In this article, we will look at the 22 Wealthiest People in Mexico.
Mexico- A Global Business Destination
Mexico is the second largest economy in Latin America, growing at an average rate of 2.1% over the last decade despite the complex international environment. Mexico leads the world as the 12th largest economy in the world, boasting a GDP of $2.02 trillion and a real GDP of 2.4% as of 2024. It has managed to continue its upsurge despite corruption, income disparity, and poverty. The emerging economy has been recognized as an upper-middle-income country by the World Bank. The country marked a soft Q1, with a slowdown of 1.6% in economic growth on an annual basis.
Mexico is one of the freest trade economies in the world, with numerous free trade agreements granting the country access to markets that represent nearly 60% of the global GDP. These agreements comprise regions including the Pacific Alliance, the European Union, and the USMCA. These FTAs make Mexico an attractive market for business and investment as companies are likely to invest in markets with minimal trade barriers. These foreign investments can lead to job market growth and economic development in the country. Nearshoring presents another considerable opportunity for Mexico to tap into. A study by Deloitte suggests that a surge in manufacturing plants in the country could expand its GDP by 3% in the next five years and potentially create 1 million new jobs. This growth can be further supported by the generous tax breaks offered by the government in Mexico. The country’s established trade agreements, access to sea routes, and proximity to the US have enticed companies to set up their business in Mexico. Mexico is also a pivotal trading partner for the US, with their two-way trade exceeding $863 billion as of 2022.
This Company Rules the Telecom Sector in Mexico
The Mexican telecom sector has significant growth potential due to its low mobile and fixed line penetration rates and a population of 130 million. The industry is dominated by America Movil (NYSE:AMX), the biggest owner and operator of telecom networks in Mexico capturing over 70% of its market. A report by Research and Markets projects that Mexican telecommunication is poised to grow by $13.09 billion during the 2023-2028 period, with a compound annual growth rate of 6.51%.
Owned by the wealthiest family in Mexico, America Movil (NYSE:AMX) is the biggest telecom carrier in Latin America, with over 310 million wireless customers in the region. It provides fixed-line phone, wireless, and OTT services, with its operations extending to over 22 countries. The company dominates the wireless and fixed-line internet access customers in Mexico. It is the largest market of America Movil (NYSE:AMX) with over 35% service revenue share. The leading telecom service provider has a monopoly in Latin America in terms of revenue-generating units (wireless and fixed-line services). In 2023, the services purchased by the customer (RGU) reached 383 million, with wireless voice and data subscriptions representing nearly 80.8% of the total RGUs.
America Movil (NYSE:AMX) has added 1.5 million wireless subscribers in the first quarter of 2024. On the contrary, it disconnected nearly 584,000 subscribers in Central America due to a cybersecurity incident. However, on the fixed line segment, America Movil (NYSE:AMX) connected 562,000 new broadband accesses. This is the best performance of the company so far in the past 4 years. The growth in broadband accesses was led by Mexico adding 325,000 clients, followed by Brazil and Colombia. The company experienced a service revenue upsurge in both its mobile platforms and fixed line segment, which increased by 4.2% to 4.9% and 3% to 5.1%, respectively. Mexico was the highest contributor to fixed-line revenue growth, surging 9.7%, the highest over the past years.
America Movil (NYSE:AMX) aims to emerge as a leader in integrated telecommunication services. With its vast cellular network across Latin America and Europe, the telecom carrier continues to provide exceptional coverage to its customers with more than 110,000 cell sites supporting 2G, 3G, 4G, and 5G technologies. The company remains on track to implement its CapEx of $7.1 billion for 2024, dedicated to expanding its 5G coverage across its key markets. AMX will be focusing on Peru this year, after successfully launching a new data center in the country through its subsidiary, Claro Peru. The telecom network provider is also strengthening its position in the Chilean market with the acquisition of majority control in its joint venture, ClaroVTR, followed by the unfulfillment of funding commitments by Liberty Latin America. The company will increase its ownership to 91% for a reported $807 million. This can provide America Movil (NYSE:AMX) with bigger and more integrated operations in Chile. The timing of this move is also perfect, as one of the biggest competitors of America Movil, WOM Chile recently filed for bankruptcy.
Now, let’s look at the 22 wealthiest people in Mexico.
Pixabay / Publlic Domain
Methodology
To compile our list of the 22 wealthiest people in Mexico, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Mexico in ascending order of their net worths, as of July 9.
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22 Wealthiest People in Mexico
22. Alfredo Harp Helu & family
Net Worth as of July 9: $1.1 billion
Alfredo Harp Helú is ranked among the wealthiest people in Mexico. He raised his wealth from Acciones y Valores de Mexico. He was the co-founder of the company, which was later merged with Mexican bank Banamex to form Grupo Financiero Banamex-Accival in 1991. He then became chairman of the group. In 2001, Citigroup acquired the company for $12 billion, Harp joined as a board member. He also has a minority stake in a tile producer, Internacional de Ceramica. He owns two Mexican baseball teams Los Diablos Rojos of Mexico City and Los Guerreros of Oaxaca.
21. Agustín Coppel Luken
Net Worth as of July 9: $1.5 billion
Agustín Coppel Luken owns the retail and banking business, Grupo Coppel along with his four brothers. Their father and grandfather started the first shop that sold radios and watches in Sinaloa. Since its inception in 1941, Grupo Coppel has grown to 1,700 stores. Agustín is the chairman and CEO of the company.
