The "King Midas" of Mexico has passed away

Mexican billionaire Alberto Bailleres, a gold and silver miner, has died at the age of 90. The cause of death has not yet been revealed.

Bailleres made his fortune in a number of industries, but began mining gold and silver with his father, earning him the nickname "King Midas" of Mexico. He was the founder of the mining company Industrias Penoles, a world 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 companies in various fields, from insurance to retail under the umbrella of Grupo BAL.

Bailleres was also known as a prominent supporter of the arts and education. He has been the Chairman of the Board of the Instituto Tecnologico Autonomo de Mexico (ITAM) and a major sponsor of many other recognized Mexican universities.

"His academic legacy at ITAM is invaluable. "It has transformed every sector and every life it has touched," Jose Antonio Mead, 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 were ranked fourth richest in Mexico and 255th in the world.