The 5 Wealthiest People in Mexico

Investing News

Mexico has produced its fair share of billionaires. Here are that country’s top five wealthiest individuals, along with itemized descriptions of their net worths, their wealth rankings in Mexico, their global wealth rankings, plus descriptions of the sectors in which they earned or inherited their astonishing fortunes.

1. Carlos Slim

  • Net worth: $62.8 billion
  • Wealth ranking in Mexico: 1
  • Global wealth ranking: 16
  • Sector focus: Telecommunications

Carlos Slim owns América Móvil (AMX), whose telecom operations reach 25 countries. América Móvil once commanded an 80% share of the landline market and a 70% share of the mobile market in Mexico. This changed in the wake of new Mexican laws forbidding companies from monopolizing more than 50% of either subsector. In 2018, Slim sold some of his assets to comply with these antitrust requirements. Although Slim has lost money over the past few years, his losses were relatively insignificant compared to the financial losses other Mexican billionaires suffered over the same time frame.

2. Germán Larrea Mota Velasco

  • Net worth: $25.9 billion
  • Wealth ranking in Mexico: 2
  • Global wealth ranking: 61
  • Sector focus: Mining

Germán Larrea Mota Velasco owns a majority stake in Grupo México S.A.B. de C.V. (GMEXICOB.MX), Mexico’s largest mining and infrastructure company, which owns the largest railroad company in Mexico and claims a 30% stake in Mexican airport operator Grupo Aeroportuario del Pacífico. Unfortunately, slow global economic growth has recently depressed copper prices, which in turn has hurt Grupo México stock’s share price. In the two years ending in June 2019, share price dipped 13%.

3. Ricardo Salinas Pliego

  • Net worth: $12.9 billion
  • Wealth ranking in Mexico: 3
  • Global wealth ranking: 166
  • Sector focus: Retail, media

Ricardo Salinas Pliego owns financing company Grupo Elektra and conglomerate Grupo Salinas, which boasts holdings in television, telecommunications, retail, and banking. Pliego’s net worth has taken a recent hit due to depressed Mexican consumer spending and reduced demand for loans.

4. Alberto Baillères

  • Net worth: $9.2 billion
  • Wealth ranking in Mexico: 4
  • Global wealth ranking: 255
  • Sector focus: Mining

Alberto Baillères owns Peñoles, Mexico’s second-largest mining company. He also owns El Palacio de Hierro, an upscale chain of department stores. Furthermore, he holds a stake in Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) (FMX), a beverage production, distribution, and marketing company. Unfortunately, a drop in consumer spending resulting from slow economic growth, coupled with taxes on soft drinks, has hampered FEMSA’s sales.

5. Eva Gonda de Rivera

  • Net worth: $6.8 billion
  • Wealth ranking in Mexico: 5
  • Global wealth ranking: 195
  • Sector focus: Beverages (an inherited stake in FEMSA)

When the late Mexican entrepreneur and philanthropist Eugenio Garza Lagüera passed away in 2008, he left a 27% stake in beverage giant FEMSA to his wife Eva Gonda de Rivera, and their four daughters. Eva has recently benefited from the expansion that FEMSA’s Coca-Cola bottling division has achieved across Latin America, through multiple acquisitions. The number of FEMSA’s Oxxo convenience stores has also expanded, presently claiming more than 11,000 locations across Latin America.

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