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<!--Created on: 4/14/2022 6:02:18 PM-->
<!--Modified on: 4/14/2022 6:02:18 PM-->
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ifrs-full_ClassesOfShareCapitalMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalMember" xlink:to="ifrs-full_ClassesOfShareCapitalMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US">Share capital [member]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonSharesOutstandingBDUnitsMember" xlink:to="fmx_CommonSharesOutstandingBDUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonSharesOutstandingBDUnitsMember_lbl" xml:lang="en-US">Common shares outstanding BD units [Member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonSharesOutstandingBDUnitsMember_lbl" xml:lang="en-US">BD units</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommonSharesOutstandingBUnitsMember" xlink:label="fmx_CommonSharesOutstandingBUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonSharesOutstandingBUnitsMember" xlink:to="fmx_CommonSharesOutstandingBUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonSharesOutstandingBUnitsMember_lbl" xml:lang="en-US">Common shares outstanding B units [member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonSharesOutstandingBUnitsMember_lbl" xml:lang="en-US">B units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US">Borrowings by name [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="ifrs-full_BorrowingsByNameMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US">Borrowings by name [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TwoPointEightSevenFivePercentSeniorNotesDue2023Member" xlink:label="fmx_TwoPointEightSevenFivePercentSeniorNotesDue2023Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TwoPointEightSevenFivePercentSeniorNotesDue2023Member" xlink:to="fmx_TwoPointEightSevenFivePercentSeniorNotesDue2023Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TwoPointEightSevenFivePercentSeniorNotesDue2023Member_lbl" xml:lang="en-US">Two point eight seven five percent senior notes due 2023 [member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TwoPointEightSevenFivePercentSeniorNotesDue2023Member_lbl" xml:lang="en-US">2.875% Senior Notes due 2023</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FourPointThreeSevenFivePercentSeniorNotesDue2043Member_lbl" xml:lang="en-US">Four point three seven five percent senior notes due 2043 [member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FourPointThreeSevenFivePercentSeniorNotesDue2043Member_lbl" xml:lang="en-US">4.375% Senior Notes due 2043</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ThreePointFiveZeroZeroPercentSeniorNotesDue2050Member_lbl" xml:lang="en-US">Three point five zero zero percent senior notes due 2050 [member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ThreePointFiveZeroZeroPercentSeniorNotesDue2050Member_lbl" xml:lang="en-US">3.500% Senior Notes due 2050</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsClassOfStockAxis" xlink:label="fmx_IfrsClassOfStockAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsClassOfStockAxis" xlink:to="fmx_IfrsClassOfStockAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsClassOfStockAxis_lbl" xml:lang="en-US">Class of stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsClassOfStockAxis_lbl" xml:lang="en-US">Class Of Stock [Axis]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsClassOfStockDomain" xlink:to="fmx_IfrsClassOfStockDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsClassOfStockDomain_lbl" xml:lang="en-US">Class of stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsClassOfStockDomain_lbl" xml:lang="en-US">Class Of Stock [Domain]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AdrMember" xlink:label="dei_AdrMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AdrMember" xlink:to="dei_AdrMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AdrMember_lbl" xml:lang="en-US">American depositary shares</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="dei_EntityAddressesAddressTypeAxis" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressesAddressTypeAxis_lbl" xml:lang="en-US">Entity Addresses, Address Type [Axis]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AddressTypeDomain_lbl" xml:lang="en-US">Address Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_BusinessContactMember" xlink:label="dei_BusinessContactMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_BusinessContactMember" xlink:to="dei_BusinessContactMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_BusinessContactMember_lbl" xml:lang="en-US">Business Contact</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentInformationLineItems_lbl" xml:lang="en-US">Document Information [Line Items]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelName" xlink:label="dei_ContactPersonnelName" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelName" xlink:to="dei_ContactPersonnelName_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelName_lbl" xml:lang="en-US">Contact Personnel Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_ContactPersonnelEmailAddress" xlink:label="dei_ContactPersonnelEmailAddress" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelEmailAddress" xlink:to="dei_ContactPersonnelEmailAddress_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelEmailAddress_lbl" xml:lang="en-US">Contact Personnel Email Address</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="dei_IcfrAuditorAttestationFlag" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xml:lang="en-US">ICFR Auditor Attestation Flag</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorName" xlink:label="dei_AuditorName" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorName_lbl" xml:lang="en-US">Auditor Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorFirmId" xlink:label="dei_AuditorFirmId" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorFirmId_lbl" xml:lang="en-US">Auditor Firm ID</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorLocation" xlink:label="dei_AuditorLocation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorLocation_lbl" xml:lang="en-US">Auditor Location</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Consolidated Statements of Financial Position</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">Assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents at the beginning of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentHeldtomaturityInvestments" xlink:label="ifrs-full_CurrentHeldtomaturityInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentHeldtomaturityInvestments" xlink:to="ifrs-full_CurrentHeldtomaturityInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentHeldtomaturityInvestments_lbl" xml:lang="en-US">Current held-to-maturity investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentHeldtomaturityInvestments_lbl" xml:lang="en-US">Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentHeldtomaturityInvestments_lbl" xml:lang="en-US">Total investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xml:lang="en-US">Trade and other current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xml:lang="en-US">Trade accounts receivables, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xml:lang="en-US">Trade accounts receivable, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Current inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Total inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxAssetsCurrent" xlink:label="ifrs-full_CurrentTaxAssetsCurrent" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxAssetsCurrent_lbl" xml:lang="en-US">Current tax assets, current</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialAssets" xlink:label="ifrs-full_OtherCurrentFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialAssets" xlink:to="ifrs-full_OtherCurrentFinancialAssets_lbl" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentFinancialAssets_lbl" xml:lang="en-US">Other current financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentFinancialAssets_lbl" xml:lang="en-US">Other current financial assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentNonfinancialAssets" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialAssets" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets_lbl" xml:lang="en-US">Other current non-financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets_lbl" xml:lang="en-US">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">Non-current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">NON CURRENT ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Investments in equity method accounted investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Beginning balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Property, plant and equipment, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets" xlink:label="ifrs-full_RightofuseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssets" xlink:to="ifrs-full_RightofuseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US">Right-of-use assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US">Right-of-use assets, ending</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US">Right-of-use assets, beginning</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US">Right-of-use assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Intangible assets and goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Beginning balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Goodwill and distribution rights allocated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Intangible assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentFinancialAssets" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentFinancialAssets" xlink:to="ifrs-full_OtherNoncurrentFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl" xml:lang="en-US">Other non-current financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl" xml:lang="en-US">Other non-current financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl" xml:lang="en-US">Total other financial assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" xml:lang="en-US">Other non-current non-financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" xml:lang="en-US">Other non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" xml:lang="en-US">Total other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total non-current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">TOTAL ASSETS</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="ifrs-full_EquityAndLiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US">Equity and liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES AND EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="ifrs-full_LiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ifrs-full_ShorttermBorrowings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowings" xlink:to="ifrs-full_ShorttermBorrowings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermBorrowings_lbl" xml:lang="en-US">Current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermBorrowings_lbl" xml:lang="en-US">Bank loans and notes payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US">Current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US">Current portion of long term debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US">Current portion of non-current debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="ifrs-full_CurrentLeaseLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLeaseLiabilities_lbl" xml:lang="en-US">Current lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLeaseLiabilities_lbl" xml:lang="en-US">Current portion of lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentLeaseLiabilities_lbl" xml:lang="en-US">Current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentInterestPayable" xlink:label="ifrs-full_CurrentInterestPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInterestPayable" xlink:to="ifrs-full_CurrentInterestPayable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInterestPayable_lbl" xml:lang="en-US">Current interest payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInterestPayable_lbl" xml:lang="en-US">Interest payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Trade and other current payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Trade payable</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AccountsPayable" xlink:label="fmx_AccountsPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AccountsPayable" xlink:to="fmx_AccountsPayable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AccountsPayable_lbl" xml:lang="en-US">Accounts payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AccountsPayable_lbl" xml:lang="en-US">Accounts Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AccountsPayable_lbl" xml:lang="en-US">Accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US">Current tax liabilities, current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US">Taxes payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentFinancialLiabilities" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialLiabilities" xlink:to="ifrs-full_OtherCurrentFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Other current financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Other current financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Total Other current financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Non-current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">NON-CURRENT LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Non-current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Bank loans and notes payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="ifrs-full_NoncurrentLeaseLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLeaseLiabilities" xlink:to="ifrs-full_NoncurrentLeaseLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLeaseLiabilities_lbl" xml:lang="en-US">Non-current lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLeaseLiabilities_lbl" xml:lang="en-US">Lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentLeaseLiabilities_lbl" xml:lang="en-US">Non-Current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Non-current provisions for employee benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Post-employment benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Total Employee Benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentFinancialLiabilities" xlink:label="ifrs-full_OtherNoncurrentFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentFinancialLiabilities" xlink:to="ifrs-full_OtherNoncurrentFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentFinancialLiabilities_lbl" xml:lang="en-US">Other non-current financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentFinancialLiabilities_lbl" xml:lang="en-US">Other non-current financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentFinancialLiabilities_lbl" xml:lang="en-US">Other non-current financial liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities" xlink:label="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities" xlink:to="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities_lbl" xml:lang="en-US">The amount of non-current provisions other than provisions for employee benefits plus the amount of non-current non-financial liabilities that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities_lbl" xml:lang="en-US">Other Long Term Provisions And Other Noncurrent Nonfinancial Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities_lbl" xml:lang="en-US">Provisions and other non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="fmx_OtherLongTermProvisionsAndOtherNoncurrentNonfinancialLiabilities_lbl" xml:lang="en-US">Total provisions and other non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">Equity [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Capital contribution</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Capital stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalPaidinCapital" xlink:label="ifrs-full_AdditionalPaidinCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapital" xlink:to="ifrs-full_AdditionalPaidinCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapital_lbl" xml:lang="en-US">Additional paid-in capital.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionalPaidinCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Retained earnings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Accumulated other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Accumulated other comprehensive income, total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US">Equity attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US">Equity attributable to equity holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US">Total controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US">Non controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Total equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">TOTAL EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">Equity and liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES AND EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US">Consolidated Income Statements</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsStatementTable" xlink:label="fmx_IfrsStatementTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsStatementTable" xlink:to="fmx_IfrsStatementTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsStatementTable_lbl" xml:lang="en-US">Schedule reflecting a Statement of Income, Statement of Cash Flows, Statement of Financial Position, Statement of Shareholders' Equity and Other Comprehensive Income, or other statement as needed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsStatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfOrdinarySharesAxis" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfOrdinarySharesAxis" xlink:to="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xml:lang="en-US">Classes of ordinary shares [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OrdinarySharesMember" xlink:label="ifrs-full_OrdinarySharesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OrdinarySharesMember" xlink:to="ifrs-full_OrdinarySharesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OrdinarySharesMember_lbl" xml:lang="en-US">Ordinary shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeriesBSharesMember" xlink:label="fmx_SeriesBSharesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeriesBSharesMember" xlink:to="fmx_SeriesBSharesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeriesBSharesMember_lbl" xml:lang="en-US">Series B shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeriesBSharesMember_lbl" xml:lang="en-US">Series B shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeriesDSharesMember" xlink:label="fmx_SeriesDSharesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeriesDSharesMember" xlink:to="fmx_SeriesDSharesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeriesDSharesMember_lbl" xml:lang="en-US">Series D shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeriesDSharesMember_lbl" xml:lang="en-US">Series D shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsStatementLineItems" xlink:label="fmx_IfrsStatementLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsStatementLineItems" xlink:to="fmx_IfrsStatementLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsStatementLineItems_lbl" xml:lang="en-US">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsStatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RevenueFromSales" xlink:label="fmx_RevenueFromSales" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RevenueFromSales" xlink:to="fmx_RevenueFromSales_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RevenueFromSales_lbl" xml:lang="en-US">The amount of revenue from contracts with customers that is in the form of sales of goods or services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RevenueFromSales_lbl" xml:lang="en-US">Revenue From Sales</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RevenueFromSales_lbl" xml:lang="en-US">Net sales</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RevenueOtherThanFromSales" xlink:label="fmx_RevenueOtherThanFromSales" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RevenueOtherThanFromSales" xlink:to="fmx_RevenueOtherThanFromSales_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RevenueOtherThanFromSales_lbl" xml:lang="en-US">The amount of revenue from contracts with customers that is not in the form of sales of goods or services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RevenueOtherThanFromSales_lbl" xml:lang="en-US">Revenue Other Than From Sales</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RevenueOtherThanFromSales_lbl" xml:lang="en-US">Other operating revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromContractsWithCustomers" xlink:label="ifrs-full_RevenueFromContractsWithCustomers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromContractsWithCustomers" xlink:to="ifrs-full_RevenueFromContractsWithCustomers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US">Revenue from contracts with customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US">Consolidated revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US">Total revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US">Total revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfSales" xlink:label="ifrs-full_CostOfSales" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfSales_lbl" xml:lang="en-US">Cost of sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CostOfSales_lbl" xml:lang="en-US">Cost of goods sold</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossProfit" xlink:label="ifrs-full_GrossProfit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross profit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross profit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross profit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">Administrative expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">Administrative expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SalesAndMarketingExpense" xlink:label="ifrs-full_SalesAndMarketingExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesAndMarketingExpense" xlink:to="ifrs-full_SalesAndMarketingExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SalesAndMarketingExpense_lbl" xml:lang="en-US">Sales and marketing expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SalesAndMarketingExpense_lbl" xml:lang="en-US">Selling expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIncome" xlink:to="ifrs-full_OtherIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US">Other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US">Other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US">Other