In the Spanish America there was a feudal system, and there were titles of nobility. Hernán Cortés was created Marquess of the Valley of Oaxaca, lording over 20,000 vassals, the Moctezumas were given the lordship of Tacuba, Francisco Pizarro was granted a marquisal title too, Columbus was marquess of Jamaica, and these are not the only cases. There is a whole "Nobiliario de Indias" were you can see the families that were granted arms and titles in America.
Comparatively, though, the titles of nobility were way fewer in number, but in quality they could be far superior to those in the Old World. I mentioned above that Cortés was lord over 20,000 vassals, which was a lot, especially for a noble of new creation. Gonzalo Fernández de Oviedo, in his "Batallas y Quinquágenas", comments on the wealth and number of vassals of many noble houses in 1550: the most prominent one was the Duke of Infantado with a yearly income of 60,000 ducats, and lording over 30,000 vassals. Oviedo also notes on a different dialogue of the same book that 5,000 ducats would be the income of a good nobiliary house in Aragon or Castille. The admiral of Valencia, marquess of Guadalest, had an income of 13,000 ducats, which ranked him amongst the richest aristocrats of the Crown of Aragon, being outclassed only by the Duke of Cardona, who in his fief had a monstruously large salt mine, with salt of the finest quality.
However, the grant of nobility titles was not nearly close to what it had been in the XIV and XV century in Castille, when an unreasonable percentage of the Crown's estate had been given away to pay for military assistance in the civil wars. A particularly generous monarch was Henry II, known as "of the mercies", for he granted many titles to the nobles that had helped him overthrow his brother. These many mercies took a massive toll on the Crown's income and yearly budget, and the Catholic Monarchs knew it. Their successor Charles V knew that as well, hence the comparatively few nobility titles.
Edit: I'll add here a link to the Nobiliario de Conquistadores de Indias