20. David Peñaloza Alanís
Net Worth as of July 9: $1.5 billion
David Peñaloza Alanís is the son of the founder of the construction and infrastructure company Grupo Tribasa, David Peñaloza Sandoval. The toll roads builder was forced to renegotiate its debt after the peso 1994 crisis. The company was listed on the Mexican stock exchange again in 2005 and changed its name to Promotora y Operadora de Infraestructura. Peñaloza is now the largest shareholder of the company with a 40% share. He is ranked among the wealthiest people in Mexico.
19. Leopoldo Espinosa Abdalá
Net Worth as of July 9: $1.6 billion
Leopoldo Espinosa Abdalá and his brother raised their fortune due to the sale of their drug company, Rimsa to Teva Pharmaceuticals for $2.3 billion. Before the sale of the company, Leopoldo served as the president of the business founded by his father. Teva sued the brothers for a breach of contract following the sale of the company, however, it was settled for less than $200 million.
18. Fernando Espinosa Abdalá
Net Worth as of July 9: $1.6 billion
Fernando Espinosa Abdalá is the brother of Leopoldo and is one of the richest billionaires in Mexico. As of July 9, he has a net worth of $1.6 billion.
17. José Coppel Luken
Net Worth as of July 9: $1.7 billion
José Coppel is one of the four Coppel brothers who own the Mexican retail and banking business. As of July 9, José is worth $1.7 billion.
16. Alberto Coppel Luken
Net Worth as of July 9: $1.7 billion
Alberto Coppel Luken is ranked among the wealthiest people in Mexico. He owns the family business, Grupo Coppel with his brothers. He is also the CEO and chairman of GC1 Holdings which has interests in industries, ranging from agriculture to real estate. He is worth $1.7 billion.
15. Rubén Coppel Luken
Net Worth as of July 9: $1.8 billion
Rubén Coppel Luken is one of the four brothers who own Grupo Coppel. He is the chairman of its banking and pension fund businesses, BanCoppel and Afore Coppel. As of July 9, his net worth is $1.8 billion.
14. Cynthia Helena Grossman Fleishman
Net Worth as of July 9: $1.8 billion
Cynthia Helena Grossman Fleishman owns a 10% share in the Arca Continental. Her father, founded Grupo Continental, a soft drink producer and distributor in 1964, which was later merged with Embotelladoras Arca in 2011 to form Arca Continental. It is the second largest bottler for Coca-Cola in Latin America and has more than 45 plants and 345 distribution centers across America. Cynthia has a net worth of $1.8 billion.
13. Roberto Hernandez Ramirez
Net Worth as of July 9: $1.9 billion
Roberto Hernández Ramirez gets the bulk of his wealth from banking. He chaired the Grupo Financiero Banamex-Accival which was formed after Accival purchased Mexican bank Banamex in 1991. As of July 9, his net worth is $1.9 billion.
12. Karen Virginia Beckmann Legoretta
Net Worth as of July 9: $2.2 billion
Karen Beckmann Legorreta inherited a 36% stake from her father in the beverage manufacturer, Becle S.A.B. She serves as a board member of the company. She is one of the wealthiest people in Mexico, with a net worth of $2.2 billion.
11. Enrique Coppel Luken
Net Worth as of July 9: $2.3 billion
Enrique Coppel Luken was the CEO and chairman of Grupo Coppel until his youngest brother Agustín took charge in 2008. As of July 9, Luken has a net worth of $2.3 billion.
10. Antonio Del Valle Ruiz & family
Net Worth as of July 9: $2.9 billion
Antonio del Valle Ruiz controls the chemical company, Orbia Advance Corp. He along with his children owns a 46% stake in the company. As of July 9, he is worth $2.9 billion.
9. Rufino Vigil Gonzalez
Net Worth as of July 9: $3.2 billion
Rufino Vigil Gonzalez is the chairman of the specialty steel company, Industrias CH. The company bought nearly 83% of a steel smelter, Grupo Simec in 2001. Gonzalez owns approximately 63% of the Industrias CH. He is the 9th wealthiest person in Mexico.
8. Fernando Chico Pardo
Net Worth as of July 9: $3.2 billion
Fernando Chico Pardo started a stock brokerage called Acciones y Asesoría Bursátil at the age of 27. It later became a part of a financial group, Inbursa. In 2003, Pardo left the company and became a controlling shareholder in Asur which operates nine airports in Mexico and Puerto Rico. The billionaire also controls Promecap, a private equity fund.
7. Juan Domingo Beckmann Legorreta & family
Net Worth as of July 9: $3.2 billion
Juan Domingo Beckmann Legorreta inherited a 51% stake in tequila and non-alcoholic beverage firm, Becle. He serves as the CEO of the company and is one of the wealthiest people in Mexico.
6. Carlos Hank Rhon & family
Net Worth as of July 9: $4.3 billion
Carlos Hank Rohn raised his fortune from a financial services company, Banorte, and a tortilla manufacturing company, Gruma. He also owns an industrial conglomerate, Grupe Hermes. He is one of the richest billionaires in Mexico.
5. Maria Asuncion Aramburuzabala & family
Net Worth as of July 9: $6.2 billion
María Asunción Aramburuzabala has served as the CEO of an investment company, Tresalia Capital since 1996. The company invests in companies like Casper and Tory Burch. She also inherited her father’s stake in the beer company, Grupo Modelo. She holds shares in Coty Inc. and also serves as its board member. She has a net worth of $6.2 billion.