income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="ifrs-full_OtherExpenseByFunction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByFunction" xlink:to="ifrs-full_OtherExpenseByFunction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherExpenseByFunction_lbl" xml:lang="en-US">Other expense, by function</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherExpenseByFunction_lbl" xml:lang="en-US">Other expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpense" xlink:label="ifrs-full_InterestExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpense" xlink:to="ifrs-full_InterestExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpense_lbl" xml:lang="en-US">Interest expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_InterestExpense_lbl" xml:lang="en-US">Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromInterest" xlink:label="ifrs-full_RevenueFromInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromInterest" xlink:to="ifrs-full_RevenueFromInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromInterest_lbl" xml:lang="en-US">Interest income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromInterest_lbl" xml:lang="en-US">Interest income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Foreign exchange gain (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Foreign exchange gain (loss), net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:to="ifrs-full_GainsLossesOnNetMonetaryPosition_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition_lbl" xml:lang="en-US">Gains (losses) on net monetary position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition_lbl" xml:lang="en-US">Monetary position (gain), net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition_lbl" xml:lang="en-US">Monetary position gain, net</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MarketValueGainLossOnFinancialInstruments" xlink:label="fmx_MarketValueGainLossOnFinancialInstruments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MarketValueGainLossOnFinancialInstruments" xlink:to="fmx_MarketValueGainLossOnFinancialInstruments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MarketValueGainLossOnFinancialInstruments_lbl" xml:lang="en-US">Market value gain (loss) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MarketValueGainLossOnFinancialInstruments_lbl" xml:lang="en-US">Market Value Gain Loss On Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_MarketValueGainLossOnFinancialInstruments_lbl" xml:lang="en-US">Market value (gain) loss on financial instruments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees" xlink:label="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees" xlink:to="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Income (loss) before income taxes and share of the profit of equity accounted investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Income (loss) before income taxes and share of the profit of equity accounted investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Income before income taxes and share of the profit of equity method accounted investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="fmx_IncomeLossBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Income before income taxes and share in the profit of equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Total income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of profit (loss) of associates and joint ventures accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of the profit of equity method accounted investees, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share in the profit (loss) of equity method accounted investees, net of tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">CONSOLIDATED NET INCOME</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">Profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">Consolidated net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">CONSOLIDATED NET INCOME</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent" xlink:label="ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent" xlink:to="ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent_lbl" xml:lang="en-US">Income from continuing operations attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent_lbl" xml:lang="en-US">Net controlling interest income allocated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeFromContinuingOperationsAttributableToOwnersOfParent_lbl" xml:lang="en-US">Controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Profit (loss) from continuing operations attributable to non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BasicEarningsPerShareFromContinuingOperationsAbstract" xlink:label="fmx_BasicEarningsPerShareFromContinuingOperationsAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DilutedEarningsPerShareFromContinuingOperationsAbstract_lbl" xml:lang="en-US">Diluted earnings per share from continuing operations.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations" xlink:label="ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations_lbl" xml:lang="en-US">Diluted earnings (loss) per share from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations_lbl" xml:lang="en-US">Diluted earnings per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations_lbl" xml:lang="en-US">Controlling interest diluted earnings (loss) per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US">Entity's total for subsidiaries [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FarmaciasYzaMember" xlink:label="fmx_FarmaciasYzaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FarmaciasYzaMember" xlink:to="fmx_FarmaciasYzaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FarmaciasYzaMember_lbl" xml:lang="en-US">Farmacias Yza.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FarmaciasYzaMember_lbl" xml:lang="en-US">Farmacias Yza [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoSocofarMember" xlink:label="fmx_GrupoSocofarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoSocofarMember" xlink:to="fmx_GrupoSocofarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoSocofarMember_lbl" xml:lang="en-US">Grupo socofar member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoSocofarMember_lbl" xml:lang="en-US">Grupo Socofar</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items that may be reclassified to consolidated net income:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items that will be reclassified to consolidated net income in subsequent periods, net of tax:</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentsNetOfTax" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentsNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentsNetOfTax_lbl" xml:lang="en-US">Valuation of effective portion of derivative financial instruments net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentsNetOfTax_lbl" xml:lang="en-US">Valuation of effective portion of derivative financial instruments net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentsNetOfTax_lbl" xml:lang="en-US">Valuation of the effective portion of derivative financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax" xlink:label="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax_lbl" xml:lang="en-US">Gains (losses) on hedges of net investments in foreign operations, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax_lbl" xml:lang="en-US">Foreign currency revaluation of the net foreign operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax_lbl" xml:lang="en-US">Income on hedge of net investments in foreign operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_lbl" xml:lang="en-US">Gains (losses) on exchange differences on translation, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_lbl" xml:lang="en-US">Exchange differences (loss) income on the translation of foreign operations and equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:to="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Total</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Other comprehensive income that will be reclassified to profit or loss, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Total items that will be reclassified</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items that may not be reclassified to consolidated net income in subsequent periods:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items that will not to be reclassified to consolidated net income in subsequent periods, net of tax:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xml:lang="en-US">Other comprehensive income, net of tax, gains (losses) from investments in equity instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xml:lang="en-US">Gain (loss) due to changes in the fair value in equity financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Share of other comprehensive income (loss) of equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Other comprehensive income that will not be reclassified to profit or loss, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Total items that will not be reclassified</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Other items of comprehensive income (loss), net of tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Total comprehensive income (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Consolidated comprehensive income (loss), net of tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl" xml:lang="en-US">Comprehensive income attributable to [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl" xml:lang="en-US">Comprehensive income:</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest" xlink:label="fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest" xlink:to="fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive income, attributable to owners of parent before reattribution to non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive income, attributable to owners of parent before reattribution to non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ComprehensiveIncomeAttributableToOwnersOfParentBeforeReattributionToNoncontrollingInterest_lbl" xml:lang="en-US">Controlling interest comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition" xlink:label="fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition" xlink:to="fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" xml:lang="en-US">Reattribution to non-controlling interest of other comprehensive income by acquisition of Vonpar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" xml:lang="en-US">Reattribution to non-controlling interest of other comprehensive income by acquisition of Vonpar</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_ReattributionToNoncontrollingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" xml:lang="en-US">Reattribution to non-controlling interest of other comprehensive income by acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US">Comprehensive income, attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US">Total comprehensive income (loss) attributable to equity holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US">Controlling interest comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest" xlink:to="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest_lbl" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests reattribution from controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest_lbl" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests reattribution from controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsReattributionFromControllingInterest_lbl" xml:lang="en-US">Non-controlling interest comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition" xlink:label="fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition" xlink:to="fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" xml:lang="en-US">Reattribution from controlling interest of other comprehensive income by acquisition of Vonpar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" xml:lang="en-US">Reattribution from controlling interest of other comprehensive income by acquisition of Vonpar</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ReattributionFromControllingInterestOfOtherComprehensiveIncomeByAcquisition_lbl" xml:lang="en-US">Reattribution from controlling interest of other comprehensive income by acquisition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interest comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations" xlink:label="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations" xlink:to="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations_lbl" xml:lang="en-US">Comprehensive income net of tax from continuing operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations_lbl" xml:lang="en-US">Comprehensive income net of tax from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations_lbl" xml:lang="en-US">Consolidated comprehensive income for continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_ComprehensiveIncomeNetOfTaxFromContinuingOperations_lbl" xml:lang="en-US">Controlling comprehensive income (loss) from continuing operations, net of tax</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations" xlink:to="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations_lbl" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests from continuing operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations_lbl" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ComprehensiveIncomeAttributableToNoncontrollingInterestsFromContinuingOperations_lbl" xml:lang="en-US">Non-controlling comprehensive income (loss) from continuing operations, net of tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xml:lang="en-US">Consolidated Statements of Changes in Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US">Components of equity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityMember" xlink:label="ifrs-full_EquityMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US">Equity [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapitalMember" xlink:label="ifrs-full_IssuedCapitalMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalMember" xlink:to="ifrs-full_IssuedCapitalMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapitalMember_lbl" xml:lang="en-US">Capital Stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalPaidinCapitalMember" xlink:label="ifrs-full_AdditionalPaidinCapitalMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapitalMember" xlink:to="ifrs-full_AdditionalPaidinCapitalMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapitalMember_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsAtFairValueMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueMember_lbl" xml:lang="en-US">Fair value in equity financial instrument</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentMember" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentMember" xlink:to="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentMember_lbl" xml:lang="en-US">Valuation of effective portion of derivative financial instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ValuationOfEffectivePortionOfDerivativeFinancialInstrumentMember_lbl" xml:lang="en-US">Portion of derivative financial instrument</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember_lbl" xml:lang="en-US">operations and equity accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlansMember" xlink:label="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlansMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlansMember" xlink:to="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlansMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlansMember_lbl" xml:lang="en-US">Remeasurements of the net defined benefit liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xml:lang="en-US">Total controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="ifrs-full_NoncontrollingInterestsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US">Non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl" xml:lang="en-US">Retrospective application and retrospective restatement [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RestatedMember" xlink:label="ifrs-full_RestatedMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestatedMember" xlink:to="ifrs-full_RestatedMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RestatedMember_lbl" xml:lang="en-US">Currently stated [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PreviouslyStatedMember" xlink:label="ifrs-full_PreviouslyStatedMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PreviouslyStatedMember" xlink:to="ifrs-full_PreviouslyStatedMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PreviouslyStatedMember_lbl" xml:lang="en-US">Previously stated [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember" xlink:label="ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember" xlink:to="ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember_lbl" xml:lang="en-US">Accounting standard adoption effects</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IFRIC23Member" xlink:label="fmx_IFRIC23Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IFRIC23Member" xlink:to="fmx_IFRIC23Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IFRIC23Member_lbl" xml:lang="en-US">Information pertaining to adoption of IFRIC23.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IFRIC23Member_lbl" xml:lang="en-US">I F R I C 23 [Member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustedBalanceMember" xlink:label="fmx_AdjustedBalanceMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustedBalanceMember" xlink:to="fmx_AdjustedBalanceMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustedBalanceMember_lbl" xml:lang="en-US">Adjusted balance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustedBalanceMember_lbl" xml:lang="en-US">Adjusted balance [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture" xlink:label="fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture" xlink:to="fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture_lbl" xml:lang="en-US">The amount of income and expense (including reclassification adjustments), excluding gain (loss) on sale of joint venture, that is not recognised in profit or loss as required or permitted by IFRS.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture_lbl" xml:lang="en-US">Other Comprehensive Income (Loss) Excluding Gain (Loss) On Sale Of Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherComprehensiveIncomeLossExcludingGainLossOnSaleOfJointVenture_lbl" xml:lang="en-US">Other comprehensive income (loss), net</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity" xlink:label="fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity" xlink:to="fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity_lbl" xml:lang="en-US">The increase (decrease) in equity resulting from the disposal of joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity_lbl" xml:lang="en-US">Increase (Decrease) Through Disposal Of Joint Venture, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseDecreaseThroughDisposalOfJointVentureEquity_lbl" xml:lang="en-US">Sale of Joint Venture</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US">Dividends recognised as distributions to owners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US">Dividends declared and paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_lbl" xml:lang="en-US">Increase (decrease) through share-based payment transactions, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_lbl" xml:lang="en-US">Issuance of share-based compensation plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:label="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:to="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_lbl" xml:lang="en-US">Increase (decrease) through change in equity of subsidiaries, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_lbl" xml:lang="en-US">Other acquisitions and remeasurements</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AcquisitionsOfNoncontrollingInterest" xlink:label="fmx_AcquisitionsOfNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AcquisitionsOfNoncontrollingInterest" xlink:to="fmx_AcquisitionsOfNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AcquisitionsOfNoncontrollingInterest_lbl" xml:lang="en-US">Acquisitions of non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AcquisitionsOfNoncontrollingInterest_lbl" xml:lang="en-US">Acquisitions of non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_AcquisitionsOfNoncontrollingInterest_lbl" xml:lang="en-US">Acquisition of non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherAcquisitionsOfNoncontrollingInterest" xlink:label="fmx_OtherAcquisitionsOfNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherAcquisitionsOfNoncontrollingInterest" xlink:to="fmx_OtherAcquisitionsOfNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherAcquisitionsOfNoncontrollingInterest_lbl" xml:lang="en-US">Other Acquisitions of noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherAcquisitionsOfNoncontrollingInterest_lbl" xml:lang="en-US">Other Acquisitions Of Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_OtherAcquisitionsOfNoncontrollingInterest_lbl" xml:lang="en-US">Other acquisition of non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates" xlink:label="fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates" xlink:to="fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates_lbl" xml:lang="en-US">Increase decrease through change in equity method of associates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates_lbl" xml:lang="en-US">Increase Decrease Through Change In Equity Method Of Associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseDecreaseThroughChangeInEquityMethodOfAssociates_lbl" xml:lang="en-US">Other movements in equity method accounted investees, net of tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Consolidated Statements of Cash Flows</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="ifrs-full_BusinessCombinationsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_BusinessCombinationsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BusinessCombinationsAxis_lbl" xml:lang="en-US">Business combinations [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xml:lang="en-US">Entity's total for business combinations [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EnvoyAndOtherAcquisitionsMember" xlink:label="fmx_EnvoyAndOtherAcquisitionsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EnvoyAndOtherAcquisitionsMember" xlink:to="fmx_EnvoyAndOtherAcquisitionsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EnvoyAndOtherAcquisitionsMember_lbl" xml:lang="en-US">Information pertaining to Envoy and other acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EnvoyAndOtherAcquisitionsMember_lbl" xml:lang="en-US">Envoy and other acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedIndividuallyImmaterialBusinessCombinationsMember" xlink:label="ifrs-full_AggregatedIndividuallyImmaterialBusinessCombinationsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedIndividuallyImmaterialBusinessCombinationsMember" xlink:to="ifrs-full_AggregatedIndividuallyImmaterialBusinessCombinationsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedIndividuallyImmaterialBusinessCombinationsMember_lbl" xml:lang="en-US">Other acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from (used in) operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">OPERATING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ProfitLossBeforeTaxContinuedOperations" xlink:label="fmx_ProfitLossBeforeTaxContinuedOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ProfitLossBeforeTaxContinuedOperations" xlink:to="fmx_ProfitLossBeforeTaxContinuedOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ProfitLossBeforeTaxContinuedOperations_lbl" xml:lang="en-US">Profit loss before tax continued operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ProfitLossBeforeTaxContinuedOperations_lbl" xml:lang="en-US">Profit Loss Before Tax Continued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_ProfitLossBeforeTaxContinuedOperations_lbl" xml:lang="en-US">Income before income taxes and Share in the profit (loss) of equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments to reconcile profit (loss) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Non-cash items adjustments:</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustmentsForNonCashOperatingExpenses" xlink:label="fmx_AdjustmentsForNonCashOperatingExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustmentsForNonCashOperatingExpenses" xlink:to="fmx_AdjustmentsForNonCashOperatingExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustmentsForNonCashOperatingExpenses_lbl" xml:lang="en-US">Adjustments for non cash operating expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustmentsForNonCashOperatingExpenses_lbl" xml:lang="en-US">Adjustments for non cash operating expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_AdjustmentsForNonCashOperatingExpenses_lbl" xml:lang="en-US">Operating (income)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US">Adjustments for depreciation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US">Depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForAmortisationExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xml:lang="en-US">Adjustments for amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xml:lang="en-US">Amortization</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xml:lang="en-US">Adjustments for losses (gains) on disposal of non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xml:lang="en-US">(Gain) loss on sale of long-lived assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LossOnRetirementOfLongLivedAndIntangibleAssets" xlink:label="fmx_LossOnRetirementOfLongLivedAndIntangibleAssets" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LossOnRetirementOfLongLivedAndIntangibleAssets_lbl" xml:lang="en-US">The adjustment for non-cash retirement of long-lived and intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LossOnRetirementOfLongLivedAndIntangibleAssets_lbl" xml:lang="en-US">Loss On Retirement Of Long-Lived and Intangible Assets</label>
