During the six years of AMLO's government, the wealth of Mexico's five richest billionaires has grown twice as much as that of their Latin American peers, according to a Bloomberg ranking.
Figures like Carlos Slim and Germán Larrea have seen an exponential increase in their fortunes. And, in fact, the two wealthiest people in the country have seen their wealth grow by more than $79 billion, according to said index, between December 2018 and March 2024.
Superweight, one of the factors
The rise of the Mexican peso, which saw a 25% increase against the dollar, has been a crucial factor in the enrichment of billionaires. This appreciation of the peso not only improved the purchasing power of citizens, but also increased the value of billionaires' peso assets, making it easier to purchase foreign goods.
Furthermore, the policy of fiscal austerity during the pandemic, in contrast to the economic stimulus measures implemented in other countries, has contributed to the growth of the wealth of the richest.
Despite anti-billionaire rhetoric, the AMLO administration has taken few effective steps to reduce the concentration of wealth or limit the power of the business elite. Although there have been some tax disputes, no significant reforms have been implemented to address economic inequality, say experts consulted by Bloomberg.
Critics argue that AMLO has been too accommodating to the billionaire class and that more aggressive policies are needed to reduce Mexico's wealth gap. Despite symbolic actions, such as the closure of businesses controlled by billionaires, a more progressive approach to tax and economic matters is required to effectively address inequality, specialists say.
The 5 richest men in Mexico
According to Bloomberg, Mexico's billionaires have increased their wealth 82.5% between December 2018 and March 2024. This is more than their global peers, who have grown 78% richer, on average, during the same period.
This is how it has grown in the case of each of the five richest in Mexico, according to the Bloomberg Billionaires Index:
1. Carlos Slim
December 2018: $51.8 billion
April 2024: $107 billion
2. Germán Larrea
Dec. 2018: $3.53 billion
Apr. 2024: $41.5 billion
3. Ricardo Salinas Pliego
Dec. 2018: $9.42 billion
Open. 2024: $15.3 billion
4. Alejandro Bailleres
In this case, there is no old data available, but currently the heir of Grupo BAL has an estimated fortune of 8,060 million dollars. His father, Alberto Baillères, died on February 2, 2022.
5. Juan Beckmann and family
Dec. 2018: $3.7 billion
Apr. 2024: $8 billion
