Start with the number that stops the room. Forbes tracked Salinas Pliego near $13.5 billion in 2024, and by 2026 the same estimate reads $3.7 billion. That is a swing of roughly two-thirds in two years, driven by a stock crash and tax losses. This is a fortune that moves like a single bet, not a diversified pile of cash.
Empecemos con el dato que frena la sala. Forbes ubicó a Salinas Pliego en unos 13,500 mdd en 2024, y para 2026 la misma estimación marca 3,700 mdd. Es un giro de cerca de dos tercios en dos años, por un crac bursátil y pérdidas fiscales. Es una fortuna que se mueve como una sola apuesta.
Before the fortune moves, understand the machine behind it. Grupo Salinas bundles banking, retail, media, telecom and energy into more than twenty companies. Together they employ over 170,000 people. That breadth is the point: no single business defines the empire, and no single setback sinks it.
Antes de que la fortuna se mueva, hay que entender la máquina detrás. Grupo Salinas junta banca, comercio, medios, telecomunicaciones y energía en más de veinte empresas. Juntas emplean a más de 170,000 personas. Esa amplitud es la clave: ninguna empresa define al imperio.
Zoom out to Mexico's billionaire league and the crash finds its scale. Salinas lands 7th at $3.7 billion, marked in red here. Carlos Slim sits at $125 billion, roughly 34 times more, and Germán Larrea at $67 billion. Salinas is a real heavyweight, but nowhere near the top of the country's wealth.
Ampliemos a la liga de multimillonarios de México y el desplome toma escala. Salinas queda 7.º con 3,700 mdd, marcado en rojo. Carlos Slim está en 125,000 mdd, unas 34 veces más, y Germán Larrea en 67,000 mdd. Salinas es un peso pesado real, pero lejos de la cima.
This is what the collapse looked like on a single screen. When Grupo Elektra shares reopened on 2 December 2024, they dropped 71% in one day. About $5.5 billion vanished, and the loss helped push Salinas off the Forbes 500. A year later the company delisted from the Mexican Stock Exchange entirely.
Así se vio el desplome en una sola pantalla. Cuando las acciones de Grupo Elektra reabrieron el 2 de diciembre de 2024, cayeron 71% en un día. Se esfumaron unos 5,500 mdd, y la pérdida sacó a Salinas de la Forbes 500. Después la empresa salió de la Bolsa Mexicana de Valores.
Here is Banco Azteca's real superpower: physical reach. It runs more branches than any bank in the country, most of them inside Elektra stores that open every day of the year. That footprint puts it ahead of giants like BBVA and Banamex. It is the most common bank counter in Mexico.
Aquí está el verdadero superpoder de Banco Azteca: el alcance físico. Tiene más sucursales que cualquier banco del país, la mayoría dentro de tiendas Elektra abiertas todos los días del año. Esa presencia lo pone por delante de gigantes como BBVA y Banamex.
Now the twist. All those branches add up to a tiny slice of the money. Banco Azteca holds just 2.6% of deposits, 2.5% of credit and 2.2% of assets, making it Mexico's tenth bank by size. It is the corner store that sells only a sliver of the nation's groceries.
Ahora el giro. Todas esas sucursales suman una rebanada diminuta del dinero. Banco Azteca tiene solo 2.6% de la captación, 2.5% del crédito y 2.2% de los activos, el décimo banco de México por tamaño. Es la tienda de la esquina que vende solo una fracción del total.
This is the tide Banco Azteca rides. In 2011 barely a quarter of Mexican adults had any account; by 2024 that reached 53%. Azteca claims 22.9 million clients and says its digital users jumped from 3.3 million in 2018 to about 24 million. Its whole model is banking the people the big banks skipped.
Esta es la marea que aprovecha Banco Azteca. En 2011 apenas un cuarto de los adultos mexicanos tenía cuenta; para 2024 llegó al 53%. Azteca dice tener 22.9 millones de clientes y que sus usuarios digitales pasaron de 3.3 millones en 2018 a unos 24 millones. Su modelo es bancarizar a quienes la banca grande ignoró.
The reach story has a human number attached. Banco Azteca says it has brought more than 36 million Mexicans into the financial system, and that it is the only private bank present in 177 municipalities. Whatever you think of the model, that is real inclusion in places other banks never bothered to enter.
La historia del alcance tiene un número humano. Banco Azteca afirma haber integrado a más de 36 millones de mexicanos al sistema financiero, y ser el único banco privado en 177 municipios. Se piense lo que se piense del modelo, es inclusión real donde otros bancos nunca entraron.
The retail-and-lending engine has been growing steadily. Grupo Elektra's revenue rose from $4.65 billion in 2015 to $10.71 billion in 2024, more than doubling across the decade. The business selling appliances and consumer credit to working families is genuinely larger than it was, even as the parent's share price cratered.
El motor de comercio y crédito ha crecido con firmeza. Los ingresos de Grupo Elektra subieron de 4,650 mdd en 2015 a 10,710 mdd en 2024, más que duplicándose en la década. El negocio de vender electrodomésticos y crédito a familias trabajadoras es más grande, aunque la acción se derrumbara.
