Germán Larrea Mota-Velasco

Germán Larrea Mota-Velasco
Born	26 10, 1953
Birthplace	Mexico City, Mexico
Nationality	Mexican
Occupation	Executive President and CEO, Grupo México
Known for	Leading Mexico's largest mining corporation
Children	1

Germán Larrea Mota-Velasco (born October 26, 1953) is a Mexican business magnate who serves as the Executive President and Chief Executive Officer of Grupo México, the largest mining corporation in Mexico and one of the largest copper producers in the world. Having inherited and substantially expanded a family mining fortune, Larrea has built Grupo México into a diversified conglomerate with operations spanning copper mining, railway transportation, and infrastructure across Mexico, Peru, and other countries. Despite controlling one of the Western Hemisphere's most significant mining and logistics empires, Larrea is known for his intensely private nature and rare public appearances, earning a reputation as one of Mexico's most elusive billionaires. He is ranked among the wealthiest individuals in Latin America, consistently holding a position as the second-richest person in the region and the richest or second-richest in Mexico. His business dealings have occasionally placed him at the center of political controversy in Mexico, particularly during the administration of President Andrés Manuel López Obrador.

Early Life

Germán Larrea Mota-Velasco was born on October 26, 1953, in Mexico City, Mexico. He was born into a prominent Mexican business family with deep roots in the mining industry. The Larrea Mota-Velasco family had built a significant mining enterprise over decades, laying the foundation for what would become one of the most powerful industrial conglomerates in Latin America.

The family's business interests centered on mining operations in Mexico, and Germán Larrea grew up exposed to the industry that would define his career. The family enterprise would eventually evolve into Grupo México, which under Germán's leadership would become the country's largest mining corporation. Details about Larrea's childhood and upbringing remain largely undisclosed, consistent with the extreme privacy that has characterized his personal and public life throughout his career.

The inheritance of the family mining fortune proved to be a pivotal moment in Larrea's life, as he would take the reins of the family business and transform it from a significant Mexican mining company into a multinational industrial powerhouse with operations across the Americas.

Career

Leadership of Grupo México

Germán Larrea Mota-Velasco has served as the Executive President and CEO of Grupo México, steering the company through decades of expansion and transformation. Under his leadership, Grupo México has grown into a diversified conglomerate that operates as Mexico's largest mining corporation, with the company's principal operations focused on copper mining. The Larrea family owns the majority of Grupo México, giving Germán significant control over the corporation's strategic direction and operations.

Grupo México's mining operations are not limited to Mexico. The company has expanded significantly into Peru, establishing major copper mining operations in that country as well. The company operates through its subsidiary Southern Copper Corporation, one of the world's largest copper mining companies, which is publicly traded on the New York Stock Exchange. Larrea has served on the board of Southern Copper Corporation, overseeing its operations and strategic direction.

The Tharawat Magazine described the Larrea Mota-Velasco family enterprise as "one of the most successful mining and logistics empires in the Western hemisphere," noting that Grupo México had grown into a nearly $11 billion conglomerate. The company's operations span three major business divisions: mining, transportation (railway), and infrastructure, making it one of Mexico's most diversified industrial groups.

Mining Empire and Copper Production

Copper mining represents the core of Grupo México's business operations and the primary source of the Larrea family's wealth. The company's copper production operations in both Mexico and Peru have positioned Grupo México as one of the largest copper producers globally. The strategic focus on copper has proven advantageous given the metal's essential role in electrical infrastructure, construction, and increasingly in renewable energy technologies and electric vehicles.

The company's mining division has been a consistent driver of wealth creation for the Larrea family. The rising global demand for copper, combined with Grupo México's extensive reserves and production capacity, has contributed significantly to the growth of Larrea's personal fortune over the years. Leaders League noted that Larrea jumped from fourth to second place in their Latin American rich list in their 2021 rankings, reflecting the strong performance of his mining assets.

The rise in precious metal prices has also benefited Larrea's holdings. Reports indicated that the surge in gold and silver prices further increased the Larrea family's fortune, underscoring how the diversified mining portfolio has served as a hedge against fluctuations in any single commodity.

Transportation and Infrastructure

Beyond mining, Grupo México has developed significant operations in railway transportation and infrastructure under Larrea's leadership. The company's transportation division operates one of Mexico's largest railroad networks, providing freight services across the country. The infrastructure division encompasses various construction and engineering projects. This diversification strategy has allowed Grupo México to reduce its dependence on commodity prices alone and build a more resilient business portfolio.

Bid for Banamex

In a notable diversification effort beyond Grupo México's traditional mining and infrastructure businesses, Larrea pursued the acquisition of Banamex (Banco Nacional de México), one of Mexico's largest and most historic banking institutions. Citigroup, the American banking giant, had announced plans to divest its Mexican consumer banking operations, sparking interest from several prominent Mexican business groups.

