In 2016, the 20 largest Mexican MNEs had foreign assets of US$135 billion (Table 1), foreign revenue of US$88 billion, and 384,603 foreign employees (Annex I, Table 1). The two largest companies (América Móvil and CEMEX) together controlled US$73 billion, equivalent to 54%, of the total foreign assets of the companies on the list. The four largest MNEs (also including Grupo México and FEMSA) together controlled US$96 billion, equivalent to 71% of the total. In terms of the number of firms represented, companies in the food and beverage industries dominate the list, with 7 of the 20 firms, followed by companies in the non-metallic (three) and diversified (three) industries.

All but two of Mexico’s top 20 multinationals are listed on the stock market. These are PEMEX, the oil company that is 100% owned by the Mexican government, and XIGNUX, a privately-owned conglomerate.

Mexico’s top 20 MNEs have a total of 348 foreign subsidiaries between them, mostly in Latin America (166), followed by North America (76), mainly in the United States (Annex I, Figure 2). Western Europe (registered as "Other Europe") comes third, followed by Eastern Europe and Central Asia, East Asia and the Pacific. Finally, South Asia, the Middle East and North Africa, and Developed Asia Pacific each host only a few of the ranked firms’ foreign subsidiaries (Annex I, Figure 2). None of the companies on the list have a presence in sub-Saharan Africa. Annex I, Table 2 contain


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