Mexico City. While the fortunes of the wealthiest people in the world are supported by technology, those of the richest families in Mexico have their pillars in two traditional sectors: mining and financial services, which are also among the most profitable businesses in the country.
Of the 10 wealthiest families in Mexico, according to updated data from the magazine Forbes, eight of them have amassed their fortune with the help of important businesses in the financial sector or in the mining and derivatives industry.
This last industry has been one of the most criticized by President Andrés Manuel López Obrador, to the extent of canceling new concessions for exploration in Mexican territory; while the Mexican financial sector is noted for providing banks with higher profits than other nations.
The richest person in the country is Carlos Slim, who in addition to other businesses has Banco Inbursa and Minera Frisco. They are followed by Germán Larrea, with Grupo México; Ricardo Salinas Pliego, with Banco Azteca; Alberto Baillères, with the Peñoles mining company and Antonio del Valle Ruiz, with the Ve por Más bank.
The list is completed by Carlos Hank Rhon, owner for many years of the now defunct Banco Interacciones; Roberto Hernández Ramírez, co-founder of Accival Casa de Bolsa and shareholder of Citibanamex, and Rufino Vigil González, with Industrias CH, which although it is not a mining company, is one of the main steel producers in the country.
At top ten Of the wealthiest families in the country, only those of Juan Francisco Beckmann and María Asunción Aramburuzabala did not base their fortune or have outstanding businesses in mining and / or financial services. The first forged his wealth in Tequila Cuervo, and the second in the Grupo Modelo brewery.
The eight families with businesses in mining and financial services have a combined fortune of $ 131.3 billion.
To measure, at the current exchange rate of 20.50 pesos per dollar, the wealth of these families amounts to around 2 trillion 700 billion pesos, which is equivalent to 20 percent of the country’s gross domestic product, or more than half of the 5 billion pesos that 70 million Mexicans have saved for their retirement.
These Mexican families sustain their fortunes in mining and banking; In contrast, eight of the 10 richest people in the world have made their fortune thanks to technology; Elon Musk tops the list, with Tesla; Jeff Bezos, with Amazon; Bill Gates, with Microsoft; Larry Ellison, with Oracle, and Larry Page, with Google, among others.
According to data from the federal government, the value of annual mining production is around 280 billion pesos. While only for commissions, according to the National Banking and Securities Commission, commercial banks record an average income of around 120 billion pesos.
In 2020, Grupo México, the largest mining company in the country as it is the main producer of copper and the fourth in the world, registered a net profit of 1,274 million dollars, equivalent to 25 thousand 500 million pesos.
In the first nine months of 2021, the company owned by Germán Larrea, the second richest person in the country, accumulated profits of 2,755 million dollars (55,000 million pesos), that is, more than double that registered in all last year.
Although Carlos Slim, the wealthiest Mexican, has based his fortune on telephony, two important pillars are Banco Inbursa and mining company Frisco. With the first, it records a gain of 13 billion pesos between January and September of this year; while with the second it obtained revenues of 9 billion pesos in the same period.
Meanwhile, just to mention a few more names: Alberto Baillères has earned 534 million dollars (10 thousand 600 million pesos) and Ricardo Salinas Pliego, with Elektra, a total of 11 billion pesos, which are mainly driven by his financial business, Banco Azteca.
In a recent study prepared by the investment bank Credit Suisse, it was revealed that in 2020, one percent of the wealthiest population in Mexico – that is, the aforementioned families – accounted for 31 percent of the national wealth.