Mexico’s billionaires are down but not out Jude Webber

5/6/2016 Financial Times 

6142323949_5d5f048f77_mIt has been a terrible time to be a billionaire in Mexico lately.

The peso’s plunge to historic lows against the dollar this year did not, for once, translate into rampant inflation and economic turmoil for the people of Latin America’s second-biggest economy — a turbulent scenario so often seen in the past.

But it did inflict plenty of damage on the country’s uber-wealthy already facing challenges in their industries from regulation, competition or falls in the price of commodities.

Telecoms titan Carlos Slim, the country’s richest man and for 2010-14 the wealthiest person in the world, lost a fifth of his fortune in the year to March, according to the annual billionaires’ list compiled by Forbes.

Ricardo Salinas, a media, retail and banking mogul, had it worse: he saw his net worth nearly halved. Germán Larrea, a mining billionaire and Mexico’s second-richest man, and Alberto Baillères, another mining and retail billionaire, both lost a third of their fortunes.

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