The Richest Men in Mexico
by kalyani10
Alberto Bailleres Gonzales
With a net worth of $16.5 billion, Bailleres is the third richest man in Mexico and also ranks 38th on Forbes 2012 list of world’s billionaires. The major sources of his wealth are mining giant Industrias Peñoles, department store El Palacio de Hierro and Grupo Profuturo - of these Bailleres’s 69% stake in Industrias Penoles accounts for $13.4 billion of his fortune. This comes as little surprise considering that Industrias Penoles is not only the second largest mining company of Mexico but also one of the world's largest silver miners. Owing in part to higher prices for precious metals, as well as to the opening of his El Saucito silver and gold mine in Zacatecas, Bailleres almost doubled his wealth in 2011, up 44 places since last year. This amounted to an additional $4.6 billion to his fortunes based on a steep rise in the share price of Industrias Penoles.
Apart from his mining empire, Bailleres is also chairman of department store chain Grupo Palacio de Hierro, insurance company Grupo Nacional Provincial, and pension fund manager Grupo Profuturo; moreover he owns a stake in Coke bottler Femsa.
Germán Larrea Mota Velasco
Another mining baron to figure on Mexico’s rich list is Germán Larrea Mota Velasco who enjoys a net worth of $14.2 billion. The primary source of Velasco’s wealth is Grupo México – the large copper producer in the country. Larrea and his family control 51% of the mining conglomerate which is also involved in mining of other minerals. While Velasco has continued to rank as one of the richest people in Mexico on account of continuing high revenues of Grupo Mexico, stock prices of the company have suffered slightly and according to Forbes3, this has shaved away around $1.8 billion from the fortunes of the Velasco family.
The 59 year old copper billionaire is reputed to be extremely media-shy. Little is known about German Larrea’s personal life outside the fact that he is married and lives in Mexico City. Labor troubles at his copper mines and a court case on charges of overvaluing shares have added to the mining baron’s reluctance to be in the limelight – he remains elusive, avoiding journalists and photographers alike
Jerónimo Arango
Along with his brothers Manuel and Placido, Jerónimo Arango has a net worth of $4 billion. Arango is chiefly known as the founder of Aurrerá supermarket chain and Grupo Cifra which controlled VIPS and El Portón restaurant chains, Suburbia department stores and tourist developments in Baja California Peninsula and Acapulco.
However after the sale of Cifra to Wal-Mart's Mexican arm in 1997, Jeronimo is said to live a quiet life in Los Angeles. Manuel is a real estate developer who has founded the Mexican Center for Philanthropy and, in 2011, called on businesses to donate at least one percent of their profits to charity. The third brother Placido collects art and used to own a chain of restaurants.
Emilio Azcárraga
Media tycoon, Emilio Azcárraga is one of Mexico’s wealthiest men on the basis of his $ 2.0 billion fortune. He is the chief executive of powerhouse Mexican TV broadcaster Televisa, which has recently begun producing English-language programming. Together with another Mexican billionaire Ricardo Salinas Pliego of TV Azteca, Emilio Azcárraga has been involved in an ongoing Mexican media battle with Carlos Slim Helu, the richest man in Mexico and indeed the globe. Azcarraga is looking to burrow into Slim's hold on telephony in Mexico by offering bundled Internet, phone and cable TV through Televisa's cable TV unit.
Carlos Hank Rhon
With the death of tortilla maker Roberto Gonzalez Barrera in August 2012, the next richest man in Mexico is Carlos Hank Rhon with a net worth of 1.4 billion dollars. The banking mogul figures on Forbes 2012 List of world Billionaires for the first time mainly on the strength of his family's 93.4% holding of Grupo Financiero Interacciones, which according to Forbes is currently worth close to $800 million4. The group controls Banco Interacciones, an integrated financial services firm and investment bank in Mexico. The Hank family also fully controls Grupo Hermes whose Hermes Infraestructura arm builds a wide variety of infrastructure components including bridges, roads and hydroelectric plants. In the past several years, the Hank family has been developing Playa Mujeres, a new luxury tourist destination in Cancun. Apart from all this, the family also has a transportation business.
64 year old Carlos Rhon is married and has three children; he resides in Mexico City. In recent times the Hank family has come under shadow of allegations of money laundering as well as assisting drug-trafficking organizations4, though publicly the family continues to deny all such charges.
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Mexico is the first Latin American member of the Organization for Economic Co-operation and Development OECD and considered an upper-middle income country by the World Bank. It is an important economic force in the region, especially among Latin American countries. Here are some of the richest men in Mexico.
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Carlos Slim Helu
Despite the fabulous accounts of the assets of Microsoft giant Bill Gates and business mogul Warren Buffet, the richest man in the world does not belong to America at all. That laurel goes to Carlos Slim Helu, who in 2010 topped the ranks for the third year in a row, according to Forbes list of world billionaires1. His fortune is currently pegged at $69 billion. The 72 year old is chairman of Telmex and has large interests in telecom giant America Movil, which accounts for more than half his net worth. In April the company was fined $1 billion by Mexican regulators for monopolistic practices, but is appealing the decision. Son of former Lebanese immigrant, Carlos Slim is now a widower and has six children. Slim is believed to be spending more time working with his Carlos Slim Foundation and the Telmex Foundation than he has in the past. He has reportedly declared that his goal is now philanthropic work that develops human capacity.