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    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ImpairmentLossExcludingIntangibleAssetsAndOther" xlink:label="fmx_ImpairmentLossExcludingIntangibleAssetsAndOther" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ImpairmentLossExcludingIntangibleAssetsAndOther" xlink:to="fmx_ImpairmentLossExcludingIntangibleAssetsAndOther_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ImpairmentLossExcludingIntangibleAssetsAndOther_lbl" xml:lang="en-US">The amount of impairment loss during the period excluding impairment of intangible assets and other impairment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ImpairmentLossExcludingIntangibleAssetsAndOther_lbl" xml:lang="en-US">Impairment of long-lived assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ImpairmentLossExcludingIntangibleAssetsAndOther_lbl" xml:lang="en-US">Impairment of long-lived assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Adjustments for undistributed profits of investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of the profit of equity method accounted investees, net of taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForInterestIncome" xlink:label="ifrs-full_AdjustmentsForInterestIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForInterestIncome" xlink:to="ifrs-full_AdjustmentsForInterestIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForInterestIncome_lbl" xml:lang="en-US">Adjustments for interest income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForInterestIncome_lbl" xml:lang="en-US">Interest income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForInterestExpense" xlink:label="ifrs-full_AdjustmentsForInterestExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForInterestExpense" xlink:to="ifrs-full_AdjustmentsForInterestExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForInterestExpense_lbl" xml:lang="en-US">Adjustments for interest expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForInterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xml:lang="en-US">Adjustments for unrealised foreign exchange losses (gains)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xml:lang="en-US">Foreign exchange loss (gain), net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:label="ifrs-full_AdjustmentsForFairValueGainsLosses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:to="ifrs-full_AdjustmentsForFairValueGainsLosses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFairValueGainsLosses_lbl" xml:lang="en-US">Adjustments for fair value losses (gains)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForFairValueGainsLosses_lbl" xml:lang="en-US">Market value (gain) loss on financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:to="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_lbl" xml:lang="en-US">Cash flows from (used in) operations before changes in working capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_lbl" xml:lang="en-US">Net cash flow from operating activities before changes in operating accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xml:lang="en-US">Adjustments for decrease (increase) in trade and other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xml:lang="en-US">Trade accounts receivable and other current assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets" xlink:to="fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets_lbl" xml:lang="en-US">Adjustments for increase decrease in other financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets_lbl" xml:lang="en-US">Adjustments For Increase Decrease In Other Financial Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherFinancialAssets_lbl" xml:lang="en-US">Other current financial assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Adjustments for decrease (increase) in inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">Adjustments for gains (losses) on change in fair value of derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">Derivative financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xml:lang="en-US">Adjustments for increase (decrease) in trade and other payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xml:lang="en-US">Trade accounts payable and other accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xml:lang="en-US">Adjustments for increase (decrease) in other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xml:lang="en-US">Other non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities" xlink:to="fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Adjustments for increase decrease in other current financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Adjustments For Increase Decrease In Other Current Financial Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdjustmentsForIncreaseDecreaseInOtherCurrentFinancialLiabilities_lbl" xml:lang="en-US">Other current financial liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities" xlink:label="fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities" xlink:to="fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Employee benefit paid classified as operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Employee Benefit Paid Classified As Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_EmployeeBenefitPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Employee benefits paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="ifrs-full_CashFlowsFromUsedInOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperations" xlink:to="ifrs-full_CashFlowsFromUsedInOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_lbl" xml:lang="en-US">Cash flows from (used in) operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_lbl" xml:lang="en-US">Net cash generated from operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Income taxes paid (refund), classified as operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Income taxes paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesContinuingOperations" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesContinuingOperations" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Cash flows from (used in) operating activities, continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash flow generated from operating activities for continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash generated by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from (used in) investing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">INVESTING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:to="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Other acquisitions, net of cash acquired (see Note 4)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities" xlink:label="fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities" xlink:to="fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Equity accounted investees classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Equity Accounted Investees Classified As Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_EquityAccountedInvesteesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Purchase of investments other than investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Other equity investments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisposalpurchaseOfInvestments" xlink:label="fmx_DisposalpurchaseOfInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisposalpurchaseOfInvestments" xlink:to="fmx_DisposalpurchaseOfInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisposalpurchaseOfInvestments_lbl" xml:lang="en-US">Disposal (purchase) of investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisposalpurchaseOfInvestments_lbl" xml:lang="en-US">Disposal Purchase Of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisposalpurchaseOfInvestments_lbl" xml:lang="en-US">(Purchase) disposal of investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestReceivedClassifiedAsInvestingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsInvestingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Interest received, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Interest received</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities" xlink:label="fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities" xlink:to="fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities_lbl" xml:lang="en-US">Payments for proceeds from derivative financial instrument investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities_lbl" xml:lang="en-US">Payments For Proceeds From Derivative Financial Instrument Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PaymentsForProceedsFromDerivativeFinancialInstrumentInvestingActivities_lbl" xml:lang="en-US">Derivative financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xlink:to="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Dividends received, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Dividends received from equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of property, plant and equipment, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Property, plant and equipment acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Proceeds from sales of property, plant and equipment, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Proceeds from disposal of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of intangible assets, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Acquisition of intangible assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities" xlink:label="fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities" xlink:to="fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">It pertains to proceeds from the sale of long lived assets  under investing activity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Proceeds From Sale Of Long Lived Assets Classified As Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ProceedsFromSaleOfLongLivedAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Proceeds from long-lived assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of other long-term assets, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Investment in other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Proceeds from sales of other long-term assets, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Collections of other assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities" xlink:label="fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities" xlink:to="fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of other financial assets classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of other financial assets classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_PurchaseOfOtherFinancialAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Investment in other financial assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Cash flows from (used in) investing activities, continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash flows from (used in) investing activities, continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash (used in) by investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from (used in) financing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">FINANCING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Proceeds from borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Proceeds from borrowings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfNoncurrentBorrowings" xlink:label="ifrs-full_RepaymentsOfNoncurrentBorrowings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfNoncurrentBorrowings" xlink:to="ifrs-full_RepaymentsOfNoncurrentBorrowings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfNoncurrentBorrowings_lbl" xml:lang="en-US">Repayments of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfNoncurrentBorrowings_lbl" xml:lang="en-US">Payments of bank loans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Interest paid, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Interest paid</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities" xlink:label="fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities" xlink:to="fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Derivative financial instruments classified as financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Derivative Financial Instruments Classified as Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_DerivativeFinancialInstrumentsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Derivative financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Dividends paid, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Dividends paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:label="ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Other inflows (outflows) of cash, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Other financing activities</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Cash flows from (used in) financing activities, continuing operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash (used in) generated by financing activities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseDecreaseInCashAndCashEquivalentsContinuedOperations" xlink:label="fmx_IncreaseDecreaseInCashAndCashEquivalentsContinuedOperations" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseDecreaseInCashAndCashEquivalentsContinuedOperations_lbl" xml:lang="en-US">Increase decrease in cash and cash equivalents continued operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseDecreaseInCashAndCashEquivalentsContinuedOperations_lbl" xml:lang="en-US">Increase Decrease In Cash And Cash Equivalents Continued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="fmx_IncreaseDecreaseInCashAndCashEquivalentsContinuedOperations_lbl" xml:lang="en-US">(Decrease) increase in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</label>
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    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsTextBlockAbstract" xlink:label="fmx_IfrsTextBlockAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsTextBlockAbstract_lbl" xml:lang="en-US">n/a</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfParentEntityInformationExplanatory_lbl" xml:lang="en-US">Disclosure of parent entity information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfParentEntityInformationExplanatory_lbl" xml:lang="en-US">Disclosure of Parent Entity Information Explanatory</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">Disclosure of significant accounting policies [text block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xml:lang="en-US">Disclosure of business combinations [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xml:lang="en-US">Mergers, Acquisitions and Disposals</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Disclosure of cash and cash equivalents [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Cash and Cash Equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:label="ifrs-full_DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_lbl" xml:lang="en-US">Disclosure of investments other than investments accounted for using equity method [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_lbl" xml:lang="en-US">Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:label="ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_lbl" xml:lang="en-US">Disclosure of trade and other receivables [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_lbl" xml:lang="en-US">Trade Accounts Receivable, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xml:lang="en-US">Disclosure of inventories [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xml:lang="en-US">Inventories</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherCurrentAssetsAndOtherFinancialAssetsExplanatory" xlink:label="fmx_DisclosureOfOtherCurrentAssetsAndOtherFinancialAssetsExplanatory" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:label="ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_lbl" xml:lang="en-US">Disclosure of investments accounted for using equity method [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_lbl" xml:lang="en-US">Equity Method Accounted Investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Disclosure of property, plant and equipment [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfLeasesExplanatory_lbl" xml:lang="en-US">Disclosure of leases [text block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xml:lang="en-US">Disclosure of intangible assets [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US">Description Of Accounting Policy For Inventories And Cost Of Goods Sold [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xml:lang="en-US">Description of accounting policy for loans and receivables [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xml:lang="en-US">Loans and receivables</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DescriptionOfAccountingPolicyForOtherCurrentAssetsExplanatory_lbl" xml:lang="en-US">Description of accounting policy for other current assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DescriptionOfAccountingPolicyForOtherCurrentAssetsExplanatory_lbl" xml:lang="en-US">Description Of Accounting Policy For Other Current Assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DescriptionOfAccountingPolicyForOtherCurrentAssetsExplanatory_lbl" xml:lang="en-US">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl" xml:lang="en-US">Description of accounting policy for investment in associates and joint ventures [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_lbl" xml:lang="en-US">Equity method accounted investees</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Property, plant and equipment</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US">Description of accounting policy for leases [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US">Leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_lbl" xml:lang="en-US">Description of accounting policy for borrowing costs [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_lbl" xml:lang="en-US">Borrowing costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xml:lang="en-US">Description of accounting policy for intangible assets other than goodwill [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_lbl" xml:lang="en-US">Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xml:lang="en-US">Description of accounting policy for impairment of non-financial assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xml:lang="en-US">Impairment of long-lived assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DescriptionOfAccountingPolicyForFinancialLiabilitiesAndEquityInstrumentsExplanatory_lbl" xml:lang="en-US">Description of accounting policy for financial liabilities and equity instruments.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US">Description of accounting policy for provisions [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DescriptionOfAccountingPolicyForAdministrativeAndSellingExpensesExplanatory_lbl" xml:lang="en-US">Description Of Accounting Policy For Administrative And Selling Expenses [policy text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DescriptionOfAccountingPolicyForAdministrativeAndSellingExpensesExplanatory_lbl" xml:lang="en-US">Administrative and selling expenses</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US">Description of accounting policy for income tax [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US">Income taxes</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AcquisitionOfWaxieSanitarySupplyAndNorthAmericanCorporationMember_lbl" xml:lang="en-US">Represents information pertaining to acquisition of WAXIE Sanitary Supply and North American Corporation.