What is Vicente Fox's Net Worth?
Vicente Fox is a Mexican businessman and a former President of Mexico who has a net worth of $10 million. Vicente Fox was elected to the presidency of Mexico in 2000 and held the position until 2006. Vicente was succeeded by Felipe Calderón, then Enrique Peña Nieto, then Andrés Manuel López Obrador.
As president, he proved to be a charismatic reformer and played a vital role in Mexico's democratization and strengthening the country's economy. In his six-year tenure, Fox successfully controlled inflation and interest rates, as well as he achieved the lowest unemployment rate in all of Latin America. In addition, he has served as co-president of the Centrist Democrat International, an international organization of Christian democratic political parties.
Early Life
Vincente Fox Quesada was born on July 2, 1942, in Mexico City. He was born to José Luis Fox Pont and Mercedes Quesada Etxaide. His mother, Mercedes, was a Basque immigrant from San Sebastián, Gipuzkoa, in Spain. His grandfather, Joseph Louis Fuchs, was born in Cincinnati in 1865 and attended Woodward High School. Fuchs moved to Mexico at age 32. Vincente Fox is the second of nine children.
Fox grew up on his family's ranch in San Francisco del Rincón, Guanajuato. He spent a year at Campion High School in Prairie du Chien, Wisconsin, where he learned English.
Fox moved to Mexico City to attend the Universidad Iberoamericana and received a bachelor's degree in business administration in 1964. In 1974, Fox received a certificate in management skills and an MBA from Harvard Business School.
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Coca-Cola and Early Career
In 1964, after graduating from the Universidad Iberoamericana, Fox became a truck driver and route supervisor for Coca-Cola. Fox slowly worked his way up the corporate ladder, and after nine years, he served as the President and CEO of Coca-Cola Mexico. He served in this position for six years, earning his stripes by increasing Coca-Cola's sales by almost 50% while being the youngest executive ever to be appointed president of Coca-Cola for Mexico and Latin America. Because he increased sales so much, Coca-Cola surpassed Pepsi and became Mexico's top-selling soft drink. He was invited to lead all of Coca-Cola's operations in Latin America due to his unprecedented success. However, Fox declined this role, knowing there were better options ahead. He resigned from Coca-Cola in 1979.
After retiring from Coca-Cola, Fox occupied himself with various local projects in Mexico. One of those was the "Patronato de la Casa Cuna Amigo Daniel," an orphanage he created in his local hometown. He was also the president of the Patronato Loyola, a sponsor of the León campus of the Universidad Iberoamericana and the Lux Institute.
(Photo by Justin Sullivan/Getty Images)
Political Career
With the support of Mexican businessman, agriculturalist, and politician Manuel Clouthier, Vincente Fox joined the Partido Acción Nacional on March 1, 1988. The same year he was elected to the federal Chamber of Deputies representing the Third Federal District in León, Guanajuato.
In 1991, after finishing his term in the Chamber of Deputies, Fox sought to become the governor of Guanajuato. Unfortunately, he lost the election to Ramón Aguirre Velázquez of the PRI. Four years later, Fox ran again, this time winning by a vote of 2 to 1. Fox was known as one of the first state governors of Mexico to give an efficient and clear financial report of the state. Under Fox, Guanajuato became the fifth most important Mexican state economy.
On July 7, 1997, Fox decided to run for President of Mexico. He received backlash from his political party, yet he secured his candidacy by representing the Alliance for Change, a political coalition formed by the National Action Party and the Green Ecological Party of Mexico in 1999.
Fox faced additional controversy due to the nonprofit fundraising group Amigos de Fox (Friends of Fox), established by Denise Montaño. The group was instrumental in getting Vincente Fox elected president of Mexico. The phrase "Amigos de Fox," was used as a campaign slogan referring to his supporters in the 2000 presidential election. However, in 2003, there were money laundering charges against "Amigos de Fox." These were dropped shortly before the July 2003 midterm elections.
On July 2, 2000, his 58th birthday, Vincente Fox won the presidential election with 43% of the popular vote. After the final results were announced, Fox addressed thousands of supporters at the Angel of Independence monument in Mexico City. Fox received many congratulatory messages from world leaders such as then-President of the United States, Bill Clinton. Fox took office on December 1, 2000. This was the first time since 1917 that an opposition candidate had taken power from the long-reigning Institutional Revolutionary Party (PRI).
During his campaign, Fox became well-known for his cowboy style and for representing the working class of Mexico. After his inauguration, President Fox wore suits for formal occasions but opted to wear his signature cowboy boots and jeans during his visits around Mexico.
Fox's image was that of peace, and he welcomed many Mexican citizens to his ranch in Guanajuato, Mexico. Fox welcomed U.S. President George W. Bush to the ranch, and both presidents wore Fox's signature black cowboy boots for the visit. The Wall Street Journal named the event "The Boot Summit."
Post-Presidential Life
Since leaving office in December 2006, Fox has spoken in countries such as Nigeria, Ireland, Canada, and the United States. In these speeches, he touched on topics such as the controversial 2006 election and the Iraq War. In Mexico, Fox has been criticized for his post-presidency status because most former Mexican presidents are expected to stay out of the spotlight.
On January 12, 2007, Fox announced the construction of Mexico's first presidential library. It would be a center of studies, a library, a museum, a hotel, and "enter for the advancement of democracy." A privately funded and U.S.-style presidential library, it was built in Fox's hometown and state of San Francisco del Rincón, Guanajuato.
In September 2007, Fox released an autobiography named "Revolution of Hope: 'The Life, Faith and Dreams of a Mexican President.'" Fox toured major U.S. cities to promote the book, doing signings and interviews with U.S. journalists. However, during the tour, Fox encountered protests from Mexican-American immigrants who accused him of presidential policies and actions that forced them to emigrate and find better opportunities across the border.
In February 2014, Fox revealed his stance on drug legalization and marijuana in "The Globe and Mail," a Canadian political news publication. Fox wrote an opinion piece, published in Toronto, stating, "Legalization of not just marijuana, but all drugs, is the right thing to do … We must be given the very freedom to decide our own behavior and to act responsibly, as long as we do not detrimentally affect the rights of others." In 2016, Fox co-signed a letter to Ban Ki-moon calling for a more humane drug policy. In 2018, Fox joined the "High Times" board of directors. However, he left the board in 2020 due to company stock offering concerns.
Vincente Fox is a member of the Global Leadership Foundation, a nonprofit organization independent of government or corporate interest, offering leadership training and consultation. These services are typically offered to political leaders (or budding politicians) who are facing difficulties in their careers or with their mental health.
Personal Life
In 1969, Fox married Lilian de la Concha, a receptionist at Coca-Cola. They had four children: Ana Cristina, Vicente, Paulina, and Rodrigo. In 1990, after 20 years of marriage, the two divorced.
Fox remarried on July 2, 2001, to Marta MarÃa Sahagún Jiménez. Until then, she had served as his spokesperson. At the time of their marriage, he was serving as president. Their wedding date was the first anniversary of his presidential election and his 59th birthday.