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Ricardo Salinas Pliego
With a net worth of 17.4 billion dollars, Ricardo Salineas Pliego is the second richest man in Mexico. The sources of his fortune includes television company Televisón Azteca, domestic appliance store Elektra, bank Banco Azteca, as well as cell phone company Iusacell. While TV Azteca is the second largest broadcaster in Mexico, the largest chunk of his fortune--$15.3 billion worth-- lies with home electronics retailer Grupo Elektra, which has a finance arm that makes loans to customers, including very low-income ones. The whopping $9.2 billion jump in Salinas’s fortunes over the past year has been due to Elektra whose stock has more than doubled in the past year; according to Forbes2, Elektra revenue grew 19% in peso terms in 2011 to $4.1 billion.
Salinas is married and has six children. He lives in Mexico City and in recent years has taken a great interest in his Azteca Foundation which is active in promoting youth orchestras across Mexico.
Alberto Bailleres Gonzales
With a net worth of $16.5 billion, Bailleres is the third richest man in Mexico and also ranks 38th on Forbes 2012 list of world’s billionaires. The major sources of his wealth are mining giant Industrias Peñoles, department store El Palacio de Hierro and Grupo Profuturo - of these Bailleres’s 69% stake in Industrias Penoles accounts for $13.4 billion of his fortune. This comes as little surprise considering that Industrias Penoles is not only the second largest mining company of Mexico but also one of the world's largest silver miners. Owing in part to higher prices for precious metals, as well as to the opening of his El Saucito silver and gold mine in Zacatecas, Bailleres almost doubled his wealth in 2011, up 44 places since last year. This amounted to an additional $4.6 billion to his fortunes based on a steep rise in the share price of Industrias Penoles.
Apart from his mining empire, Bailleres is also chairman of department store chain Grupo Palacio de Hierro, insurance company Grupo Nacional Provincial, and pension fund manager Grupo Profuturo; moreover he owns a stake in Coke bottler Femsa.
Germán Larrea Mota Velasco
Another mining baron to figure on Mexico’s rich list is Germán Larrea Mota Velasco who enjoys a net worth of $14.2 billion. The primary source of Velasco’s wealth is Grupo México – the large copper producer in the country. Larrea and his family control 51% of the mining conglomerate which is also involved in mining of other minerals. While Velasco has continued to rank as one of the richest people in Mexico on account of continuing high revenues of Grupo Mexico, stock prices of the company have suffered slightly and according to Forbes3, this has shaved away around $1.8 billion from the fortunes of the Velasco family.
The 59 year old copper billionaire is reputed to be extremely media-shy. Little is known about German Larrea’s personal life outside the fact that he is married and lives in Mexico City. Labor troubles at his copper mines and a court case on charges of overvaluing shares have added to the mining baron’s reluctance to be in the limelight – he remains elusive, avoiding journalists and photographers alike
Jerónimo Arango
Along with his brothers Manuel and Placido, Jerónimo Arango has a net worth of $4 billion. Arango is chiefly known as the founder of Aurrerá supermarket chain and Grupo Cifra which controlled VIPS and El Portón restaurant chains, Suburbia department stores and tourist developments in Baja California Peninsula and Acapulco.
However after the sale of Cifra to Wal-Mart's Mexican arm in 1997, Jeronimo is said to live a quiet life in Los Angeles. Manuel is a real estate developer who has founded the Mexican Center for Philanthropy and, in 2011, called on businesses to donate at least one percent of their profits to charity. The third brother Placido collects art and used to own a chain of restaurants.
Emilio Azcárraga
Media tycoon, Emilio Azcárraga is one of Mexico’s wealthiest men on the basis of his $ 2.0 billion fortune. He is the chief executive of powerhouse Mexican TV broadcaster Televisa, which has recently begun producing English-language programming. Together with another Mexican billionaire Ricardo Salinas Pliego of TV Azteca, Emilio Azcárraga has been involved in an ongoing Mexican media battle with Carlos Slim Helu, the richest man in Mexico and indeed the globe. Azcarraga is looking to burrow into Slim's hold on telephony in Mexico by offering bundled Internet, phone and cable TV through Televisa's cable TV unit.
Carlos Hank Rhon
With the death of tortilla maker Roberto Gonzalez Barrera in August 2012, the next richest man in Mexico is Carlos Hank Rhon with a net worth of 1.4 billion dollars. The banking mogul figures on Forbes 2012 List of world Billionaires for the first time mainly on the strength of his family's 93.4% holding of Grupo Financiero Interacciones, which according to Forbes is currently worth close to $800 million4. The group controls Banco Interacciones, an integrated financial services firm and investment bank in Mexico. The Hank family also fully controls Grupo Hermes whose Hermes Infraestructura arm builds a wide variety of infrastructure components including bridges, roads and hydroelectric plants. In the past several years, the Hank family has been developing Playa Mujeres, a new luxury tourist destination in Cancun. Apart from all this, the family also has a transportation business.
64 year old Carlos Rhon is married and has three children; he resides in Mexico City. In recent times the Hank family has come under shadow of allegations of money laundering as well as assisting drug-trafficking organizations4, though publicly the family continues to deny all such charges.
References:
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