Mexican Peso Plunge Wipes $16 Billion from Fortunes of Top Billionaires
The unexpected victory of President-elect Claudia Sheinbaum has triggered a significant decline in the Mexican peso, impacting the fortunes of the country’s wealthiest business figures. Since the June 2 election, the combined net worth of five Mexican billionaires, including Carlos Slim and German Larrea, has plunged by $16 billion, totaling $153 billion as of Wednesday.
On Thursday, the peso saw a slight recovery, gaining 1% against the US dollar after three sessions of losses. However, the currency remains down by 8.5% this year. During President Andres Manuel Lopez Obrador’s tenure, the “super peso” provided a cushion for the billionaires, even as other emerging market currencies struggled. Now, the looming uncertainty over potential constitutional reforms before Lopez Obrador’s term ends in October is eroding these gains.
Among the top five richest individuals, only Juan Beckmann, the head of the family that owns Jose Cuervo tequila, has seen an increase in his net worth, rising by $270 million to $7.2 billion.
Carlos Slim, whose wealth dropped below $100 billion after the election, was spotted conversing with Sheinbaum at an event at his museum in Mexico City. Since her election win, Sheinbaum has not publicly mentioned any meetings with local business leaders but has posted photos of her engagements with representatives of international companies like BlackRock Inc. and Walmart Inc.
Though the proposed reforms do not directly affect industries like telecom, mining, and media, which have been the sources of these fortunes, there is concern that changes to the judiciary could undermine the rule of law and negatively affect the investment climate.
| GDP (nominal) | Capital | Head of State | Head of Government | GDP (nominal) per capita | GDP (PPP) | GDP (PPP) | GDP (PPP) per capita |
|---|---|---|---|---|---|---|---|
| Mexico | Mexico City | Andrés Manuel López Obrador | Claudia Sheinbaum (Female) | 1.811.468 | 13.804 | 3.420.000 | 24.976 |
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