Germán Larrea: who are the successful parents of the second richest person in Mexico

Germán Larrea managed to accumulate his fortune during 2020. Photo: Cuartoscuro)

German Larrea is one of the most important businessmen in Mexico, as he owns the powerful company Mexico Group. Because of this, he accumulates a fortune of USD 27.1 billion, according to information released by the prestigious American magazine specialized in financial issues Forbes, which makes him the second richest man in Mexico, only behind the tycoon Carlos Slim, who owns the company América Móvil and Grupo Carso, and who has a fortune of USD 55,930 million.

The year 2020 was good for Larrea, as his fortune increased by 146.5%, since a previous year it was calculated that he had USD 11,000 million. This is thanks to the fact that Grupo México improved sales volumes and a better price environment, in addition to the fact that its mining division had an increase of 35.5% derived from the increase in copper, silver and gold prices.

However, he alone has not managed to accumulate so much wealth, because previously his parents gave him the bases to achieve what the businessman currently has, as his father began to forge the bases of Grupo México.

His father Jorge Larrea, who died in 1999, He left him a solid foundation to achieve what he has today. Larrea Ortega began his career as a businessman in the presidential term Miguel Alemán Valdez, who was president of the country from 1946 to 1952. It was in this period that he started his own construction company called Constructions Jorge Larrea, which would later take the name of México Constructora Industrial, SA de CV

Jorge Larrea Ortega was the father of Germán Larrea.  He died in 1999.
Jorge Larrea Ortega was the father of Germán Larrea. He died in 1999.

Later Larrea Ortega would meet the Italian-American businessman Bruno Pagliai, who at that time was considered the richest man in our country, becoming his legal front in matters related to the pipe business in Veracruz, Tubos de Acero de México, SA de CV, known as TAMSA.

It was through this relationship that Larrea Ortega became a shareholder in that company, and began his ascent in the metallurgical and steel sector. At that time, Pagliai introduced Larrea Ortega to what would later become his greatest passion: horses and riding. The Italian-American businessman had just had the Hipódromo de las Américas, west of Mexico City, at the insistence of Presidents Manuel Ávila Camacho and Alemán Valdés.

In 1962, 12 business leaders from Mexico, including Pagliai and Larrea Ortega, founded the Mexican Council of Businessmen, which has historically included the richest families in Mexico.

By 1965, Larrea Ortega led a group of investors in the partial acquisition of the Mexican properties of the American Smelting and Refining Company and a partial acquisition of the La Caridad copper mineThis after mining laws favored Mexican-owned companies.

Sara Mota de Larrea is the mother of Germán Larrea Mota Velasco.
Sara Mota de Larrea is the mother of Germán Larrea Mota Velasco.

He later added more properties from mining construction, finance and railways to his group, as he expanded from mining and refining to wire and some other copper products. But it was during the presidential term Carlos Salinas de Gortari, between 1988 and 1994, that Larrea Ortega’s wealth rose sharply, after the mining company of Cananea, which later became the Mexico Group, bought, in 1988, the government actions of the bankrupt La Caridad mine, at an exceptionally low price of USD 680 million, and won the bid for the Cananea, the largest copper company in Mexico, paying for only USD 475 million, again well below the market price.

For her part, Sara Mota de Larrea, the businessman’s mother, is currently considered one of the wealthiest women in the country. According to the Bloomberg media, Sara Mota de Larrea, is the largest shareholder of Mexico Group, a company created by her former husband and father of Germán Larrea, Jorge Larrea Ortega.

Grupo México is a publicly traded conglomerate. The company operates in three divisions: mining, transportation and infrastructure. The mining division has operations in the United States, Mexico, Peru and Spain.

According Bloomberg, Sara’s net worth is USD 19.7 billion. Jorge Larrea, her husband, died in 1999, and was known as the King of Copper.

According to the same media, the Mexican businesswoman, in 2017, ranked 122 of the richest in the world. In that year, his fortune was valued at USD 11.7 billion dollars, which meant an increase of USD 1.91 billion, compared to a previous year, that is, 2016.

KEEP READING:

The secret vault of Mexican billionaires
Who are the three men from Mexico who raise more than 90,000 million dollars
Grupo México: The conglomerate that made Germán Larrea the second richest person in Mexico



Reference-www.infobae.com

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