Portugal was actually the lead nation in terms of exploration back then. Because of the Treaty of Tordesillas in 1494, the world was split between Spain and Portugal in terms of settlement. This treaty gave Brazil to Portugal and Spain got the rest of the New World. If the Portuguese had been first in the New World, then they would have had a monopoly there since Spain would not have been a player or just a bit player.
Okaaay. What if, what if. Yeah if the Spanish hadn’t banished the Jews they could have managed their wealth better too, but hey, they didn’t! The Spanish had more wealth than any other people in history and they blew it!