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DiscontinuedOperationsMember" xlink:label="ifrs-full_DiscontinuedOperationsMember" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SpecialtysCafBakeryIncMember" xlink:to="fmx_SpecialtysCafBakeryIncMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SpecialtysCafBakeryIncMember_lbl" xml:lang="en-US">Represents information pertaining to Specialty's Caf &amp; Bakery, Inc.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory_lbl" xml:lang="en-US">Summary of Preliminary Estimate of Fair Value of Net Assets Acquired and Reconciliation of Cash Flows</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfIncomeStatementOfSignificantAssociateExplanatory_lbl" xml:lang="en-US">Disclosure of income statement of significant associate explanatory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfIncomeStatementOfSignificantAssociateExplanatory_lbl" xml:lang="en-US">Disclosure of Income Statement of Significant Associate [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfIncomeStatementOfSignificantAssociateExplanatory_lbl" xml:lang="en-US">Summary of Selected Income Statement for Period from Acquisition Date</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfUnauditedProFormaFinancialDataExplanatory_lbl" xml:lang="en-US">Disclosure of unaudited pro forma financial data.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfUnauditedProFormaFinancialDataExplanatory_lbl" xml:lang="en-US">Disclosure Of Unaudited Pro Forma Financial Data [text block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsExplanatory" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsExplanatory_lbl" xml:lang="en-US">Disclosure of analysis of single amount of discontinued operations [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsExplanatory_lbl" xml:lang="en-US">Summary of Income Statement of Discontinued Operations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfDetailedInformationOfCashAndCashEquivalentsExplanatory" xlink:label="fmx_DisclosureOfDetailedInformationOfCashAndCashEquivalentsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfDetailedInformationOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Disclosure of detailed information of cash and cash equivalents explanatory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfDetailedInformationOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Disclosure of detailed information of cash and cash equivalents explanatory [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsClassifiedAsAmortizedCostExplanatory_lbl" xml:lang="en-US">Disclosure of investments classified as amortized cost.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialAssetsExplanatory_lbl" xml:lang="en-US">Disclosure of financial assets [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfDetailedInformationAboutInventoriesExplanatory_lbl" xml:lang="en-US">The disclosure of detailed information about inventories.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:label="ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis_lbl" xml:lang="en-US">Individual assets or cash-generating units [axis]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_HealthDivisionMember_lbl" xml:lang="en-US">Health division.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfAllocationOfAmortisationExpensesExplanatory_lbl" xml:lang="en-US">Disclosure of allocation of amortisation expenses.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_lbl" xml:lang="en-US">Summary of Average Remaining Period for Company's Intangible Assets Subject to Amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfDetailedInformationAboutKeyAssumptionsByCguForImpairmentTestExplanatory_lbl" xml:lang="en-US">Disclosure Of Detailed Information About Key Assumptions By CGU For Impairment Test [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfSummarizedFinancialInformationExplanatory_lbl" xml:lang="en-US">Summary of Financial Information of Coca-Cola FEMSA</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfComponentsOfIncomeTaxExpenseExplanatory_lbl" xml:lang="en-US">The disclosure of components of income tax expense.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ScheduleOfIncomeTaxRecognizedAsOtherComprehensiveIncomeLossExplanatory_lbl" xml:lang="en-US">Schedule of income tax recognized as other comprehensive income loss explanatory.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ScheduleOfIncomeTaxRecognizedAsOtherComprehensiveIncomeLossExplanatory_lbl" xml:lang="en-US">Income Tax Expense/Benefit Recognized in Consolidated Statement of Other Comprehensive Income</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureDeferredTaxRelatedToOtherComprehensiveIncomeExplanatory_lbl" xml:lang="en-US">The disclosure deferred tax related to other comprehensive income.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfReconciliationOfChangesInDeferredTaxLiabilityAssetExplanatory_lbl" xml:lang="en-US">The disclosure of reconciliation of changes in deferred tax liability asset.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfTaxLossCarryforwardsExplanatory_lbl" xml:lang="en-US">The disclosure of tax loss carry-forwards.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfProvisionsAndOtherLongTermLiabilitiesExplanatory_lbl" xml:lang="en-US">Disclosure Of Provisions And Other Long Term Liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfProvisionsAndOtherLongTermLiabilitiesExplanatory_lbl" xml:lang="en-US">Schedule of Provisions and Other Non-Current Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US">Disclosure of other liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US">Schedule of Other Financial Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfProvisionsExplanatory" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfProvisionsExplanatory" xlink:to="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xml:lang="en-US">Disclosure of provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xml:lang="en-US">Schedule of Provisions Recorded in the Statement of Financial Position</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock" xlink:label="fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock" xlink:to="fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock_lbl" xml:lang="en-US">The disclosure of reconciliation between provisions at the beginning of the period and provisions at the end of the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock_lbl" xml:lang="en-US">Disclosure Of Reconciliation Of Changes In Provisions Explanatory [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfReconciliationOfChangesInProvisionsExplanatoryTableTextBlock_lbl" xml:lang="en-US">Summary of Changes in Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US">Disclosure of operating segments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US">Summary of information by operating segment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:label="ifrs-full_DisclosureOfGeographicalAreasExplanatory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:to="ifrs-full_DisclosureOfGeographicalAreasExplanatory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasExplanatory_lbl" xml:lang="en-US">Disclosure of geographical areas [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeographicalAreasExplanatory_lbl" xml:lang="en-US">Summary of geographic disclosure for non-current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_lbl" xml:lang="en-US">Summary of Disaggregation of Revenue by Geographic Area, Business Unit and Products and Services Categories</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfParentEntityInformationAbstract" xlink:label="fmx_DisclosureOfParentEntityInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfParentEntityInformationAbstract" xlink:to="fmx_DisclosureOfParentEntityInformationAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfParentEntityInformationAbstract_lbl" xml:lang="en-US">Information about parent entity information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfParentEntityInformationAbstract_lbl" xml:lang="en-US">Disclosure Of Parent Entity Information [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfParentEntityInformationTable" xlink:label="fmx_DisclosureOfParentEntityInformationTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfParentEntityInformationTable" xlink:to="fmx_DisclosureOfParentEntityInformationTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfParentEntityInformationTable_lbl" xml:lang="en-US">Disclosure of parent entity information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfParentEntityInformationTable_lbl" xml:lang="en-US">Disclosure Of Parent Entity Information [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfParentEntityInformationTable_lbl" xml:lang="en-US">Disclosure Of Parent Entity Information [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CocaColaFEMSAMember" xlink:label="fmx_CocaColaFEMSAMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CocaColaFEMSAMember" xlink:to="fmx_CocaColaFEMSAMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CocaColaFEMSAMember_lbl" xml:lang="en-US">Coca- Cola FEMSA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CocaColaFEMSAMember_lbl" xml:lang="en-US">Coca-Cola FEMSA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ProximityDivisionMember" xlink:label="fmx_ProximityDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ProximityDivisionMember" xlink:to="fmx_ProximityDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ProximityDivisionMember_lbl" xml:lang="en-US">Proximity division [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ProximityDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio - Proximity Division</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FuelDivisionMember" xlink:label="fmx_FuelDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FuelDivisionMember" xlink:to="fmx_FuelDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FuelDivisionMember_lbl" xml:lang="en-US">Fuel division.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FuelDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio - Fuel Division</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherBusinessesMember" xlink:label="fmx_OtherBusinessesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherBusinessesMember" xlink:to="fmx_OtherBusinessesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherBusinessesMember_lbl" xml:lang="en-US">Other businesses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherBusinessesMember_lbl" xml:lang="en-US">Other businesses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:to="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xml:lang="en-US">Associates [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="ifrs-full_EntitysTotalForAssociatesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForAssociatesMember" xlink:to="ifrs-full_EntitysTotalForAssociatesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForAssociatesMember_lbl" xml:lang="en-US">Entity's total for associates [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_HeinekenGroupMember" xlink:label="fmx_HeinekenGroupMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_HeinekenGroupMember" xlink:to="fmx_HeinekenGroupMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_HeinekenGroupMember_lbl" xml:lang="en-US">Heineken group.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_HeinekenGroupMember_lbl" xml:lang="en-US">Heineken Group</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommonStockSeriesBMember" xlink:label="fmx_CommonStockSeriesBMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonStockSeriesBMember" xlink:to="fmx_CommonStockSeriesBMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonStockSeriesBMember_lbl" xml:lang="en-US">Common stock series B.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonStockSeriesBMember_lbl" xml:lang="en-US">Series B shares.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommonStockSeriesLMember" xlink:label="fmx_CommonStockSeriesLMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonStockSeriesLMember" xlink:to="fmx_CommonStockSeriesLMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonStockSeriesLMember_lbl" xml:lang="en-US">Common stock series L.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonStockSeriesLMember_lbl" xml:lang="en-US">Series L shares</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US">Entity [Domain]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CocaColaCompanyMember" xlink:label="fmx_CocaColaCompanyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CocaColaCompanyMember" xlink:to="fmx_CocaColaCompanyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CocaColaCompanyMember_lbl" xml:lang="en-US">Coca-Cola Company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CocaColaCompanyMember_lbl" xml:lang="en-US">The Coca-Cola company</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfParentEntityInformationLineItems" xlink:label="fmx_DisclosureOfParentEntityInformationLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfParentEntityInformationLineItems" xlink:to="fmx_DisclosureOfParentEntityInformationLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfParentEntityInformationLineItems_lbl" xml:lang="en-US">Line item related to disclosure of parent entity information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfParentEntityInformationLineItems_lbl" xml:lang="en-US">Disclosure Of Parent Entity Information [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfParentEntityInformationLineItems_lbl" xml:lang="en-US">Disclosure Of Parent Entity Information [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US">Percentage of ownership in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US">Proportion of ownership interest in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US">Percentage of ownership in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US">Percentage of ownership interest of subsidiary</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" xlink:label="ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" xlink:to="ifrs-full_ProportionOfVotingPowerHeldInSubsidiary_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfVotingPowerHeldInSubsidiary_lbl" xml:lang="en-US">Proportion of voting rights held in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfVotingPowerHeldInSubsidiary_lbl" xml:lang="en-US">Percentage of voting share in subsidiary</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US">Proportion of ownership interest in associate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US">Economic ownership percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US">Ownership Percentage, Associate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfSharesTradedAsAmericanDepositaryShares" xlink:label="fmx_PercentageOfSharesTradedAsAmericanDepositaryShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfSharesTradedAsAmericanDepositaryShares" xlink:to="fmx_PercentageOfSharesTradedAsAmericanDepositaryShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfSharesTradedAsAmericanDepositaryShares_lbl" xml:lang="en-US">The percentage of shares traded as American Depositary Shares (ADS).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfSharesTradedAsAmericanDepositaryShares_lbl" xml:lang="en-US">Percentage Of Shares Traded As American Depositary Shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_StockSplitRatio" xlink:label="fmx_StockSplitRatio" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_StockSplitRatio" xlink:to="fmx_StockSplitRatio_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_StockSplitRatio_lbl" xml:lang="en-US">The number of shares awarded for each share received in the stock split.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_StockSplitRatio_lbl" xml:lang="en-US">Stock Split Ratio</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract" xlink:label="fmx_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract" xlink:to="fmx_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Disclosure of basis of preparation of financial statements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Disclosure of basis of preparation of financial statements [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:to="ifrs-full_DisclosureOfInvestmentPropertyTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyTable_lbl" xml:lang="en-US">Disclosure of detailed information about investment property [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyTable_lbl" xml:lang="en-US">Disclosure of detailed information about investment property [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xml:lang="en-US">Non-adjusting events after reporting period [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="ifrs-full_NonadjustingEventsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsMember" xlink:to="ifrs-full_NonadjustingEventsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsMember_lbl" xml:lang="en-US">Non-adjusting Events After Reporting Period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AbnormallyLargeChangesInAssetPricesOrForeignExchangeRatesMember" xlink:label="ifrs-full_AbnormallyLargeChangesInAssetPricesOrForeignExchangeRatesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AbnormallyLargeChangesInAssetPricesOrForeignExchangeRatesMember" xlink:to="ifrs-full_AbnormallyLargeChangesInAssetPricesOrForeignExchangeRatesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AbnormallyLargeChangesInAssetPricesOrForeignExchangeRatesMember_lbl" xml:lang="en-US">Changes in foreign exchange rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:to="ifrs-full_DisclosureOfInvestmentPropertyLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about investment property [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about investment property [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClosingForeignExchangeRate" xlink:label="ifrs-full_ClosingForeignExchangeRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Closing foreign exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Exchange Rate as of</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Closing foreign exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Conversion rate of Mexican pesos to U.S. dollars</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseDecreaseInForeignCurrencyExchangeRate" xlink:label="fmx_IncreaseDecreaseInForeignCurrencyExchangeRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseDecreaseInForeignCurrencyExchangeRate" xlink:to="fmx_IncreaseDecreaseInForeignCurrencyExchangeRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseDecreaseInForeignCurrencyExchangeRate_lbl" xml:lang="en-US">Increase decrease in foreign currency exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseDecreaseInForeignCurrencyExchangeRate_lbl" xml:lang="en-US">Increase Decrease In Foreign Currency Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseDecreaseInForeignCurrencyExchangeRate_lbl" xml:lang="en-US">Increase decrease in foreign currency exchange rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExplanationOfNatureAndAmountOfSignificantTransactions" xlink:label="ifrs-full_ExplanationOfNatureAndAmountOfSignificantTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExplanationOfNatureAndAmountOfSignificantTransactions" xlink:to="ifrs-full_ExplanationOfNatureAndAmountOfSignificantTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExplanationOfNatureAndAmountOfSignificantTransactions_lbl" xml:lang="en-US">Explanation of nature and amount of significant transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExplanationOfNatureAndAmountOfSignificantTransactions_lbl" xml:lang="en-US">Description of significant influence</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xml:lang="en-US">Proportion of ownership interest in joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xml:lang="en-US">Ownership Percentage, Joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xml:lang="en-US">Percentage of ownership interest in joint venture</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:to="fmx_DisclosureOfSignificantAccountingPoliciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Disclosure of significant accounting policies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Disclosure of significant accounting policies [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfSignificantAccountingPoliciesTable" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfSignificantAccountingPoliciesTable" xlink:to="fmx_DisclosureOfSignificantAccountingPoliciesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesTable_lbl" xml:lang="en-US">Disclosure of significant accounting policies [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesTable_lbl" xml:lang="en-US">Disclosure of significant accounting policies [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesTable_lbl" xml:lang="en-US">Disclosure of significant accounting policies [table]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CurrencyAxis" xlink:label="srt_CurrencyAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CurrencyAxis" xlink:to="srt_CurrencyAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_CurrencyAxis_lbl" xml:lang="en-US">Currency [Axis]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_AllCurrenciesDomain" xlink:label="currency_AllCurrenciesDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_AllCurrenciesDomain" xlink:to="currency_AllCurrenciesDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US">All Currencies [Domain]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_GTQ" xlink:label="currency_GTQ" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_GTQ" xlink:to="currency_GTQ_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_GTQ_lbl" xml:lang="en-US">Guatemala, Quetzal</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_CRC" xlink:label="currency_CRC" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_CRC" xlink:to="currency_CRC_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_CRC_lbl" xml:lang="en-US">Costa Rica, Colon</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_USD" xlink:label="currency_USD" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_USD" xlink:to="currency_USD_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_USD_lbl" xml:lang="en-US">U S dollar</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_COP" xlink:label="currency_COP" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_COP" xlink:to="currency_COP_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_COP_lbl" xml:lang="en-US">Colombian peso</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_NIO" xlink:label="currency_NIO" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_NIO" xlink:to="currency_NIO_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_NIO_lbl" xml:lang="en-US">Nicaragua, Cordoba</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_ARS" xlink:label="currency_ARS" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_ARS" xlink:to="currency_ARS_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_ARS_lbl" xml:lang="en-US">Argentine