Mexico’s economy suffered a major meltdown known as the Tequila Crisis: the terms of the U.S. bailout demanded rapid-fire privatizations, and Forbes announced that the process had minted twenty-three new billionaires. “The lesson here is fairly obvious: to predict whence the next bursts of billionaires will issue, look for countries where markets are opening.” It also cracked Mexico open to unprecedented foreign ownership: in 1990, only one of Mexico’s banks was foreign owned, but “by 2000 twenty-four out of thirty were in foreign hands.”93
