Oaxaca is one of the richest states in terms of cultural, culinary, and ethnic diversity in all of Mexico. However, this abundance of resources does not always translate into shared prosperity among its population. Despite sustained economic growth in sectors such as tourism, manufacturing, and retail, the state’s wealth has been concentrated in the hands of a few families.
Within this small elite group is the Monteagudo family, which has been identified as the richest in Oaxaca. Their fortune comes not only from local businesses but also from alleged profits obtained during Gabino Cué Monteagudo’s tenure as state governor, which marked a turning point in the family’s wealth.
Juan Román Riquelme criticized the previous administration and celebrated the $35 million surplus.
Journalistic investigations and federal audits indicate that billions of pesos were diverted from the public treasury during his term. These resources would have benefited not only the former governor himself, but also other members of his family, who are now among the region’s leading economic players, despite the controversy surrounding their financial rise.
The origin of the Monteagudo family’s wealth is closely tied to the tenure of Gabino Cué Monteagudo, who governed Oaxaca between 2002 and 2004. During that period, according to data from the Federal Audit Office, more than 30 billion pesos were embezzled. This figure was so scandalous that it even attracted the attention of international authorities, including the United States government.
Bank transactions attributed to close associates, such as Jorge Castillo Díaz, and close relatives, such as Gabriela Cué Monteagudo, revealed multimillion-dollar transactions in foreign financial institutions such as Broadway Bank. According to reports, Gabriela had a balance exceeding $10,780,000 during her brother’s term in power.
From then on, the family fortune grew exponentially. Although the exact current figure of their assets is unknown, various estimates indicate that they could total several billion dollars, making the Monteagudo family the richest family in Oaxaca.
A legacy of wealth and controversy
The case of the Monteagudo family is an example of how public resources can become private fortunes when there is no proper accountability. Despite the multiple accusations, the investigations in Mexico have not concluded, and the whereabouts of former governor Gabino Cué remain uncertain.
Meanwhile, other members of his family continue to reside in Oaxaca, operating businesses and maintaining a much more discreet profile than the former president. The capital they amassed during those years allowed them to enter key sectors of the local economy.
Source: ambito