peso</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_BRL" xlink:label="currency_BRL" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_BRL" xlink:to="currency_BRL_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_BRL_lbl" xml:lang="en-US">Brazilian Reais</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_CLP" xlink:label="currency_CLP" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_CLP" xlink:to="currency_CLP_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_CLP_lbl" xml:lang="en-US">Chilean peso</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_EUR" xlink:label="currency_EUR" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_EUR" xlink:to="currency_EUR_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_EUR_lbl" xml:lang="en-US">Euro</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_PEN" xlink:label="currency_PEN" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_PEN" xlink:to="currency_PEN_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_PEN_lbl" xml:lang="en-US">Peru, Nuevo Sol</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_UYI" xlink:label="currency_UYI" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_UYI" xlink:to="currency_UYI_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_UYI_lbl" xml:lang="en-US">Uruguay Peso en Unidades Indexadas (UPUI)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="ifrs-full_GeographicalAreasAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US">Geographical areas [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeographicalAreasMember" xlink:label="ifrs-full_GeographicalAreasMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_GeographicalAreasMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US">Geographical areas [member]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_GT" xlink:label="country_GT" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_GT" xlink:to="country_GT_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_GT_lbl" xml:lang="en-US">Guatemala</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_CR" xlink:label="country_CR" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CR" xlink:to="country_CR_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_CR_lbl" xml:lang="en-US">Costa Rica</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_PA" xlink:label="country_PA" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_PA" xlink:to="country_PA_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_PA_lbl" xml:lang="en-US">Panama</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_CO" xlink:label="country_CO" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CO" xlink:to="country_CO_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_CO_lbl" xml:lang="en-US">Colombia</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_NI" xlink:label="country_NI" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_NI" xlink:to="country_NI_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_NI_lbl" xml:lang="en-US">Nicaragua</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_AR" xlink:label="country_AR" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_AR" xlink:to="country_AR_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_AR_lbl" xml:lang="en-US">Argentina</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_BR" xlink:label="country_BR" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_BR" xlink:to="country_BR_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_BR_lbl" xml:lang="en-US">Brazil</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_CL" xlink:label="country_CL" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CL" xlink:to="country_CL_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_CL_lbl" xml:lang="en-US">Chile</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EuroZoneMember" xlink:label="fmx_EuroZoneMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EuroZoneMember" xlink:to="fmx_EuroZoneMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EuroZoneMember_lbl" xml:lang="en-US">Euro zone.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EuroZoneMember_lbl" xml:lang="en-US">Euro Zone</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_PE" xlink:label="country_PE" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_PE" xlink:to="country_PE_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_PE_lbl" xml:lang="en-US">Peru</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_EC" xlink:label="country_EC" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_EC" xlink:to="country_EC_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_EC_lbl" xml:lang="en-US">Ecuador</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_US" xlink:label="country_US" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_US" xlink:to="country_US_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_US_lbl" xml:lang="en-US">United States</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_UY" xlink:label="country_UY" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_UY" xlink:to="country_UY_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_UY_lbl" xml:lang="en-US">Uruguay</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfSignificantAccountingPoliciesLineItems" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfSignificantAccountingPoliciesLineItems" xlink:to="fmx_DisclosureOfSignificantAccountingPoliciesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US">Disclosure of significant accounting policies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US">Disclosure of significant accounting policies [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US">Disclosure of significant accounting policies [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Goodwill recognised as of acquisition date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestIncomeOnLoansAndReceivables" xlink:label="ifrs-full_InterestIncomeOnLoansAndReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeOnLoansAndReceivables" xlink:to="ifrs-full_InterestIncomeOnLoansAndReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeOnLoansAndReceivables_lbl" xml:lang="en-US">Interest income on loans and receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfFunctionalCurrency" xlink:label="ifrs-full_DescriptionOfFunctionalCurrency" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfFunctionalCurrency" xlink:to="ifrs-full_DescriptionOfFunctionalCurrency_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfFunctionalCurrency_lbl" xml:lang="en-US">Description of functional currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfFunctionalCurrency_lbl" xml:lang="en-US">Functional / Recording Currency</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageForeignExchangeRate" xlink:label="ifrs-full_AverageForeignExchangeRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageForeignExchangeRate" xlink:to="ifrs-full_AverageForeignExchangeRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageForeignExchangeRate_lbl" xml:lang="en-US">Average foreign exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AverageForeignExchangeRate_lbl" xml:lang="en-US">Average exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AverageForeignExchangeRate_lbl" xml:lang="en-US">Average Exchange Rate for</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Impairment loss recognised in profit or loss, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Impairment charge, intangibles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Loss in write-off of intangible assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfHyperinflationaryReportingAbstract" xlink:label="fmx_DisclosureOfHyperinflationaryReportingAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfHyperinflationaryReportingAbstract" xlink:to="fmx_DisclosureOfHyperinflationaryReportingAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfHyperinflationaryReportingAbstract_lbl" xml:lang="en-US">Disclosure of hyperinflationary reporting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfHyperinflationaryReportingAbstract_lbl" xml:lang="en-US">Disclosure of Hyperinflationary Reporting [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfHyperinflationaryReportingTable" xlink:label="fmx_DisclosureOfHyperinflationaryReportingTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfHyperinflationaryReportingTable" xlink:to="fmx_DisclosureOfHyperinflationaryReportingTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfHyperinflationaryReportingTable_lbl" xml:lang="en-US">Disclosure of Hyperinflationary Reporting [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfHyperinflationaryReportingTable_lbl" xml:lang="en-US">Disclosure of Hyperinflationary Reporting [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfHyperinflationaryReportingTable_lbl" xml:lang="en-US">Disclosure of Hyperinflationary Reporting [table]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_MX" xlink:label="country_MX" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_MX" xlink:to="country_MX_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_MX_lbl" xml:lang="en-US">Mexico</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfHyperinflationaryReportingLineItems" xlink:label="fmx_DisclosureOfHyperinflationaryReportingLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfHyperinflationaryReportingLineItems" xlink:to="fmx_DisclosureOfHyperinflationaryReportingLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfHyperinflationaryReportingLineItems_lbl" xml:lang="en-US">Disclosure of hyperinflationary reporting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfHyperinflationaryReportingLineItems_lbl" xml:lang="en-US">Disclosure of Hyperinflationary Reporting [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfHyperinflationaryReportingLineItems_lbl" xml:lang="en-US">Disclosure of Hyperinflationary Reporting [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EffectOfCumulativeInflationPercentageRecognised" xlink:label="fmx_EffectOfCumulativeInflationPercentageRecognised" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EffectOfCumulativeInflationPercentageRecognised" xlink:to="fmx_EffectOfCumulativeInflationPercentageRecognised_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EffectOfCumulativeInflationPercentageRecognised_lbl" xml:lang="en-US">Cumulative inflation percentage over three-year period, threshold for recognition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EffectOfCumulativeInflationPercentageRecognised_lbl" xml:lang="en-US">Effect Of Cumulative Inflation Percentage Recognised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EffectOfCumulativeInflationPercentageRecognised_lbl" xml:lang="en-US">Cumulative inflation percentage, threshold for recognition</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CumulativeInflationPercentage" xlink:label="fmx_CumulativeInflationPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CumulativeInflationPercentage" xlink:to="fmx_CumulativeInflationPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CumulativeInflationPercentage_lbl" xml:lang="en-US">Cumulative inflation percentage, actual, during the three-year period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CumulativeInflationPercentage_lbl" xml:lang="en-US">Cumulative Inflation Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CumulativeInflationPercentage_lbl" xml:lang="en-US">Cumulative inflation percentage, actual, during the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BuildingsMember" xlink:label="ifrs-full_BuildingsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BuildingsMember_lbl" xml:lang="en-US">Buildings</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MachineryAndEquipment1Member" xlink:label="fmx_MachineryAndEquipment1Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MachineryAndEquipment1Member" xlink:to="fmx_MachineryAndEquipment1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MachineryAndEquipment1Member_lbl" xml:lang="en-US">Machinery and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MachineryAndEquipment1Member_lbl" xml:lang="en-US">Machinery and equipment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DistributionEquipmentMember" xlink:label="fmx_DistributionEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DistributionEquipmentMember" xlink:to="fmx_DistributionEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DistributionEquipmentMember_lbl" xml:lang="en-US">Distribution Equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DistributionEquipmentMember_lbl" xml:lang="en-US">Distribution equipment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RefrigerationEquipmentMember" xlink:label="fmx_RefrigerationEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RefrigerationEquipmentMember" xlink:to="fmx_RefrigerationEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RefrigerationEquipmentMember_lbl" xml:lang="en-US">Refrigeration equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RefrigerationEquipmentMember_lbl" xml:lang="en-US">Refrigeration equipment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ReturnableBottlesMember" xlink:label="fmx_ReturnableBottlesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ReturnableBottlesMember" xlink:to="fmx_ReturnableBottlesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ReturnableBottlesMember_lbl" xml:lang="en-US">Returnable bottles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ReturnableBottlesMember_lbl" xml:lang="en-US">Returnable bottles</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="ifrs-full_LeaseholdImprovementsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xml:lang="en-US">Leasehold improvements</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InformationTechnologyEquipmentMember" xlink:label="fmx_InformationTechnologyEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InformationTechnologyEquipmentMember" xlink:to="fmx_InformationTechnologyEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InformationTechnologyEquipmentMember_lbl" xml:lang="en-US">Information technology equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InformationTechnologyEquipmentMember_lbl" xml:lang="en-US">Information technology equipment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherEquipmentMember" xlink:label="fmx_OtherEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherEquipmentMember" xlink:to="fmx_OtherEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherEquipmentMember_lbl" xml:lang="en-US">Other Equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherEquipmentMember_lbl" xml:lang="en-US">Other equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember" xlink:label="ifrs-full_RangesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_RangesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US">Ranges [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BottomOfRangeMember" xlink:label="ifrs-full_BottomOfRangeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US">Minimum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TopOfRangeMember" xlink:label="ifrs-full_TopOfRangeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US">Maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BiologicalAssetsByTypeAxis" xlink:label="ifrs-full_BiologicalAssetsByTypeAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BiologicalAssetsByTypeAxis" xlink:to="ifrs-full_BiologicalAssetsByTypeAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BiologicalAssetsByTypeAxis_lbl" xml:lang="en-US">Biological assets by type [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BiologicalAssetsTypeMember" xlink:label="ifrs-full_BiologicalAssetsTypeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BiologicalAssetsTypeMember" xlink:to="ifrs-full_BiologicalAssetsTypeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BiologicalAssetsTypeMember_lbl" xml:lang="en-US">Biological assets, type [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PETBottlesMember" xlink:label="fmx_PETBottlesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PETBottlesMember" xlink:to="fmx_PETBottlesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PETBottlesMember_lbl" xml:lang="en-US">PET bottles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PETBottlesMember_lbl" xml:lang="en-US">PET bottles</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GlassBottlesMember" xlink:label="fmx_GlassBottlesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GlassBottlesMember" xlink:to="fmx_GlassBottlesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GlassBottlesMember_lbl" xml:lang="en-US">Glass bottles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GlassBottlesMember_lbl" xml:lang="en-US">Glass bottles</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ifrs-full_ClassesOfAssetsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsAxis" xlink:to="ifrs-full_ClassesOfAssetsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsAxis_lbl" xml:lang="en-US">Classes of assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="ifrs-full_ClassesOfAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsMember" xlink:to="ifrs-full_ClassesOfAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsMember_lbl" xml:lang="en-US">Assets [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RetailStoresMember" xlink:label="fmx_RetailStoresMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RetailStoresMember" xlink:to="fmx_RetailStoresMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RetailStoresMember_lbl" xml:lang="en-US">Retail Stores</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RetailStoresMember_lbl" xml:lang="en-US">Retail Stores</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OfficeSpaceMember" xlink:label="fmx_OfficeSpaceMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OfficeSpaceMember" xlink:to="fmx_OfficeSpaceMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OfficeSpaceMember_lbl" xml:lang="en-US">Office Space</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OfficeSpaceMember_lbl" xml:lang="en-US">Office Space</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Property, Plant and Equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmortisationExpense" xlink:label="ifrs-full_AmortisationExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US">Amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US">Amortization expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl" xml:lang="en-US">Useful life measured as period of time, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_lbl" xml:lang="en-US">Estimated useful lives of principal assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OperatingLeaseTerm" xlink:label="fmx_OperatingLeaseTerm" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OperatingLeaseTerm" xlink:to="fmx_OperatingLeaseTerm_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OperatingLeaseTerm_lbl" xml:lang="en-US">Operating lease term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OperatingLeaseTerm_lbl" xml:lang="en-US">Operating Lease Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OperatingLeaseTerm_lbl" xml:lang="en-US">Operating lease term</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BajioTerritoryMexicoMember" xlink:label="fmx_BajioTerritoryMexicoMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BajioTerritoryMexicoMember" xlink:to="fmx_BajioTerritoryMexicoMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BajioTerritoryMexicoMember_lbl" xml:lang="en-US">Information pertaining to the Bajio territory in Mexico.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BajioTerritoryMexicoMember_lbl" xml:lang="en-US">Bajio Territory, Mexico</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_VE" xlink:label="country_VE" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_VE" xlink:to="country_VE_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_VE_lbl" xml:lang="en-US">Venezuela</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US">Customer relationships</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InformationTechnologyAndManagementSystemCostsMember" xlink:label="fmx_InformationTechnologyAndManagementSystemCostsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InformationTechnologyAndManagementSystemCostsMember" xlink:to="fmx_InformationTechnologyAndManagementSystemCostsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InformationTechnologyAndManagementSystemCostsMember_lbl" xml:lang="en-US">Information technology and management system costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InformationTechnologyAndManagementSystemCostsMember_lbl" xml:lang="en-US">Information technology and management system costs</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermAlcoholLicensesMember" xlink:label="fmx_LongTermAlcoholLicensesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermAlcoholLicensesMember" xlink:to="fmx_LongTermAlcoholLicensesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermAlcoholLicensesMember_lbl" xml:lang="en-US">Long term alcohol licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermAlcoholLicensesMember_lbl" xml:lang="en-US">Long-term alcohol licenses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfAgreementsRelatedToIntangibleAssets" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfAgreementsRelatedToIntangibleAssets" xlink:to="fmx_NumberOfAgreementsRelatedToIntangibleAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssets_lbl" xml:lang="en-US">The number of agreements giving rise to intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssets_lbl" xml:lang="en-US">Number Of Agreements Related To Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssets_lbl" xml:lang="en-US">Number of bottling agreements</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal" xlink:to="fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal_lbl" xml:lang="en-US">The number of agreements giving rise to intangible assets, after renewal process.