Here is the honest other side of the retail story. Elektra is big, but its closest rival Coppel is bigger, with 269,863 million pesos in 2024 sales against Elektra's 201,297 million, and roughly 1,980 stores against 1,277. Across its markets Grupo Salinas is often the persistent runner-up, not the champion.
Esta es la otra cara honesta del comercio. Elektra es grande, pero su rival Coppel lo es más, con 269,863 millones de pesos en ventas 2024 contra 201,297 de Elektra, y unas 1,980 tiendas contra 1,277. En sus mercados, Grupo Salinas suele ser el segundo lugar persistente, no el campeón.
There is one arena where Grupo Salinas genuinely dominates. Elektra's Italika brand holds about 59% of Mexico's motorcycle market, well over half of every bike sold. It is the exception that proves the pattern: an outright leader in a niche, while the flagship businesses settle for second place.
Hay un terreno donde Grupo Salinas sí domina. La marca Italika de Elektra tiene cerca del 59% del mercado mexicano de motos, más de la mitad de cada moto vendida. Es la excepción que confirma el patrón: líder claro en un nicho, mientras los negocios insignia se conforman con el segundo lugar.
Television tells the same story as banking and retail. TV Azteca commands roughly 31% of the free-to-air audience, a strong second to TelevisaUnivision's 60-plus percent. Its 300-plus stations reach more than 95% of Mexican households, so the reach is enormous, but the crown still belongs to someone else.
La televisión cuenta la misma historia que la banca y el comercio. TV Azteca tiene cerca del 31% de la audiencia de TV abierta, un fuerte segundo lugar frente al más de 60% de TelevisaUnivision. Sus más de 300 estaciones llegan a más del 95% de los hogares, así que el alcance es enorme, pero la corona es de otro.
The telecom arm is the quiet grower. Totalplay's fiber subscriber base rose from 4.78 million in 2023 to 5.55 million by early 2026, adding customers every year. It is a healthy climb, even though the unit has posted losses. Growth in subscribers does not always mean growth in profit.
El brazo de telecomunicaciones es el que crece en silencio. La base de suscriptores de fibra de Totalplay subió de 4.78 millones en 2023 a 5.55 millones a inicios de 2026, sumando clientes cada año. Es una subida sana, aunque la unidad haya reportado pérdidas.
Even where Totalplay grows, it grows from behind. Its 18% fixed-broadband share sits third, trailing Telmex at 40% and Izzi at 20%. The pattern holds one more time: a top-tier competitor across every business, but the runner-up more often than the leader.
Aunque Totalplay crece, crece desde atrás. Su 18% en banda ancha fija queda tercero, detrás de Telmex con 40% e Izzi con 20%. El patrón se repite una vez más: un competidor de primer nivel en cada negocio, pero segundo lugar más que líder.
This is the demand curve under Totalplay's fiber. In 2000 barely 5% of Mexicans used the internet; by 2024 it was 83%. A whole country came online in two decades, and that is the market Totalplay and its rivals are still fighting to wire. The runner-up is chasing a prize that keeps getting bigger.
Esta es la curva de demanda bajo la fibra de Totalplay. En 2000 apenas el 5% de los mexicanos usaba Internet; para 2024 era el 83%. Todo un país se conectó en dos décadas, y ese es el mercado que Totalplay y sus rivales aún pelean por cablear.
After nearly two decades of fighting, the courts closed the case. Tax debts of 35.9 billion pesos from 2008 to 2013 swelled with surcharges to a 51 billion peso demand, like late fees outgrowing the original charge. In November 2025 the Supreme Court unanimously rejected the appeals, ratifying about 48 billion, and the group settled for roughly 32.1 billion.
Tras casi dos décadas de pelea, los tribunales cerraron el caso. Adeudos fiscales de 35.9 mil millones de pesos de 2008 a 2013 crecieron con recargos hasta un requerimiento de 51 mil millones, como recargos que superan al cobro original. En noviembre de 2025 la Suprema Corte rechazó por unanimidad los recursos, ratificando unos 48 mil millones, y el grupo saldó por unos 32.1 mil millones.
Here is the group's defense, stated plainly. Grupo Salinas argues it has paid more than 300 billion pesos in taxes over twenty years and calls the dispute a political campaign against it. Measured that way, the 32.1 billion peso settlement is only about 11% of what it says it has paid. The company's figure is its own claim, not an audited number.
Esta es la defensa del grupo, dicha sin rodeos. Grupo Salinas sostiene que ha pagado más de 300 mil millones de pesos en impuestos en veinte años y llama al conflicto una campaña política en su contra. Visto así, el pago de 32.1 mil millones es solo cerca del 11% de lo que dice haber pagado. La cifra es un dicho de la empresa, no un dato auditado.
The tax settlement landed on a group already under strain. TV Azteca has been in default on $400 million of notes since 2021 and has entered voluntary bankruptcy protection to restructure. So the empire is settling a giant tax bill while one of its flagship companies is still fighting its creditors in court.
