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# 50 German Larrea $27.4B

Random fact: Acquired AMC's Mexican movie theaters for $315 million in 2009.

Overview

German Larrea is the chairman of Grupo Mexico, a publicly traded conglomerate. The company's mining division has operations in the US, Mexico, Peru and Spain, and reported revenue of $14.8 billion in 2021. The billionaire also controls closely held Grupo Cinemex, a Mexican chain of movie theaters.

As of :
Last change -$120M ( -0.4%)
YTD change +$4.81B ( +21.2%)
Biggest asset GMEXICOB MM Equity
Country / Region Mexico
Age 69
Industry Commodities
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

German Larrea's net worth of $27.4B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of German Larrea's fortune is derived from his family's 60% stake in publicly traded Grupo Mexico, a mining conglomerate founded by his father, Jorge.

The billionaire serves as company chairman and owns a 19% stake directly, according to its 2021 annual report. His family's holding company Empresarios Industriales de Mexico owns another 40.6%, according to the annual report. The valuation was updated on Dec. 7, 2021 to include the family-held stake and associated proceeds, and this led to an increase in the calculation of about $18 billion.

He also holds a less than 1% direct stake at Southern Copper Corp., according to an August 2022, regulatory filing with the US Securities and Exchange Commission.

Larrea spent $315 million in 2008 to acquire Grupo Cinemex, which controlled 42% of Mexico's movie theater market in 2015. Company revenue is calculated to be about 2.9 billion pesos ($150 million) in 2021, based on an analysis of national ticket sales and market share data compiled by Canacine, a Mexican industry association. It's valued using the average enterprise value-to-sales of three publicly traded cinema companies: Cinemark, AMC Entertainment, and Cineplex. 

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

Diana Luna, a spokesperson for Grupo Mexico, didn’t respond to requests for comment on the net wealth calculation.

Biography

Birthdate:
Family: Unknown, No children

German Larrea is the only surviving son of Jorge Larrea, who was known as Mexico's copper king until his death in 1999. The patriarch's Grupo Mexico empire began with a construction business that he founded in 1942. He expanded into mining in the decades that followed, buying copper-mining assets from the Mexican government during a privatization sale that began in the late 1980s. He first listed his holding company on the Mexico City exchange in 1978.

German Larrea took the reins of a newly reorganized Grupo Mexico in 1994. The company's shares have increased 25-fold under his watch. His $2.2 billion acquisition of Tucson, Arizona-based Asarco in 1999 gave him a stake in Southern Copper, which is now Grupo Mexico's largest asset. In recent years, the press-shy Larrea family has been embroiled in a series of legal battles with minority shareholders, other companies and striking labor unions.

Milestones
  • 1906 Company's Cananea mine has endured labor strikes since 1906.
  • 1988 Buys Mexicana de Cobre copper interest from the government.
  • 1990 Purchases the Cananea mine, also privatized by the government.
  • 1994 German takes the reins of what is now called Grupo Mexico.
  • 1999 Buys Asarco for $2.2 billion, taking a stake in Southern Copper.
  • 1999 Jorge Larrea dies; his widow Sara Mota inherits his stake.
  • 2005 Asarco goes bankrupt.
  • 2009 Asarco emerges from bankruptcy and Grupo Mexico regains control.