Larrea, referred to as the "Rey del Cobre" (King of Copper) by Mexican media, made at least two attempts to acquire Banamex. The Expansión report from October 2025 described a new offer from Larrea for the bank, indicating that the acquisition aimed to strengthen the bank's competitiveness under Mexican regulatory supervision. The pursuit of Banamex represented a significant strategic move that would have greatly expanded Larrea's business interests into the financial services sector.

However, the acquisition process faced complications. Reports indicated that Citigroup ultimately rejected Larrea's bid, with Mexican financial publication El Financiero detailing what it described as missteps by Larrea in the process that led Citi to dismiss his offer.

Political Controversies

Larrea's business empire has at times brought him into conflict with the Mexican government. During the presidency of Andrés Manuel López Obrador (AMLO), Larrea became a target of political attention. Bloomberg Línea described him as "suddenly Exhibit A for the difficulties" faced by the administration, as the president turned scrutiny toward the billionaire mining executive. The tensions between Larrea and the AMLO administration highlighted the complex relationship between Mexico's wealthiest business figures and the populist government's agenda.

The Pasta de Conchos mining disaster of 2006, in which 65 miners died in a coal mine explosion at a Grupo México subsidiary operation in the state of Coahuila, has remained a persistent source of controversy for the company and its leadership. The incident drew national and international attention to safety conditions in Mexican mines and continued to generate political and legal repercussions for years afterward.

Horse Racing Interests

Beyond his primary business activities, Larrea has maintained interests in thoroughbred horse racing. The mare Letruska, which had connections to Mexican racing, made history with a notable victory in the Apple Blossom Handicap, drawing attention to the Mexican thoroughbred racing scene.

Personal Life

Germán Larrea Mota-Velasco is known for being one of the most private and reclusive billionaires in the world. He rarely grants interviews, makes few public appearances, and maintains an extremely low public profile despite controlling one of Latin America's largest business empires. Infobae described him as "one of the most powerful businessmen in the country, but also one of the most reserved." Bloomberg Línea characterized him as an "elusive billionaire."

Larrea has one child. He has maintained real estate holdings in the United States, including a condominium at the Ritz-Carlton on North Michigan Avenue in Chicago, Illinois, which he listed for sale after having purchased it. In January 2023, it was reported that Larrea had cut the asking price on the luxury property.

His preference for privacy extends to his business dealings; unlike many billionaires of comparable wealth, Larrea avoids the public spotlight, social media, and philanthropic publicity, choosing instead to operate behind the scenes of his vast industrial empire.

Wealth and Rankings

Germán Larrea Mota-Velasco's wealth is derived primarily from the Larrea family's majority ownership of Grupo México. Forbes tracks his fortune under "Germán Larrea Mota Velasco & family," reflecting the family's collective holdings in the mining conglomerate.

Larrea's wealth rankings have fluctuated with copper prices and the performance of Grupo México's stock, but he has consistently ranked among the wealthiest individuals in Latin America. Leaders League noted that in their 2021 Latin American rich list, Larrea jumped from fourth place to second place, a reflection of the strong performance of mining assets during that period. The publication described him as "Mexico's second-wealthiest man" at the time.

He has been ranked among the wealthiest people in Latin America by multiple publications, including Forbes and the Latin Business Daily list of the 100 richest people in the region. Forbes first included him on their list of Mexican billionaires, and his ranking has generally trended upward over time as Grupo México's operations expanded and copper prices appreciated.

The surge in gold and silver prices has further bolstered the family fortune, as Grupo México's diversified mining portfolio includes exposure to precious metals in addition to its primary copper operations.

Legacy

Germán Larrea Mota-Velasco's legacy is closely tied to the transformation of Grupo México from a family mining company into one of the largest and most diversified mining and industrial conglomerates in the Americas. Under his leadership, the company expanded its copper production operations internationally, developed a significant railway transportation business, and pursued ventures into new sectors such as banking.

His management style and extreme privacy have set him apart from other Latin American business magnates. While contemporaries such as Carlos Slim maintain higher public profiles, Larrea has demonstrated that it is possible to lead one of the region's largest business empires while remaining largely invisible to the public. His approach has earned him both admiration for his discretion and criticism from those who argue that the leaders of companies with significant public impact, particularly in the mining sector, should be more publicly accountable.

The controversies associated with Grupo México's mining operations, including environmental concerns and the legacy of the Pasta de Conchos disaster, have also shaped Larrea's public legacy, placing his business achievements alongside questions about corporate responsibility in the extractive industries.

As the global transition toward renewable energy and electrification accelerates, increasing demand for copper — a metal essential to these technologies — positions Grupo México and the Larrea family at the center of one of the most important economic trends of the 21st century. The strategic decisions Larrea has made in expanding copper production capacity may prove to be among his most consequential contributions to the company's long-term positioning.