Top 10 richest people in Latin America
Like many parts of the world, Latin America is home to numerous business giants and conglomerates that contribute to the region's rich reserves.
These businesses shape the economic landscape of their respective countries as well as impact greatly on the global markets.
In a 2019 report by the World Bank, Latin America did not rank among the top 50 best places to do business globally.
“Economies across Latin America are often still burdened by inefficient and cumbersome business regulations,” said Santiago Croci Downes, Programme Manager of the Doing Business Unit.
However, the economic climate in Latin America improved with a growth of 3.7 points between the 4th quarter of 2023 and the 1st quarter of 2024.
Despite the changing economic climate in Latin America, billionaires in the region have found ways to stay afloat in business and protect their assets and wealth.
According to the 2024 Bloomberg Billionaires Index, Latin American countries like Mexico and Brazil boast more than two individuals with affluence recognised globally out of 500 wealthy people on the list.
Here is a list of the 10 richest people in Latin America who are driving the vast economy of the Latinos:
Carlos Slim
Net worth: $87.6 billion
Country: Mexico
As the world's richest man between 2010 and 2013, Carlos Slim, a Mexican is currently the richest individual in Latin America with a total net worth of $87.6 billion and the 20th richest person on earth. As the founder of Mexico's conglomerate, Grupo Carso, he has diversified in several businesses including real estate, mining and media. However, the core of his wealth is from his telecommunications company, América Móvil which operates throughout Latin America.
German Larrea Mota-Velasco
Net worth: $34.5 billion
Country: Mexico
German Larrea Mota-Velasco is the CEO of Grupo Mexico, the largest mining company in Mexico. Having taken over the company in 1994, German has grown to amass a net worth of $34.5 billion in 2024. The source of German's money, Grupo Mexico produces nearly a million tonnes of copper annually.
Iris Fontbona and family
Net worth: $32.3 billion
Country: Chile
With a net worth of $32.3 billion, Iris Fontbona and her family rank as the 3rd richest in Latin America and 54th globally. The family's successful copper mining company, Antofagasta based in London raked in $6.3 billion in revenue in 2023. Fontbona and her family control Quiñenco, a Chilean conglomerate involved in banking, beer, and manufacturing and have stakes in Croatia-based Adriatic Luxury Hotels and Chilean television station Canal 13.
Eduardo Saverin
Net worth: $28.1 billion
Country: Brazil
Eduardo Saverin is a Brazilian billionaire entrepreneur and venture capitalist, best known as one of the co-founders of Facebook. His small but valuable less than 5% stake in Meta Platforms is now worth $27 billion, contributing to his substantial wealth of $28.1 billion. He co-founded B Capital, a venture capital firm, in 2015, which focuses on investing in early-stage startups and boasts more than $5 billion in assets under its management.
Jorge Paulo Lemann
Net worth: $24.6 billion
Country: Brazil
Jorge Paulo is the 5th richest individual in Latin America but the 81st globally with a net worth of $24.6 billion. He is a Brazilian billionaire investment banker, businessman, and former tennis player. Lemann co-founded 3G Capital, a global investment firm that owns major brands such as Burger King, Anheuser-Busch, and Heinz. Alongside fellow billionaires Hermann and Sicupira, Lemann holds shares in Anheuser-Busch InBev, the producer of Budweiser, Michelob Ultra, and Stella Artois beers.
Alejandro Santo Domingo and family
Net worth: $14.2 billion
Country: Colombia
Alejandro Santo Domingo's mass wealth of $14.2 billion is acquired from the Colombian conglomerate Santo Domingo Group founded by his father, Julio Mario Santo Domingo. The family is one of the wealthiest in Colombia and has significant investments in various industries, including beverages, media, and real estate. Alejandro is a managing director at Quadrant Capital Advisors and holds board positions in several major companies, such as AB InBev, Bavaria Brewery, and Caracol Televisión and has a minority stake in the NFL's Washington Commanders.
David Vélez
Net worth: $14.1 billion
Country: Colombia
Best known as the co-founder and CEO of Nubank, the world's most valuable digital bank, David Vélez is the 7th richest person in Latin America and the 148th in the world. Vélez founded Nubank in 2013 after experiencing the high fees and bureaucratic hurdles of traditional banking in Brazil. Nubank, headquartered in Sao Paolo, Brazil has since grown to serve over 90 million customers across Brazil, Mexico, and Colombia, giving him a 202 value net of $14.1 billion. The company's parent company, Nu Holdings announced $1 billion in net income for 2023.
Ricardo Salinas
Net worth: $11 billion
Country: Mexico
Ricardo Salinas is the founder and chairman of Grupo Salinas, a conglomerate with interests in telecommunications, media, financial services, and retail. He is also the third richest person in Mexico with a net worth of $11 billion. Salinas began his career at Grupo Elektra, a company founded by his grandfather. Under his leadership, Elektra expanded significantly, targeting lower-middle-class consumers and providing financial products through Banco Azteca. He also chairs TV Azteca, one of the largest producers of Spanish-language television programming.
Marcel Hermann Telles
Net worth: $10.9 billion
Country: Brazil
Marcel Hermann is a co-founder of 3G Capital, a global investment firm, alongside his longtime partners Jorge Paulo Lemann and Carlos Alberto Sicupira. Telles has played a significant role in the beverage industry, particularly through his involvement with Anheuser-Busch InBev, the world's largest beer company, where he is a board member. He also has stakes in Restaurant Brands International, the parent company of Burger King and Tim Hortons. Before co-founding 3G Capital, Telles was a partner at Banco Garantia, a Brazilian investment bank. Currently, Bloomberg reports he has a net worth of $10.9 billion.
Carlos Sicupira
Net worth: $9.45 billion
Country: Brazil
Carlos Alberto Sicupira, also known as Beto Sicupira, is a Brazilian billionaire businessman who is a key partner in 3G Capital, a global investment firm he co-founded with Jorge Paulo Lemann and Marcel Herrmann Telles. Sicupira has significant stakes in major companies such as Anheuser-Busch InBev, Burger King, and H.J. Heinz Company. His business ventures have made him one of the wealthiest individuals in Brazil, with a fortune estimated at $9.45 billion in 2024.
