Surge In Copper Prices Helps Shield Mexican Billionaire German Larrea’s Fortune
Contrary to some predictions, mining tycoon German Larrea Mota Velasco, Mexico’s second richest person, has not been hit as hard by Donald Trump’s win as some of his fellow Mexican billionaires and, according to analysts, could actually benefit from the president-elect’s infrastructure plans.
Larrea’s net worth went from $12.1 billion on November 8, election day, to $11.8 billion as of Monday, a drop of $300 million, which pales in comparison to telecom mogul Carlos Slim’s $5.8 billion drop over the same period, Forbes’ real time estimates show.
Grupo Mexico, the country’s largest mining and infrastructure company, is majority owned by Larrea and his family. It was the only company that rose in Mexico’s IPC stock index the week following the U.S. Presidential elections, Bloomberg reported.
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