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal_lbl" xml:lang="en-US">Number Of Agreements Related To Intangible Assets After Renewal</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfAgreementsRelatedToIntangibleAssetsAfterRenewal_lbl" xml:lang="en-US">Number of bottling agreements, after renewal</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_UsefulLivesPropertyPlantAndEquipment" xlink:label="fmx_UsefulLivesPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_UsefulLivesPropertyPlantAndEquipment" xlink:to="fmx_UsefulLivesPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Useful lives property plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Useful lives property plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Estimated useful lives</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ImpairmentLoss" xlink:label="ifrs-full_ImpairmentLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLoss" xlink:to="ifrs-full_ImpairmentLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US">Impairment loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US">Impairment of long-lived assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US">Impairment recognized</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IntangibleAssetsRenewableTerm" xlink:label="fmx_IntangibleAssetsRenewableTerm" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IntangibleAssetsRenewableTerm" xlink:to="fmx_IntangibleAssetsRenewableTerm_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IntangibleAssetsRenewableTerm_lbl" xml:lang="en-US">Intangible assets renewable term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IntangibleAssetsRenewableTerm_lbl" xml:lang="en-US">Intangible Assets Renewable Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IntangibleAssetsRenewableTerm_lbl" xml:lang="en-US">Intangible assets renewable term</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MinimumAgeForRetirementBenefits" xlink:label="fmx_MinimumAgeForRetirementBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MinimumAgeForRetirementBenefits" xlink:to="fmx_MinimumAgeForRetirementBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MinimumAgeForRetirementBenefits_lbl" xml:lang="en-US">Minimum age for retirement benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MinimumAgeForRetirementBenefits_lbl" xml:lang="en-US">Minimum Age For Retirement Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MinimumAgeForRetirementBenefits_lbl" xml:lang="en-US">Minimum age for retirement benefits</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RetirementBenefitsNumberOfYearsOfService" xlink:label="fmx_RetirementBenefitsNumberOfYearsOfService" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RetirementBenefitsNumberOfYearsOfService" xlink:to="fmx_RetirementBenefitsNumberOfYearsOfService_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RetirementBenefitsNumberOfYearsOfService_lbl" xml:lang="en-US">Number of years of service for retirement benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RetirementBenefitsNumberOfYearsOfService_lbl" xml:lang="en-US">Retirement Benefits, Number of Years of Service</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RetirementBenefitsNumberOfYearsOfService_lbl" xml:lang="en-US">Number of years of service for retirement benefits</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages" xlink:label="fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages" xlink:to="fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages_lbl" xml:lang="en-US">The number of days wages per year of service that are paid out in the one-time payment of post retirement benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages_lbl" xml:lang="en-US">Post Employment Benefit, One-Time Payment, Number Of Days Wages</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PostEmploymentBenefitOneTimePaymentNumberOfDaysWages_lbl" xml:lang="en-US">Benefit payment, number of days wages</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MinimumYearOfServiceForRetirementBenefits" xlink:label="fmx_MinimumYearOfServiceForRetirementBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MinimumYearOfServiceForRetirementBenefits" xlink:to="fmx_MinimumYearOfServiceForRetirementBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MinimumYearOfServiceForRetirementBenefits_lbl" xml:lang="en-US">Number of years of service for seniority retirement benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MinimumYearOfServiceForRetirementBenefits_lbl" xml:lang="en-US">Minimum Year Of Service For Retirement Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MinimumYearOfServiceForRetirementBenefits_lbl" xml:lang="en-US">Years of service for seniority retirement benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DistributionCosts" xlink:label="ifrs-full_DistributionCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DistributionCosts" xlink:to="ifrs-full_DistributionCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DistributionCosts_lbl" xml:lang="en-US">Distribution costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DistributionCosts_lbl" xml:lang="en-US">Distribution costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ApplicableTaxRate" xlink:to="ifrs-full_ApplicableTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US">Applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US">Income tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US">Mexican statutory income tax rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SoutheasternPaperGroupIncMember" xlink:label="fmx_SoutheasternPaperGroupIncMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SoutheasternPaperGroupIncMember" xlink:to="fmx_SoutheasternPaperGroupIncMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SoutheasternPaperGroupIncMember_lbl" xml:lang="en-US">Represents information pertaining to Southeastern Paper Group, Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SoutheasternPaperGroupIncMember_lbl" xml:lang="en-US">Southeastern Paper Group, Inc</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GPFMember" xlink:label="fmx_GPFMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GPFMember" xlink:to="fmx_GPFMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GPFMember_lbl" xml:lang="en-US">GPF</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GPFMember_lbl" xml:lang="en-US">GPF</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AGVMember" xlink:label="fmx_AGVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AGVMember" xlink:to="fmx_AGVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AGVMember_lbl" xml:lang="en-US">AGV</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AGVMember_lbl" xml:lang="en-US">AGV</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:to="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US">Percentage of voting equity interests acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US">Business acquisition, percentage of voting equity interests acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US">Consideration transferred, acquisition-date fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US">Business acquisition, consideration transferred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US">Total consideration transferred</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfDistributionCentersAcrossCountry" xlink:label="fmx_NumberOfDistributionCentersAcrossCountry" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfDistributionCentersAcrossCountry" xlink:to="fmx_NumberOfDistributionCentersAcrossCountry_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfDistributionCentersAcrossCountry_lbl" xml:lang="en-US">Number of distribution centers across the country in which the company operates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfDistributionCentersAcrossCountry_lbl" xml:lang="en-US">Number Of Distribution Centers Across The Country</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfDistributionCentersAcrossCountry_lbl" xml:lang="en-US">Number of distribution centers</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ThresholdNumberOfCustomersServedInVariousIndustries" xlink:label="fmx_ThresholdNumberOfCustomersServedInVariousIndustries" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ThresholdNumberOfCustomersServedInVariousIndustries" xlink:to="fmx_ThresholdNumberOfCustomersServedInVariousIndustries_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ThresholdNumberOfCustomersServedInVariousIndustries_lbl" xml:lang="en-US">Threshold number of customers served in various industries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ThresholdNumberOfCustomersServedInVariousIndustries_lbl" xml:lang="en-US">Threshold Number Of Customers Served In Various Industries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ThresholdNumberOfCustomersServedInVariousIndustries_lbl" xml:lang="en-US">Threshold number of customers served in various industries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xml:lang="en-US">Classes of intangible assets other than goodwill [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US">Intangible assets [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BrandNamesMember" xlink:label="ifrs-full_BrandNamesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNamesMember" xlink:to="ifrs-full_BrandNamesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BrandNamesMember_lbl" xml:lang="en-US">Trademark rights</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NoncurrentAssetsMember" xlink:label="fmx_NoncurrentAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NoncurrentAssetsMember" xlink:to="fmx_NoncurrentAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NoncurrentAssetsMember_lbl" xml:lang="en-US">Information pertaining to noncurrent assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NoncurrentAssetsMember_lbl" xml:lang="en-US">Noncurrent Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GoodwillMember" xlink:label="ifrs-full_GoodwillMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillMember" xlink:to="ifrs-full_GoodwillMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillMember_lbl" xml:lang="en-US">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:to="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xml:lang="en-US">Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xml:lang="en-US">Purchase price allocation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Current assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Non-current assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Total non-current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Identifiable intangible assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Intangible assets recognised as of acquisition date</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AssetsRecognisedAsOfAcquisitionDate" xlink:label="fmx_AssetsRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AssetsRecognisedAsOfAcquisitionDate" xlink:to="fmx_AssetsRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Assets recognised as of acquisition date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="fmx_AssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="fmx_LiabilitiesRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="fmx_LiabilitiesRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Liabilities recognised as of acquisition date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Liabilities recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_LiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US">Identifiable assets acquired (liabilities assumed)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US">Net assets acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xlink:to="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US">Noncontrolling interest in acquiree recognised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US">Non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesIncurred" xlink:label="ifrs-full_LiabilitiesIncurred" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesIncurred" xlink:to="ifrs-full_LiabilitiesIncurred_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesIncurred_lbl" xml:lang="en-US">Borrowings recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesIncurred_lbl" xml:lang="en-US">Amount to be paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Cash and cash equivalents recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Cash acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashTransferred" xlink:label="ifrs-full_CashTransferred" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashTransferred" xlink:to="ifrs-full_CashTransferred_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashTransferred_lbl" xml:lang="en-US">Cash transferred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashTransferred_lbl" xml:lang="en-US">Net cash paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashTransferred_lbl" xml:lang="en-US">Net cash paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:label="ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:to="ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_lbl" xml:lang="en-US">Measurement period adjustments recognised for particular assets, liabilities, non-controlling interests or items of consideration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_lbl" xml:lang="en-US">Increase (decrease) in amounts allocated to assets in acquisition</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BusinessCombinationAdditionalConsiderationTransferred" xlink:label="fmx_BusinessCombinationAdditionalConsiderationTransferred" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BusinessCombinationAdditionalConsiderationTransferred" xlink:to="fmx_BusinessCombinationAdditionalConsiderationTransferred_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BusinessCombinationAdditionalConsiderationTransferred_lbl" xml:lang="en-US">The amount of additional consideration transferred during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BusinessCombinationAdditionalConsiderationTransferred_lbl" xml:lang="en-US">Business Combination, Additional Consideration Transferred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_BusinessCombinationAdditionalConsiderationTransferred_lbl" xml:lang="en-US">Additional consideration transferred</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueOfAcquiree" xlink:label="ifrs-full_RevenueOfAcquiree" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueOfAcquiree" xlink:to="ifrs-full_RevenueOfAcquiree_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueOfAcquiree_lbl" xml:lang="en-US">Revenue of acquiree since acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueOfAcquiree_lbl" xml:lang="en-US">Total revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US">Profit (loss) before tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US">Income before income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossOfAcquiree" xlink:label="ifrs-full_ProfitLossOfAcquiree" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossOfAcquiree" xlink:to="ifrs-full_ProfitLossOfAcquiree_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossOfAcquiree_lbl" xml:lang="en-US">Profit (loss) of acquiree since acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossOfAcquiree_lbl" xml:lang="en-US">Net income (loss)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles" xlink:label="fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles" xlink:to="fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles_lbl" xml:lang="en-US">Percentage of customer relationships and trademarks in total intangibles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles_lbl" xml:lang="en-US">Percentage of Customer Relationships And Trademarks in Total Intangibles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfCustomerRelationshipsAndTrademarksInTotalIntangibles_lbl" xml:lang="en-US">Percentage of pending allocation of customer relationship and trademark</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeriesB1Member" xlink:label="fmx_SeriesB1Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeriesB1Member" xlink:to="fmx_SeriesB1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeriesB1Member_lbl" xml:lang="en-US">Series B.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeriesB1Member_lbl" xml:lang="en-US">Series B</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeriesDMember" xlink:label="fmx_SeriesDMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeriesDMember" xlink:to="fmx_SeriesDMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeriesDMember_lbl" xml:lang="en-US">Series D.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeriesDMember_lbl" xml:lang="en-US">Series D</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueOfCombinedEntity" xlink:label="ifrs-full_RevenueOfCombinedEntity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueOfCombinedEntity" xlink:to="ifrs-full_RevenueOfCombinedEntity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueOfCombinedEntity_lbl" xml:lang="en-US">Revenue of combined entity as if combination occurred at beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueOfCombinedEntity_lbl" xml:lang="en-US">Total revenues</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees" xlink:label="fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees" xlink:to="fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Business combination proforma income before income taxes and share of the profit of equity accounted investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Business Combination Proforma Income Before Income Taxes And Share Of The Profit Of Equity Accounted Investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_BusinessCombinationProformaIncomeBeforeIncomeTaxesAndShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Income before income taxes and share of the profit of equity accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossOfCombinedEntity" xlink:label="ifrs-full_ProfitLossOfCombinedEntity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossOfCombinedEntity" xlink:to="ifrs-full_ProfitLossOfCombinedEntity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossOfCombinedEntity_lbl" xml:lang="en-US">Profit (loss) of combined entity as if combination occurred at beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossOfCombinedEntity_lbl" xml:lang="en-US">Net income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="ifrs-full_BasicEarningsLossPerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShare" xlink:to="ifrs-full_BasicEarningsLossPerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicEarningsLossPerShare_lbl" xml:lang="en-US">Basic earnings (loss) per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicEarningsLossPerShare_lbl" xml:lang="en-US">Basic net controlling interest income per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:to="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract_lbl" xml:lang="en-US">Disclosure of analysis of single amount of discontinued operations [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:to="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable_lbl" xml:lang="en-US">Disclosure of analysis of single amount of discontinued operations [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable_lbl" xml:lang="en-US">Disclosure of analysis of single amount of discontinued operations [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:to="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems_lbl" xml:lang="en-US">Disclosure of analysis of single amount of discontinued operations [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems_lbl" xml:lang="en-US">Disclosure of analysis of single amount of discontinued operations [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US">Cash and cash equivalents [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Cash" xlink:label="ifrs-full_Cash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Cash" xlink:to="ifrs-full_Cash_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Cash_lbl" xml:lang="en-US">Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Cash_lbl" xml:lang="en-US">Cash and bank balances</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashEquivalents" xlink:label="ifrs-full_CashEquivalents" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashEquivalents" xlink:to="ifrs-full_CashEquivalents_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashEquivalents_lbl" xml:lang="en-US">Cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashEquivalents_lbl" xml:lang="en-US">Cash equivalents (see Note 3.5)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsAbstract" xlink:label="fmx_DisclosureOfInvestmentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsAbstract" xlink:to="fmx_DisclosureOfInvestmentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsAbstract_lbl" xml:lang="en-US">Disclosure of investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsAbstract_lbl" xml:lang="en-US">Disclosure of Investments [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsTable" xlink:label="fmx_DisclosureOfInvestmentsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsTable" xlink:to="fmx_DisclosureOfInvestmentsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsTable_lbl" xml:lang="en-US">Disclosure of investments table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsTable_lbl" xml:lang="en-US">Disclosure Of Investments [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInvestmentsTable_lbl" xml:lang="en-US">Disclosure Of Investments [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CorporateDebtSecurities1Member" xlink:label="fmx_CorporateDebtSecurities1Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CorporateDebtSecurities1Member" xlink:to="fmx_CorporateDebtSecurities1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CorporateDebtSecurities1Member_lbl" xml:lang="en-US">Information pertaining to investment in corporate debt securities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CorporateDebtSecurities1Member_lbl" xml:lang="en-US">Corporate Debt Securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US">Types of interest rates [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestRateTypesMember" xlink:label="ifrs-full_InterestRateTypesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateTypesMember" xlink:to="ifrs-full_InterestRateTypesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US">Interest rate types [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FixedInterestRateMember" xlink:label="ifrs-full_FixedInterestRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixedInterestRateMember" xlink:to="ifrs-full_FixedInterestRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US">Fixed rate debt</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsLineItems" xlink:label="fmx_DisclosureOfInvestmentsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsLineItems" xlink:to="fmx_DisclosureOfInvestmentsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsLineItems_lbl" xml:lang="en-US">Disclosure of investments line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsLineItems_lbl" xml:lang="en-US">Disclosure Of Investments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInvestmentsLineItems_lbl" xml:lang="en-US">Investments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AcquisitionCost" xlink:label="fmx_AcquisitionCost" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AcquisitionCost" xlink:to="fmx_AcquisitionCost_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AcquisitionCost_lbl" xml:lang="en-US">Acquisition cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AcquisitionCost_lbl" xml:lang="en-US">Acquisition cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AcquisitionCost_lbl" xml:lang="en-US">Acquisition cost</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AccruedInterest" xlink:label="fmx_AccruedInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AccruedInterest" xlink:to="fmx_AccruedInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AccruedInterest_lbl" xml:lang="en-US">The amount of interest accrued but is not yet received.