El acuerdo fiscal cayó sobre un grupo ya tensionado. TV Azteca está en incumplimiento de 400 millones de dólares en bonos desde 2021 y entró a concurso mercantil voluntario para reestructurar. El imperio salda una cuenta fiscal enorme mientras una de sus empresas insignia aún pelea con sus acreedores en tribunales.
Salinas has turned distrust of paper money into an all-in bet. Bitcoin went from about 10% of his liquid portfolio in 2020 to 70%, and to roughly 80% during a 2026 dip, with the rest in gold and silver miners. In 2021 Elektra became the first Mexican retail chain to accept Bitcoin, though Banxico blocked Banco Azteca from offering it. He treats pesos like ice cream melting in the sun.
Salinas convirtió su desconfianza en el dinero de papel en una apuesta total. Bitcoin pasó de cerca del 10% de su portafolio líquido en 2020 al 70%, y a cerca del 80% durante una caída en 2026, con el resto en mineras de oro y plata. En 2021 Elektra se volvió la primera cadena minorista mexicana en aceptar Bitcoin, aunque Banxico se lo impidió a Banco Azteca. Trata a los pesos como un helado que se derrite al sol.
This is the argument Salinas makes for Bitcoin. Mexican inflation fell from 9.5% in 2000 to under 3% in the mid-2010s, then jumped back to 7.9% in 2022. Even the IMF's projections through 2030 hold it near 3%, never zero. To Salinas, that steady erosion is exactly why he would rather hold Bitcoin than pesos.
Este es el argumento que Salinas da por Bitcoin. La inflación mexicana bajó de 9.5% en 2000 a menos de 3% a mediados de la década de 2010, y luego saltó a 7.9% en 2022. Incluso las proyecciones del FMI a 2030 la mantienen cerca del 3%, nunca en cero. Para Salinas, esa erosión constante es justo por lo que prefiere tener Bitcoin antes que pesos.
The research behind this deck
Grupo Salinas is a top-two player across banking, retail, TV and telecom, yet rarely the leader. This deck maps its reach, its owner's whipsawing fortune, a courts-forced tax settlement, and an all-in Bitcoin bet.
Key findings
Banco Azteca runs more branches than any bank in Mexico, about 2,029, ahead of BBVA and BanCoppel, built inside Elektra stores open 365 days a year. CNBV (via Wikipedia)
Banco Azteca serves roughly 22.9 million clients, a base its chairman says exceeds half of all Mexicans active in the financial system. CNBV (via Everything Explained)
Banco Azteca's digital customers surged nearly eightfold, from 3.3 million in 2018 to about 26 million active digital users by 2025. Excelsior
Despite leading in branches, Banco Azteca is only Mexico's 10th bank by size, holding 2.2% of system assets, 2.6% of deposits and 2.5% of credit. CNBV (via Wikipedia)
Targeting households the big banks ignore, Banco Azteca says it has brought over 36 million Mexicans into the system and is the only private bank in 177 municipalities. Mundo Ejecutivo
Salinas has raised the Bitcoin share of his liquid portfolio from about 10% in 2020 to 70%, and to roughly 80% during a 2026 dip, with the rest in gold and silver miners. ZyCrypto
Grupo Salinas bundles more than 20 companies across banking, retail, media, telecom and energy, employing over 170,000 people. TV Azteca / Grupo Salinas
In 2021 Grupo Elektra became the first retail chain in Mexico to accept Bitcoin, though Banxico blocked Banco Azteca from offering it in the banking system. Nasdaq / Mexico News Daily
Critics say Elektra's consumer credit carries interest often above 100% and sometimes cited beyond 250% a year, roughly doubling the cash price of goods bought on installments. Los Reporteros MX
Grupo Elektra's market value topped 250 billion pesos before its 2024 trading suspension; the company later delisted from the Mexican Stock Exchange. MatrixBCG
Grupo Elektra's revenue more than doubled over a decade, from $4.65B in 2015 to $10.71B in 2024. CompaniesMarketCap
When Grupo Elektra shares reopened on 2 December 2024 they fell 71% in one day, erasing about $5.5B and helping push Salinas off the Forbes 500. Reuters (via Latest Open News)
The argument
Salinas Pliego's Forbes fortune peaked near $13.5B in 2024 and then fell by roughly two-thirds to $3.7B by 2026.
Among Mexico's ten richest he ranks 7th, while Carlos Slim at $125B is about 34 times wealthier.
Banco Azteca leads Mexico in branches yet holds barely 2.2% of banking assets, the system's 10th-largest bank.
Elektra's revenue more than doubled to $10.7B in a decade, yet rival Coppel still outsells it.
TV Azteca holds about 31% of free-to-air viewers and Totalplay runs third in broadband with an 18% share.
A 36-billion-peso tax bill grew to 51 billion before the group settled for about 32 billion pesos.
Salinas has pushed the Bitcoin share of his liquid wealth from about 10% in 2020 to as much as 80%.
This research is published in English and Spanish. Ver en español
