Mexico’s Millionaire Surge: Outpacing the Global Average
According to a new report from WealthInsight there were 145,000 millionaires in Mexico by the end of 2012. Together these high net worth individuals hold a fortune of US$736 billion, which equates to 43% of Mexico’s total individual wealth.
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The recent announcement that Pemex, the second largest state oil company in the world, is planning to open up to the private sector could be a major driver for growth in individual wealth. WealthInsight predicts that by 2017, the number of millionaires in Mexico will grow by 47% to reach over 213,000 millionaires and 3,733 multi-millionaires. According to WealthInsight analyst, Ouliana Vlasova, if the project is proven successful, this development will give private investors unparalleled access to a major producer of oil. “Mexico provides opportunities for both domestic and foreign investors and is anticipated to witness strong growth in number of High Net Worth Individuals and their wealth”.
Growth in multi-millionaires and billionaires
There are 2,540 multi-millionaires in Mexico with individual net assets of US$30 million or more. Of this total 252 are centimillionaires and 2,272 affluent millionaires. Multi-millionaires account for 1.75% of the total millionaire population of Mexico, which is well above the global average of 0.7%. Together these ultra high net worth individuals are worth US$364 billion in total combined wealth. By 2017 the total wealth of multi-millionaires is projected to increase by 44% to reach US$525 billion.
As of 2012 there were 16 billionaires in Mexico. Towards 2017, WealthInsight predicts the number will reach 21 individuals. The total wealth of Mexican billionaires is expected to grow by 26% to reach US$241 billion by the end of 2017.
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By GlobalDataLarge gap between rich and poor
Mexico has a large gap between rich and poor. Together the Mexican multi-millionaires hold 43% of the total individual wealth in Mexico. This number is well above the worldwide average of 29%, indicating a relatively uneven distribution of wealth in the country. Mexico City is the most popular city for multi-millionaires. According to WealthInsight, 43% (1,088 individuals) of Mexico’s multi-millionaires are living in the capital
Manufacturing continues to be the most important industry for multi-millionaires
Manufacturing is the most important industry for multi-millionaires in Mexico, with 17.4% of them having this as their primary source for wealth. 70% of Mexican exports are driven by manufacturing followed by fuel and mining (15%). The US is Mexico’s main export partner. However, the US has been negatively influenced by a weak local property market and weak global equity markets.