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AccruedInterest_lbl" xml:lang="en-US">Accrued interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AccruedInterest_lbl" xml:lang="en-US">Accrued interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xml:lang="en-US">Trade and other current receivables [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsTable" xlink:label="ifrs-full_DisclosureOfFinancialAssetsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialAssetsTable" xlink:to="ifrs-full_DisclosureOfFinancialAssetsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialAssetsTable_lbl" xml:lang="en-US">Disclosure of financial assets [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialAssetsTable_lbl" xml:lang="en-US">Disclosure of financial assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US">Categories of related parties [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US">Entity's total for related parties [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CarryingAmountMember" xlink:label="ifrs-full_CarryingAmountMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountMember" xlink:to="ifrs-full_CarryingAmountMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US">Carrying amount [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="ifrs-full_GrossCarryingAmountMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossCarryingAmountMember" xlink:to="ifrs-full_GrossCarryingAmountMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US">Cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="ifrs-full_AccumulatedImpairmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedImpairmentMember" xlink:to="ifrs-full_AccumulatedImpairmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xml:lang="en-US">Accumulated impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:label="ifrs-full_DisclosureOfFinancialAssetsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:to="ifrs-full_DisclosureOfFinancialAssetsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialAssetsLineItems_lbl" xml:lang="en-US">Disclosure of financial assets [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialAssetsLineItems_lbl" xml:lang="en-US">Trade Accounts Receivable, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US">Trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US">Trade accounts receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Current receivables due from related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Receivables from related parties</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrentLoansToEmployees" xlink:label="fmx_CurrentLoansToEmployees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrentLoansToEmployees" xlink:to="fmx_CurrentLoansToEmployees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrentLoansToEmployees_lbl" xml:lang="en-US">Current loans to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrentLoansToEmployees_lbl" xml:lang="en-US">Current Loans To Employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CurrentLoansToEmployees_lbl" xml:lang="en-US">Loans to employees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="ifrs-full_OtherCurrentReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentReceivables" xlink:to="ifrs-full_OtherCurrentReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US">Other current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfUnrecoverableTradeAccountsReceivables" xlink:label="fmx_PercentageOfUnrecoverableTradeAccountsReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfUnrecoverableTradeAccountsReceivables" xlink:to="fmx_PercentageOfUnrecoverableTradeAccountsReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfUnrecoverableTradeAccountsReceivables_lbl" xml:lang="en-US">Percentage of unrecoverable trade accounts receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfUnrecoverableTradeAccountsReceivables_lbl" xml:lang="en-US">Percentage of unrecoverable trade accounts receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfUnrecoverableTradeAccountsReceivables_lbl" xml:lang="en-US">Percentage of unrecoverable trade accounts receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpectedCreditLossRate" xlink:label="ifrs-full_ExpectedCreditLossRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpectedCreditLossRate" xlink:to="ifrs-full_ExpectedCreditLossRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpectedCreditLossRate_lbl" xml:lang="en-US">Expected credit loss rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpectedCreditLossRate_lbl" xml:lang="en-US">Expected credit loss percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedAbstract" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedAbstract" xlink:to="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedAbstract_lbl" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:to="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable_lbl" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable_lbl" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xml:lang="en-US">Classes of financial assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsMember" xlink:label="ifrs-full_FinancialAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsMember" xlink:to="ifrs-full_FinancialAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US">Financial assets, class [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeReceivablesMember" xlink:label="ifrs-full_TradeReceivablesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivablesMember" xlink:to="ifrs-full_TradeReceivablesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US">Trade accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PastDueStatusAxis" xlink:label="ifrs-full_PastDueStatusAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusAxis" xlink:to="ifrs-full_PastDueStatusAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusAxis_lbl" xml:lang="en-US">Past due status [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PastDueStatusMember" xlink:label="ifrs-full_PastDueStatusMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusMember" xlink:to="ifrs-full_PastDueStatusMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US">Past due status [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentMember" xlink:label="ifrs-full_CurrentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentMember" xlink:to="ifrs-full_CurrentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US">Current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotLaterThanOneMonthMember" xlink:label="ifrs-full_NotLaterThanOneMonthMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneMonthMember" xlink:to="ifrs-full_NotLaterThanOneMonthMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneMonthMember_lbl" xml:lang="en-US">0-30 days</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_lbl" xml:lang="en-US">31-60 days</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:label="ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:to="ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_lbl" xml:lang="en-US">60-90 days</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanFourMonthsMember" xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanFourMonthsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeMonthsAndNotLaterThanFourMonthsMember" xlink:to="ifrs-full_LaterThanThreeMonthsAndNotLaterThanFourMonthsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanFourMonthsMember_lbl" xml:lang="en-US">90-120 days</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFourMonthsMember" xlink:label="ifrs-full_LaterThanFourMonthsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFourMonthsMember" xlink:to="ifrs-full_LaterThanFourMonthsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFourMonthsMember_lbl" xml:lang="en-US">120+ days</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:to="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems_lbl" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems_lbl" xml:lang="en-US">Trade Accounts Receivable, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US">Financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US">Accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract_lbl" xml:lang="en-US">Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Balance at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Balance at the beginning of the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Allowance for the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Proceeds from disposal of business</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Additions (write-offs) of uncollectible accounts</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdditionsFromBusinessCombinationsTradeReceivables" xlink:label="fmx_AdditionsFromBusinessCombinationsTradeReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdditionsFromBusinessCombinationsTradeReceivables" xlink:to="fmx_AdditionsFromBusinessCombinationsTradeReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdditionsFromBusinessCombinationsTradeReceivables_lbl" xml:lang="en-US">Additions to allowance on trade receivables from business combinations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdditionsFromBusinessCombinationsTradeReceivables_lbl" xml:lang="en-US">Additions From Business Combinations Trade Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdditionsFromBusinessCombinationsTradeReceivables_lbl" xml:lang="en-US">Addition from business combinations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Increase (decrease) through net exchange differences, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfAccountsReceivableTable" xlink:label="fmx_DisclosureOfAccountsReceivableTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfAccountsReceivableTable" xlink:to="fmx_DisclosureOfAccountsReceivableTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfAccountsReceivableTable_lbl" xml:lang="en-US">Disclosure of Accounts receivable Table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfAccountsReceivableTable_lbl" xml:lang="en-US">Disclosure of Accounts receivable [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfAccountsReceivableTable_lbl" xml:lang="en-US">Disclosure of Accounts receivable [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfAccountsReceivableLineItems" xlink:label="fmx_DisclosureOfAccountsReceivableLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfAccountsReceivableLineItems" xlink:to="fmx_DisclosureOfAccountsReceivableLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfAccountsReceivableLineItems_lbl" xml:lang="en-US">Disclosure Of Accounts Receivable [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfAccountsReceivableLineItems_lbl" xml:lang="en-US">Disclosure Of Accounts Receivable [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfAccountsReceivableLineItems_lbl" xml:lang="en-US">Trade Accounts Receivable, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties" xlink:label="ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties" xlink:to="ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Receivables due from related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Contributions from related parties</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ifrs-full_ClassesOfInventoriesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfInventoriesAbstract" xlink:to="ifrs-full_ClassesOfInventoriesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfInventoriesAbstract_lbl" xml:lang="en-US">Classes of current inventories [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinishedGoods" xlink:label="ifrs-full_FinishedGoods" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinishedGoods" xlink:to="ifrs-full_FinishedGoods_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinishedGoods_lbl" xml:lang="en-US">Current finished goods</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinishedGoods_lbl" xml:lang="en-US">Finished products</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RawMaterials" xlink:label="ifrs-full_RawMaterials" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RawMaterials" xlink:to="ifrs-full_RawMaterials_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RawMaterials_lbl" xml:lang="en-US">Current raw materials</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RawMaterials_lbl" xml:lang="en-US">Raw materials</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SpareParts" xlink:label="ifrs-full_SpareParts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SpareParts" xlink:to="ifrs-full_SpareParts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SpareParts_lbl" xml:lang="en-US">Current spare parts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SpareParts_lbl" xml:lang="en-US">Spare parts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WorkInProgress" xlink:label="ifrs-full_WorkInProgress" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WorkInProgress" xlink:to="ifrs-full_WorkInProgress_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US">Current work in progress</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US">Work in process</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentInventoriesInTransit" xlink:label="ifrs-full_CurrentInventoriesInTransit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInventoriesInTransit" xlink:to="ifrs-full_CurrentInventoriesInTransit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInventoriesInTransit_lbl" xml:lang="en-US">Current merchandise</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInventoriesInTransit_lbl" xml:lang="en-US">Inventories in transit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InventoryWritedown2011" xlink:label="ifrs-full_InventoryWritedown2011" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InventoryWritedown2011" xlink:to="ifrs-full_InventoryWritedown2011_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US">Inventory write-down</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US">Inventory write-downs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress" xlink:label="ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress" xlink:to="ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress_lbl" xml:lang="en-US">Decrease (increase) in inventories of finished goods and work in progress</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress_lbl" xml:lang="en-US">Changes in inventories of finished goods and work in progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RawMaterialsAndConsumablesUsed" xlink:label="ifrs-full_RawMaterialsAndConsumablesUsed" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RawMaterialsAndConsumablesUsed" xlink:to="ifrs-full_RawMaterialsAndConsumablesUsed_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RawMaterialsAndConsumablesUsed_lbl" xml:lang="en-US">Raw materials and consumables used</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RawMaterialsAndConsumablesUsed_lbl" xml:lang="en-US">Raw materials and consumables used</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:label="ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod" xlink:to="ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_lbl" xml:lang="en-US">Cost Of Goods Sold, Inventory-Related</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CostOfInventoriesRecognisedAsExpenseDuringPeriod_lbl" xml:lang="en-US">Cost of goods sold, inventories</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherCurrentAssetsAbstract" xlink:label="fmx_DisclosureOfOtherCurrentAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfOtherCurrentAssetsAbstract" xlink:to="fmx_DisclosureOfOtherCurrentAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfOtherCurrentAssetsAbstract_lbl" xml:lang="en-US">Disclosure Of Other Current Assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfOtherCurrentAssetsAbstract_lbl" xml:lang="en-US">Disclosure Of Other Current Assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentPrepaidExpenses" xlink:label="ifrs-full_CurrentPrepaidExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepaidExpenses" xlink:to="ifrs-full_CurrentPrepaidExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US">Current prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US">Current prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US">Prepaid expenses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrentRecoverableTaxes" xlink:label="fmx_CurrentRecoverableTaxes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrentRecoverableTaxes" xlink:to="fmx_CurrentRecoverableTaxes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrentRecoverableTaxes_lbl" xml:lang="en-US">Current recoverable taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrentRecoverableTaxes_lbl" xml:lang="en-US">Current recoverable taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CurrentRecoverableTaxes_lbl" xml:lang="en-US">Recoverable taxes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AgreementWithCustomers" xlink:label="fmx_AgreementWithCustomers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AgreementWithCustomers" xlink:to="fmx_AgreementWithCustomers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AgreementWithCustomers_lbl" xml:lang="en-US">Agreement with customers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AgreementWithCustomers_lbl" xml:lang="en-US">Agreement With Customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AgreementWithCustomers_lbl" xml:lang="en-US">Agreements with customers</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_Licenses" xlink:label="fmx_Licenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_Licenses" xlink:to="fmx_Licenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_Licenses_lbl" xml:lang="en-US">Licenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_Licenses_lbl" xml:lang="en-US">Licenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_Licenses_lbl" xml:lang="en-US">Licenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:to="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale_lbl" xml:lang="en-US">Non-current assets or disposal groups classified as held for sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale_lbl" xml:lang="en-US">Assets classified as held for sale</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherCurrentAssetsOther" xlink:label="fmx_OtherCurrentAssetsOther" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherCurrentAssetsOther" xlink:to="fmx_OtherCurrentAssetsOther_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherCurrentAssetsOther_lbl" xml:lang="en-US">Other current assets other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherCurrentAssetsOther_lbl" xml:lang="en-US">Other current assets other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherCurrentAssetsOther_lbl" xml:lang="en-US">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentAssets" xlink:label="ifrs-full_OtherCurrentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentAssets" xlink:to="ifrs-full_OtherCurrentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US">Other current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US">Other current assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfPrepaidExpenseCurrentAbstract" xlink:label="fmx_DisclosureOfPrepaidExpenseCurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfPrepaidExpenseCurrentAbstract" xlink:to="fmx_DisclosureOfPrepaidExpenseCurrentAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfPrepaidExpenseCurrentAbstract_lbl" xml:lang="en-US">Disclosure of prepaid expense current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfPrepaidExpenseCurrentAbstract_lbl" xml:lang="en-US">Disclosure Of Prepaid Expense Current [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdvancesForInventories" xlink:label="fmx_AdvancesForInventories" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdvancesForInventories" xlink:to="fmx_AdvancesForInventories_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdvancesForInventories_lbl" xml:lang="en-US">Advances for inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdvancesForInventories_lbl" xml:lang="en-US">Advances for inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdvancesForInventories_lbl" xml:lang="en-US">Advances for inventories</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdvertisingAndPromotionalExpensesPaidInAdvance" xlink:label="fmx_AdvertisingAndPromotionalExpensesPaidInAdvance" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdvertisingAndPromotionalExpensesPaidInAdvance" xlink:to="fmx_AdvertisingAndPromotionalExpensesPaidInAdvance_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdvertisingAndPromotionalExpensesPaidInAdvance_lbl" xml:lang="en-US">Advertising and promotional expenses paid in advance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdvertisingAndPromotionalExpensesPaidInAdvance_lbl" xml:lang="en-US">Advertising And Promotional Expenses Paid In Advance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdvertisingAndPromotionalExpensesPaidInAdvance_lbl" xml:lang="en-US">Advertising and promotional expenses paid in advance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAdvancesToSuppliers" xlink:label="ifrs-full_CurrentAdvancesToSuppliers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAdvancesToSuppliers" xlink:to="ifrs-full_CurrentAdvancesToSuppliers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAdvancesToSuppliers_lbl" xml:lang="en-US">Current advances to suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAdvancesToSuppliers_lbl" xml:lang="en-US">Advances to service suppliers</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PrepaidLeases" xlink:label="fmx_PrepaidLeases" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PrepaidLeases" xlink:to="fmx_PrepaidLeases_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PrepaidLeases_lbl" xml:lang="en-US">Prepaid leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PrepaidLeases_lbl" xml:lang="en-US">Prepaid Leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PrepaidLeases_lbl" xml:lang="en-US">Prepaid leases</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PrepaidInsurance1" xlink:label="fmx_PrepaidInsurance1" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PrepaidInsurance1" xlink:to="fmx_PrepaidInsurance1_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PrepaidInsurance1_lbl" xml:lang="en-US">Prepaid insurance 1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PrepaidInsurance1_lbl" xml:lang="en-US">Prepaid Insurance 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PrepaidInsurance1_lbl" xml:lang="en-US">Prepaid insurance</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherPrepaidExpenses" xlink:label="fmx_OtherPrepaidExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherPrepaidExpenses" xlink:to="fmx_OtherPrepaidExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherPrepaidExpenses_lbl" xml:lang="en-US">Other prepaid expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherPrepaidExpenses_lbl" xml:lang="en-US">Other Prepaid Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherPrepaidExpenses_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdvertisingExpense" xlink:label="ifrs-full_AdvertisingExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdvertisingExpense" xlink:to="ifrs-full_AdvertisingExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdvertisingExpense_lbl" xml:lang="en-US">Prepaid advertising and promotional expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdvertisingExpense_lbl" xml:lang="en-US">Prepaid advertising and promotional expenses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfRestrictedCashAndCashEquivalentsAbstract" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfRestrictedCashAndCashEquivalentsAbstract" xlink:to="fmx_DisclosureOfRestrictedCashAndCashEquivalentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsAbstract_lbl" xml:lang="en-US">Disclosure of restricted cash and cash equivalents abstract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsAbstract_lbl" xml:lang="en-US">Disclosure Of Restricted Cash And Cash Equivalents [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable" xlink:to="fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable_lbl" xml:lang="en-US">Disclosure of restricted cash and cash equivalents table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable_lbl" xml:lang="en-US">Disclosure of Restricted Cash and Cash Equivalents [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsTable_lbl" xml:lang="en-US">Disclosure of Restricted Cash and Cash Equivalents [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems" xlink:to="fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems_lbl" xml:lang="en-US">Disclosure of restricted cash and cash equivalents line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems_lbl" xml:lang="en-US">Disclosure of Restricted Cash and Cash Equivalents [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfRestrictedCashAndCashEquivalentsLineItems_lbl" xml:lang="en-US">Other Current Assets and Other Current Financial Assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrentRestrictedCash" xlink:label="fmx_CurrentRestrictedCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrentRestrictedCash" xlink:to="fmx_CurrentRestrictedCash_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrentRestrictedCash_lbl" xml:lang="en-US">Current restricted cash.