Carlos Slim Helú loses $19.5 billion amid economic downturn in Latin America

In a significant economic shift, the number of billionaires in Latin America has decreased from 110 to 95 over the past year, highlighting a concerning trend for the region. Brazil leads in losses, having seen the most billionaires exit the ranks, while Mexico’s richest individuals face drastic declines in their wealth due to currency fluctuations and tariffs imposed by the U.S. government. In fact, the peso has weakened by 20% against the U.S. dollar, exacerbating the financial struggles of wealthy individuals in Mexico. Among those heavily affected is Carlos Slim Helú, a telecommunications tycoon whose fortune shrunk by $19.5 billion, bringing his total net worth down to $82.5 billion. Slim experienced sharp declines in the stock values of his companies, América Móvil and Grupo Carso, which fell by 20% and 15%, respectively. This impacted his ranking among the world's richest, dropping him from 19th place. Slim’s situation exemplifies the broader economic challenges facing billionaires, with Mexican tycoons collectively losing $36.9 billion in wealth as a result of these compounding factors. As the economic landscape changes, it is worth noting that two notable billionaires in Latin America passed away this year, marking a significant shift in wealth distribution within the region. Meanwhile, some billionaires are still seeing growth in their fortunes; for instance, Germán Larrea Mota Velasco, a mining magnate, managed to increase his net worth due to the rising revenues of Grupo Mexico. This dichotomy illustrates that while many fortunes are in decline, others are navigating through the economic turmoil successfully. The economic instability and the losses reported also shine a light on the ongoing challenges faced by Latin American countries, including trade tensions with the U.S., economic policies, and currency vulnerabilities. These factors together reveal the complexities of wealth in the region and the direct impact that global economic dynamics can have on local billionaires.