Mexico’s ‘King Midas’ dies

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Billionaire Alberto Bailleres made his fortune in mining and retail, and was also known as an arts and education patron

Billionaire Alberto Bailleres, Mexican gold and silver mining tycoon, has died at the age of 90. The cause of death has not yet been revealed.

Bailleres made his fortune across a range of industries, but started out in gold and silver mining alongside his father, which won him the nickname of Mexico’s ‘King Midas.’ He was the founder of the Industrias Penoles mining company, a global leader in silver production, and owned the Fresnillo silver mine and the largest gold deposits in Mexico. 

Bailleres had an estimated net worth of $8.6 billion in 2022, according to Forbes. He owned a number of firms in a variety of sectors from insurance to retail under the umbrella of Grupo BAL.

Bailleres was also known as a prominent supporter of arts and education. He was chairman of the board of trustees of the Instituto Tecnologico Autonomo de Mexico (ITAM) and a key sponsor in many of Mexico’s other prestigious universities.

His academic legacy at ITAM is invaluable. He transformed each and every sector and life he touched,” Jose Antonio Meade, a former Mexican finance minister and ITAM graduate, told Reuters.

Bailleres retired from Grupo Bal last spring and handed over the business to his son Alejandro. Last year, the Bailleres family ranked as fourth richest in Mexico and 255th in the world.

For more stories on economy & finance visit RT’s business section

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