Mexico has produced many billionaires. Here we take a look at Mexico's top five richest people, their net worths, a ranking of the richest people in Mexico, a ranking of the richest people in the world, and where they made (or inherited) their staggering wealth.
Data current as of December 2023.
Key Takeaways
- Mexico is home to 14 of the world's 2,640 billionaires, calculated in US dollars.
- Most of these billionaires inherited huge fortunes that they were able to reinvest and grow.
- Mexico's richest man, Carlos Slim Gelu, made his $93 billion fortune in the telecommunications business.
- The second richest man, Germán Larrea Mota Velasco, owns a majority stake in Grupo Mexico, Mexico's largest copper mining company.
- Others have made fortunes in finance, beverages and retail.
1. Carlos Slim Helu
- Net worth: $93 billion
- Mexico's richest person ranking: 1st
- World's richest people ranking: 8
- Focus area: Communications
Carlos Slim owns América Móvil (AMX), which operates telecommunications businesses in 18 countries. America Movil once held 80% of Mexico's fixed-line market and 70% of its mobile phone market. That changed when Mexico's new law came into effect, barring companies from holding more than a 50% monopoly in any one subsector.
In 2018, regulators fined the company $128 million for antitrust violations. But Slim's losses were relatively minor compared with those suffered by other Mexican entrepreneurs over the same period.
2. Germán Larrea Mota Velasco
- Net worth: $26.6 billion
- Mexico's richest person ranking: 2
- World's richest person ranking: 54
- Focus area: Mining
Germán Larrea Mota Velasco is chairman and CEO of Grupo México SAB de CV (GMEXICOB.MX), Mexico's largest copper mining and infrastructure company, which also owns Mexico's largest railroad company.
Including Mr. Larrea's own 19.1% stake, the Larrea family owns about 40.6% of Grupo Mexico. After two years of sluggish copper prices, Grupo Mexico's shares more than doubled in 2020, propelling Larrea from Mexico's third-richest billionaire to second place for the rest of 2021.
3. Ricardo Salinas Pliego
- Net worth: $10.9 billion
- Mexico's richest people ranking: 3
- World's richest person ranking: 161
- Focus: Retail, Media
Ricardo Salinas Pliego, a Mexico City resident, is chairman of Grupo Electra, a retail and banking conglomerate with revenue of $8.2 billion in 2022. Grupo Electra department stores offer installment plans for low-income customers through Mr. Pliego's lending and retail group, Banco Azteca. He also has a stake in Spanish-language broadcaster TV Azteca.
In January 2015, Pliego sold half of his stake in mobile phone operator Iusacell for $1.70.
By 2023, 14 of the world's 2,640 billionaires will reside in Mexico.
4. Alejandro Bayer Gual
- Net worth: $6.9 billion
- Mexico's richest person ranking: 4
- World's richest person ranking: 344
- Sector focus: Diversification
Alejandro Bayer Gaur and his brothers inherited a mining fortune founded by their father, Alberto Bayer Gonzalez. Alejandro is president of Grupo BAL, a Mexican investment company with interests in mining, metals, retail and financial services. The conglomerate also owns silver mining companies, Industrias Peñoles, insurance companies, pension funds, department stores, and bull and bullfighting companies.
5. Maria Asuncion Aramburzabala
- Net worth: $6.2 billion
- Mexico's richest people ranking: 5
- World's richest person ranking: 411
- Focus: Beer, investments
María Asuncion Arambur-Zabala inherited ownership of beer company Grupo Modelo from her father before it was sold to Anheuser-Busch InBev in 2013. She continues to serve on the board of AB InBev, and in December 2020 she joined the board of cosmetics company Coty. She is CEO of venture capital and private equity firm Tresalia Capital, which invests in sectors including telecommunications, internet and construction.
What happened to Alberto Bailleles Gonzalez, once the fourth richest man in Mexico?
Alberto Bayers Gonzalez, who originally made his fortune in mining, passed away in February 2022.
Who is the richest family in Mexico?
The Slim Domit family is the richest family in Mexico, mainly due to the fortune of Carlos Slim Helu.
Who is richer, Mexico or Spain?
Mexico's gross domestic product (GDP) in 2023 is $1.47 trillion, while Spain's is $1.28 trillion. By this assessment, Mexico is richer than Spain.
Conclusion
Mexico's top five richest people made their fortunes in telecommunications, mining, retail, media, food and beverage, and financial investments. Carlos Slim Helu is Mexico's richest person, with a net worth of $93 billion.
