One of Mexico's wealthiest men, German Larrea, has expressed fear of “populism” in the country, in an indirect attack on leading presidential candidate, Andres Manuel Lopez Obrador, known as AMLO.
The billionaire, whose fortune derives from the mining and rail company Grupo Mexico, published a letter addressed to his shareholders in Mexican media on Tuesday, decrying so-called “populism” and referring to AMLO's proposals to roll back private sector involvement in the oil and gas sector.
“If this populist economic model, in which everything supposedly belongs to and comes from the state, and in which people are given things without working for them, ends up being imposed on Mexico, investment will be disincentivized, seriously affecting jobs and the economy,” the letter said.
Larrea, along with others among Mexico's wealthiest classes, has been one of AMLO's biggest critics, but AMLO addressed the criticism directly at a campaign rally earlier this week.
“I understand that German Larrea doesn't want change, because he's done very well,” AMLO said.
AMLO is polling first in the upcoming July 1 presidential elections. A victory by the center-left candidate of the National Regeneration Movement (MORENA) could be a major shift in one of America's largest economies.