Wealth of Richest Mexicans Up Fivefold in 2 Decades Ivette Saldana - El Universal
go to original June 26, 2015

The wealth of Carlos Slim, telecommunications tycoon and owner of Grupo Carso, equals to 6% of Mexico's GDP. (ElComercio.pe)

In the last two decades the wealth of the 16 richest Mexicans quintupled: in 1996 their fortune was equal to 25.6 billion dollars compared to 142.9 billion dollars in 2014, Oxfam revealed.

According to the study "Extreme inequality in Mexico, concentration of economic and political power" authored by Gerardo Esquivel Hernández, the wealth of the four richest Mexicans represented 2% of Mexico's GDP in 2002, compared to 9% in 2014. This is a third of the total income of almost 20 million Mexicans.

The wealth of Carlos Slim, telecommunications tycoon and owner of Grupo Carso, equals to 6% of Mexico's GDP, while the combined wealth of mining entrepreneurs Germán Larrea and Alberto Bailleres and Ricardo Salinas Pliego (TV Azteca, Iusacell) equals to 3% of the country's GDP.

In contrast, 53.3 million Mexicans live in poverty. According to Oxfam, around 23 million Mexicans can not afford their basic food needs with their income.

Read the rest at El Universal

Related: Mexico’s Super-Rich Coming Under Scrutiny (FT.com)

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