support of the
masses.  For this reason, the masses did not tend to benefit from
caudillo rule, while the caudillos and their
supporters did benefit.