Mexico has produced its fair share of billionaires. Here are the country's top five wealthiest individuals, along with descriptions of their net worths, their wealth rankings in Mexico, their global wealth rankings, and descriptions of the sectors in which they earned (or inherited) their astonishing fortunes.
Data is current as of December 2023.
Key Takeaways
- Mexico is home to 14 of the world's 2,640 billionaires, as measured in U.S. dollars.
- Most of these billionaires inherited large fortunes that they could reinvest and grow.
- Carlos Slim Helu, the wealthiest person in Mexico, made his $93 billion fortune in telecommunications.
- The second wealthiest, Germán Larrea Mota Velasco, is the majority owner of Grupo Mexico, the country's largest copper mining company.
- Others made their fortunes in finance, beverages, and retail.
1. Carlos Slim Helu
- Net worth: $93 billion
- Wealth ranking in Mexico: 1
- Global wealth ranking: 8
- Sector focus: Telecommunications
Carlos Slim owns América Móvil (AMX), whose telecom operations reach 18 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, regulators fined the company $128 million for violations of antitrust laws. However, Slim's losses were relatively minor compared to the losses other Mexican billionaires suffered over the same time frame.
2. Germán Larrea Mota Velasco
- Net worth: $26.6 billion
- Wealth ranking in Mexico: 2
- Global wealth ranking: 54
- Sector focus: Mining
Germán Larrea Mota Velasco is the Chairman and CEO of Grupo México S.A.B. de C.V. (GMEXICOB.MX), Mexico's largest copper mining and infrastructure company. The company also owns the largest railroad company in Mexico.
Including his own 19.1% stake, the Larrea family controls nearly 40.6% of Grupo México's shares. After a two-year slump in copper prices, Grupo México's share price more than doubled in 2020, propelling Larrea from the third-wealthiest Mexican billionaire to the second-place spot beginning in 2021.
3. Ricardo Salinas Pliego
- Net worth: $10.9 billion
- Wealth ranking in Mexico: 3
- Global wealth ranking: 161
- Sector focus: Retail, Media
Ricardo Salinas Pliego lives in Mexico City and is chairman of the retail and banking conglomerate, Grupo Elektra, which had revenue of $8.2 billion in 2022. Grupo Elektra department stores offer installment plans for low-income customers through Pliego's lending and retail group, Banco Azteca. He also has holdings in broadcaster TV Azteca, a Spanish-language broadcaster.
In January 2015, Pliego sold half of mobile phone operator Iusacell for $1.7.
In 2023, 14 of the world's 2,640 billionaires are located in Mexico.
4. AlejandroBaillères Gual
- Net worth: $6.9 billion
- Wealth ranking in Mexico: 4
- Global wealth ranking: 344
- Sector focus: Diversified
Alejandro Baillères Gaul and his siblings inherited the fortune associated with the mining company built by his father, Alberto Baillères Gonzalez. Alejandro is the president of Grupo BAL, a Mexican investment company that spans mining, metals, retail, and financial services. The conglomerate owns owns the silver mining company, Industrias Peñoles, an insurance firm, a pension fund company, a department store, a cattle and bullfight company, and more.
5. Maria Asuncion Aramburuzabala
- Net worth: $6.2 billion
- Wealth ranking in Mexico: 5
- Global wealth ranking: 411
- Sector focus: Beer, Investments
Maria Asuncion Aramburuzabala inherited ownership in the beer company Grupo Modelo from her father before it was sold to Anheuser-Busch InBev in 2013. She continues to serve on the ABInBev board and joined the board of directors of cosmetics company Coty in December 2020. She is CEO of venture capital and private equity firm Tresalia Capital which has made investments in telecommunications, the internet, and construction, among other areas.
What Happened to Former Fourth Richest in Mexico, Alberto Baillères Gonzalez?
Alberto Baillères 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. This is largely attributed to Carlos Slim Helu's fortune.
Is Mexico or Spain Richer?
Mexico's gross domestic product (GDP) in 2023 was $1.47 trillion whereas Spain's was $1.28 trillion. By that valuation, Mexico is richer than Spain.
The Bottom Line
The nation of Mexico's top five wealthiest individuals have made their fortunes in telecommunications, mining, retail, media, food and beverage, and financial investments. Carlos Slim Helu is Mexico's wealthiest person, with a net worth of $93 billion.
