Mexican billionaire Alberto Bailleres, the fourth richest person in Mexico, has died at age 90. According to a statement from his business conglomerate, Grupo Bal SA, Bailleres, the Mexican billionaire who once owned the world's largest refined silver firm, died on February 2 in Mexico City.

No other details, such as his cause of death, were provided. The statement noted that the Mexican billionaire would be remembered as an "exemplary Mexican" and a "visionary businessman." It added that Bailleres will also be remembered as a "romantic dreamer who triumphed and exceeded his goals."

According to the Bloomberg Billionaires Index, the Mexican billionaire had a net worth of $8.5 billion, making him Mexico's fourth-richest person. His enormous mining fortune earned him the nickname "King of Silver" or Mexico's "King Midas."

Apart from mining and silver production, Bailleres also held stakes in insurance, financial, and retail companies. Known for avoiding the spotlight, Blanche Petrich, one of his biographers, described him as "lover of the shadows." 

Amid the COVID-19 pandemic in April 2021, the Mexican billionaire stepped down as president of five main firms - Grupo Bal, including Industrias Penoles SAB; miner Fresnillo PLC; pension fund manager Profuturo; insurance company Grupo Nacional Provincial (GNP); and department store Palacio de Hierro.

Industrias Penoles SAB was once the world's largest producer of refined silver. While Bailleres remained an honorary president, he was replaced by Alejandro Bailleres, one of his seven children, with his wife, Teresa Gual. Alejandro was already on the main companies' board of directors.

According to Forbes, Alberto Bailleres leaves his family an estimated $8.6 billion fortune.

Mexico's President Remembers 'King of Silver' Alberto Bailleres

In a press conference, Mexico's President Andres Manuel Lopez Obrador said that while he and Alberto Bailleres didn't always see each other, they had a 20-year friendship built on mutual respect, Forbes reported.

The privatization of formerly state-owned industries in Mexico in the late 1980s and early 1990s benefited Bailleres greatly. However, Lopez Obrador has pushed to return control of several critical sectors to the government.

Nevertheless, López Obrador commended the Mexican billionaire for his dedication to the country, as seen by his participation at a recent Mexican Council of Business meeting despite being sick. At the meeting, Bailleres was honored for his life's work.

According to Lopez Obrador, Mexico lost one of its "most important businessmen," and expressed confidence that Bailleres' son Alejandro "will keep managing the business responsibly."

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Mexican Billionaire Alberto Bailleres' Mining Concessions in Mexico

Alberto Bailleres was born on August 22, 1931 in Mexico City. But his family, who owned cattle ranchers since the early 19th century, was from Guanajuato.

His familial affinity for rural life later surfaced in enthusiasm for hunting, horse racing, and bullfighting, all of which have been labeled as animal cruelty by animal rights groups.

At age 19, his father, Raul Bailleres, left Guanajuato for Mexico City in 1914 in quest of business opportunities. And in the 1930s, he founded Mexico's first mining-related financial company.

Alberto Bailleres set out to expand the family business started by his father after attending Culver Military Academy in Indiana.

The Mexican billionaire also gave his time and money to the arts and educational causes, serving as chairman of both the Mexican Cultural Association and his alma mater, Instituto Tecnológico Autónomo de México. It became one of Latin America's most prestigious universities over his more than 35 years leading the school.

The Belisario Dominguez Medal, the highest award bestowed to a citizen, was granted to Alberto Bailleres by the Mexican Senate in 2015.

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Written by: Jess Smith

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