We recently compiled a list of the 22 Wealthiest People in Mexico and in this article, we will look at the richest person 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.
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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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The Wealthiest Person in Mexico
1. Carlos Slim Helu & family
Net Worth as of July 9: $94.6 billion
Carlos Slim Helú is the wealthiest person in Mexico. He owns the leading telecommunication company, América Móvil, and is one of the richest billionaires in telecommunications. He bought a stake in Mexico’s phone company Telemex in 1990, which is now a part of América Móvil. He also has stakes in construction, consumer goods, mining, and real estate companies in the country. He had a 17% stake in The New York Times as well. Slim Helu and his family own 76% of one of the largest Latin American conglomerates, Grupo Carso. He and his family has a net worth of $94.6 billion, as of July 9.
Curious to learn about other wealthy individuals in Mexico? Check out our report on the 22 Wealthiest People in Mexico.
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