EconomyMexico loses millionaires between 2020 and 2021

Mexico loses millionaires between 2020 and 2021

The select group of millionaires in Mexico registered a decline in 2021, according to the most recent Global Wealth Report by Credit Suisse.

Of the 1% of the richest people in the world, Mexico had 30.2% in 2021, a proportion lower than the 42.6% it represented in 2020. The reasons for this reduction are due, to a greater extent, to the consequences of the pandemic.

The concentration of wealth in the country stood at 80.4% while in 2020 the indicator was 80.6%.

In the ranking of the 500 millionaires made by Bloomberg, only 4 Mexican people appear: Carlos Slim, Germán Larrea, Ricardo Salinas Pliego and Juan Beckman Vidal.

Credit Suisse highlighted that private consumption in Mexico fell 11.6% in the pandemic due to the drop in people’s income, although this lower consumption led to more savings by Mexicans.

“The decrease in consumption was still strong enough to guarantee that the gross savings rate of families grew from 19.4% in 2019 to 24.7% in 2020,” the report states.

In 2021, consumption posted a strong recovery and the savings rate fell to 21% in the first half.

The Credit Suisse report does not mention the names of the millionaires of Mexico or the world.

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