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrentRestrictedCash_lbl" xml:lang="en-US">Current restricted cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CurrentRestrictedCash_lbl" xml:lang="en-US">Restricted cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Current derivative financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Derivative financial instruments (see Note 21)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherReceivables" xlink:label="ifrs-full_TradeAndOtherReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherReceivables" xlink:to="ifrs-full_TradeAndOtherReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US">Trade and other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US">Note receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract_lbl" xml:lang="en-US">Investments in subsidiaries, joint ventures and associates [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable" xlink:to="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable_lbl" xml:lang="en-US">Disclosure of Investments in Associates and Joint Ventures [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable_lbl" xml:lang="en-US">Disclosure of Investments in Associates and Joint Ventures [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesTable_lbl" xml:lang="en-US">Disclosure of Investments in Associates and Joint Ventures [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsOtherinvestmentsMember" xlink:label="fmx_IfrsOtherinvestmentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsOtherinvestmentsMember" xlink:to="fmx_IfrsOtherinvestmentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsOtherinvestmentsMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing other investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsOtherinvestmentsMember_lbl" xml:lang="en-US">Other investments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_HeinekenNVMember" xlink:label="fmx_HeinekenNVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_HeinekenNVMember" xlink:to="fmx_HeinekenNVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_HeinekenNVMember_lbl" xml:lang="en-US">Heineken NV.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_HeinekenNVMember_lbl" xml:lang="en-US">Heineken Company</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_HeinekenHoldingNVMember" xlink:label="fmx_HeinekenHoldingNVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_HeinekenHoldingNVMember" xlink:to="fmx_HeinekenHoldingNVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_HeinekenHoldingNVMember_lbl" xml:lang="en-US">Heineken Holding NV.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_HeinekenHoldingNVMember_lbl" xml:lang="en-US">Heineken Holding N.V.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_JointVenturesAxis" xlink:label="ifrs-full_JointVenturesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointVenturesAxis" xlink:to="ifrs-full_JointVenturesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointVenturesAxis_lbl" xml:lang="en-US">Joint ventures [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForJointVenturesMember" xlink:label="ifrs-full_EntitysTotalForJointVenturesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForJointVenturesMember" xlink:to="ifrs-full_EntitysTotalForJointVenturesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForJointVenturesMember_lbl" xml:lang="en-US">Entity's total for joint ventures [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DispensadorasDeCafeSAPIDeCVMember" xlink:label="fmx_DispensadorasDeCafeSAPIDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DispensadorasDeCafeSAPIDeCVMember" xlink:to="fmx_DispensadorasDeCafeSAPIDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DispensadorasDeCafeSAPIDeCVMember_lbl" xml:lang="en-US">Dispensadoras de Cafe, S.A.P.I. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DispensadorasDeCafeSAPIDeCVMember_lbl" xml:lang="en-US">Dispensadoras de Cafe, S.A.P.I. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FountainAguaMineralLTDAMember" xlink:label="fmx_FountainAguaMineralLTDAMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FountainAguaMineralLTDAMember" xlink:to="fmx_FountainAguaMineralLTDAMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FountainAguaMineralLTDAMember_lbl" xml:lang="en-US">Fountain Agua Mineral, LTDA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FountainAguaMineralLTDAMember_lbl" xml:lang="en-US">Fountain Agua Mineral, LTDA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PlantaNuevaEcologiaDeTabascoS.aDeC.v.Member" xlink:label="fmx_PlantaNuevaEcologiaDeTabascoS.aDeC.v.Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PlantaNuevaEcologiaDeTabascoS.aDeC.v.Member" xlink:to="fmx_PlantaNuevaEcologiaDeTabascoS.aDeC.v.Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PlantaNuevaEcologiaDeTabascoS.aDeC.v.Member_lbl" xml:lang="en-US">Planta Nueva Ecologia De tabasco, S.A de C.V</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PlantaNuevaEcologiaDeTabascoS.aDeC.v.Member_lbl" xml:lang="en-US">Planta Nueva Ecologia De Tabasco, S.A de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PromotoraIndustrialAzucareraSADeCVPIASAMember" xlink:label="fmx_PromotoraIndustrialAzucareraSADeCVPIASAMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PromotoraIndustrialAzucareraSADeCVPIASAMember" xlink:to="fmx_PromotoraIndustrialAzucareraSADeCVPIASAMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PromotoraIndustrialAzucareraSADeCVPIASAMember_lbl" xml:lang="en-US">Promotora Industrial Azucarera, S.A. de C.V. ("PIASA").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PromotoraIndustrialAzucareraSADeCVPIASAMember_lbl" xml:lang="en-US">Promotora Industrial Azucarera, S.A. de C.V. ("PIASA")</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IndustriaEnvasadoraDeQueretaroSADeCVIEQSAMember" xlink:label="fmx_IndustriaEnvasadoraDeQueretaroSADeCVIEQSAMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IndustriaEnvasadoraDeQueretaroSADeCVIEQSAMember" xlink:to="fmx_IndustriaEnvasadoraDeQueretaroSADeCVIEQSAMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IndustriaEnvasadoraDeQueretaroSADeCVIEQSAMember_lbl" xml:lang="en-US">Industria Envasadora de Queretaro, S.A. de C.V. ("IEQSA").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IndustriaEnvasadoraDeQueretaroSADeCVIEQSAMember_lbl" xml:lang="en-US">Industria Envasadora De Queretaro SA De CVIEQSA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IndustriaMexicanaDeReciclajeSADeCVIMERMember" xlink:label="fmx_IndustriaMexicanaDeReciclajeSADeCVIMERMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IndustriaMexicanaDeReciclajeSADeCVIMERMember" xlink:to="fmx_IndustriaMexicanaDeReciclajeSADeCVIMERMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IndustriaMexicanaDeReciclajeSADeCVIMERMember_lbl" xml:lang="en-US">Industria Mexicana de Reciclaje, S.A. de C.V. ("IMER").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IndustriaMexicanaDeReciclajeSADeCVIMERMember_lbl" xml:lang="en-US">Industria Mexicana de Reciclaje, S.A. de C.V. ("IMER")</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_JugosDelValleSAPIDeCVMember" xlink:label="fmx_JugosDelValleSAPIDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_JugosDelValleSAPIDeCVMember" xlink:to="fmx_JugosDelValleSAPIDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_JugosDelValleSAPIDeCVMember_lbl" xml:lang="en-US">Jugos del Valle, S.A.P.I. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_JugosDelValleSAPIDeCVMember_lbl" xml:lang="en-US">Jugos del Valle, S.A.P.I. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LeaoAlimentosEBebidasLTDAMember" xlink:label="fmx_LeaoAlimentosEBebidasLTDAMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LeaoAlimentosEBebidasLTDAMember" xlink:to="fmx_LeaoAlimentosEBebidasLTDAMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LeaoAlimentosEBebidasLTDAMember_lbl" xml:lang="en-US">Leao Alimentos e Bebidas, LTDA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LeaoAlimentosEBebidasLTDAMember_lbl" xml:lang="en-US">Leao Alimentos e Bebidas, LTDA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TropFrutasDoBrasilS.a.TropMember" xlink:label="fmx_TropFrutasDoBrasilS.a.TropMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TropFrutasDoBrasilS.a.TropMember" xlink:to="fmx_TropFrutasDoBrasilS.a.TropMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TropFrutasDoBrasilS.a.TropMember_lbl" xml:lang="en-US">TROP Frutas do Brasil S.A. ("TROP")</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TropFrutasDoBrasilS.a.TropMember_lbl" xml:lang="en-US">TROP Frutas do Brasil S.A. ("TROP")</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AlimentosDeSojaS.a.u.Member" xlink:label="fmx_AlimentosDeSojaS.a.u.Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AlimentosDeSojaS.a.u.Member" xlink:to="fmx_AlimentosDeSojaS.a.u.Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AlimentosDeSojaS.a.u.Member_lbl" xml:lang="en-US">Alimentos de Soja S.A.U.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AlimentosDeSojaS.a.u.Member_lbl" xml:lang="en-US">Alimentos de Soja S.A.U.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherInvestmentsInCocaColaFEMSAsCompaniesMember" xlink:label="fmx_OtherInvestmentsInCocaColaFEMSAsCompaniesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherInvestmentsInCocaColaFEMSAsCompaniesMember" xlink:to="fmx_OtherInvestmentsInCocaColaFEMSAsCompaniesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherInvestmentsInCocaColaFEMSAsCompaniesMember_lbl" xml:lang="en-US">Other investments in Coca-Cola FEMSA's companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherInvestmentsInCocaColaFEMSAsCompaniesMember_lbl" xml:lang="en-US">Other Investments of Coca Cola FEMSAs Companies</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RaizenConveninciasMember" xlink:label="fmx_RaizenConveninciasMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RaizenConveninciasMember" xlink:to="fmx_RaizenConveninciasMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RaizenConveninciasMember_lbl" xml:lang="en-US">Raizen Convenincias [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RaizenConveninciasMember_lbl" xml:lang="en-US">Raizen Convenincias</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems" xlink:to="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems_lbl" xml:lang="en-US">Disclosure of Investments in Associates and Joint Ventures [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems_lbl" xml:lang="en-US">Disclosure of Investments in Associates and Joint Ventures [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInvestmentsInAssociatesAndJointVenturesLineItems_lbl" xml:lang="en-US">Equity Method Accounted Investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithAssociate" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithAssociate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithAssociate" xlink:to="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithAssociate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithAssociate_lbl" xml:lang="en-US">Description of nature of entity's relationship with associate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithAssociate_lbl" xml:lang="en-US">Principal Activity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CountryOfIncorporationOrResidenceOfAssociate" xlink:label="ifrs-full_CountryOfIncorporationOrResidenceOfAssociate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfIncorporationOrResidenceOfAssociate" xlink:to="ifrs-full_CountryOfIncorporationOrResidenceOfAssociate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfIncorporationOrResidenceOfAssociate_lbl" xml:lang="en-US">Country of incorporation of associate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CountryOfIncorporationOrResidenceOfAssociate_lbl" xml:lang="en-US">Place of Incorporation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithJointVenture" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithJointVenture" xlink:to="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithJointVenture_lbl" xml:lang="en-US">Description of nature of entity's relationship with joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysRelationshipWithJointVenture_lbl" xml:lang="en-US">Principal Activity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CountryOfIncorporationOfJointVenture" xlink:label="ifrs-full_CountryOfIncorporationOfJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfIncorporationOfJointVenture" xlink:to="ifrs-full_CountryOfIncorporationOfJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfIncorporationOfJointVenture_lbl" xml:lang="en-US">Country of incorporation of joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CountryOfIncorporationOfJointVenture_lbl" xml:lang="en-US">Place of Incorporation</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable" xlink:to="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable_lbl" xml:lang="en-US">Schedule disclosing information related to investments in subsidiaries joint ventures and associates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable_lbl" xml:lang="en-US">Disclosure of Investments in Subsidiaries Joint Ventures and Associates [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesTable_lbl" xml:lang="en-US">Disclosure of Investments in Subsidiaries Joint Ventures and Associates [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LeaoAlimentosYBebidasLtdaMember" xlink:label="fmx_LeaoAlimentosYBebidasLtdaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LeaoAlimentosYBebidasLtdaMember" xlink:to="fmx_LeaoAlimentosYBebidasLtdaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LeaoAlimentosYBebidasLtdaMember_lbl" xml:lang="en-US">Represents information pertaining to Leao Alimentos Y Bebidas LTDA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LeaoAlimentosYBebidasLtdaMember_lbl" xml:lang="en-US">Leao Alimentos y Bebidas LTDA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IndustriaEnvasadoraDeQuertaroDeIeqsaMember" xlink:label="fmx_IndustriaEnvasadoraDeQuertaroDeIeqsaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IndustriaEnvasadoraDeQuertaroDeIeqsaMember" xlink:to="fmx_IndustriaEnvasadoraDeQuertaroDeIeqsaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IndustriaEnvasadoraDeQuertaroDeIeqsaMember_lbl" xml:lang="en-US">Industria Envasadora de Quertaro, S.A. de C.V. (IEQSA).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IndustriaEnvasadoraDeQuertaroDeIeqsaMember_lbl" xml:lang="en-US">Industria Envasadora de Quertaro, S.A. de C.V. (IEQSA)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TropFrutasDoBrasilLtda.Member" xlink:label="fmx_TropFrutasDoBrasilLtda.Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TropFrutasDoBrasilLtda.Member" xlink:to="fmx_TropFrutasDoBrasilLtda.Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TropFrutasDoBrasilLtda.Member_lbl" xml:lang="en-US">TROP Frutas do Brasil LTDA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TropFrutasDoBrasilLtda.Member_lbl" xml:lang="en-US">TROP Frutas do Brasil LTDA.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PromotoraMexicanaDeEmbotelladoresSADeCVMember" xlink:label="fmx_PromotoraMexicanaDeEmbotelladoresSADeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PromotoraMexicanaDeEmbotelladoresSADeCVMember" xlink:to="fmx_PromotoraMexicanaDeEmbotelladoresSADeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PromotoraMexicanaDeEmbotelladoresSADeCVMember_lbl" xml:lang="en-US">Promotora Mexicana De Embotelladores SADeCV.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PromotoraMexicanaDeEmbotelladoresSADeCVMember_lbl" xml:lang="en-US">Promotora Mexicana de Embotelladores, S.A. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CompaniaPanamenaDeBebidasSAPIDeCVMember" xlink:label="fmx_CompaniaPanamenaDeBebidasSAPIDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CompaniaPanamenaDeBebidasSAPIDeCVMember" xlink:to="fmx_CompaniaPanamenaDeBebidasSAPIDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CompaniaPanamenaDeBebidasSAPIDeCVMember_lbl" xml:lang="en-US">Compaa Panamea de Bebidas, S.A.P.I. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CompaniaPanamenaDeBebidasSAPIDeCVMember_lbl" xml:lang="en-US">Compania Panamena de Bebidas, S.A.P.I. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeStatementLocation1Axis" xlink:label="fmx_IncomeStatementLocation1Axis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeStatementLocation1Axis" xlink:to="fmx_IncomeStatementLocation1Axis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeStatementLocation1Axis_lbl" xml:lang="en-US">Income Statement Location 1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeStatementLocation1Axis_lbl" xml:lang="en-US">Income Statement Location 1 [axis]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeStatementLocationMember" xlink:label="fmx_IncomeStatementLocationMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeStatementLocationMember" xlink:to="fmx_IncomeStatementLocationMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeStatementLocationMember_lbl" xml:lang="en-US">Income Statement Location 1 [member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeStatementLocationMember_lbl" xml:lang="en-US">Income Statement Location 1 [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsOtherExpenseMember" xlink:label="fmx_IfrsOtherExpenseMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsOtherExpenseMember" xlink:to="fmx_IfrsOtherExpenseMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsOtherExpenseMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing other expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsOtherExpenseMember_lbl" xml:lang="en-US">Other expense</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EstrellaAzulMember" xlink:label="fmx_EstrellaAzulMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EstrellaAzulMember" xlink:to="fmx_EstrellaAzulMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EstrellaAzulMember_lbl" xml:lang="en-US">Represents information pertaining to Estrella Azul.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EstrellaAzulMember_lbl" xml:lang="en-US">Estrella Azul</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems" xlink:to="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems_lbl" xml:lang="en-US">Disclosure of Investment in subsidiaries joint ventures and associates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems_lbl" xml:lang="en-US">Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesLineItems_lbl" xml:lang="en-US">Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ImpairmentLossOnInvestments" xlink:label="fmx_ImpairmentLossOnInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ImpairmentLossOnInvestments" xlink:to="fmx_ImpairmentLossOnInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ImpairmentLossOnInvestments_lbl" xml:lang="en-US">Impairment Loss On Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ImpairmentLossOnInvestments_lbl" xml:lang="en-US">Impairment Loss On Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ImpairmentLossOnInvestments_lbl" xml:lang="en-US">Impairment loss on investments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ProportionOfOwnershipInterestSold" xlink:label="fmx_ProportionOfOwnershipInterestSold" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ProportionOfOwnershipInterestSold" xlink:to="fmx_ProportionOfOwnershipInterestSold_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ProportionOfOwnershipInterestSold_lbl" xml:lang="en-US">Proportion of ownership interest sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ProportionOfOwnershipInterestSold_lbl" xml:lang="en-US">Proportion of ownership interest sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ProportionOfOwnershipInterestSold_lbl" xml:lang="en-US">Portion of investment sold</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinancialAssetsRecognizedOnSale" xlink:label="fmx_FinancialAssetsRecognizedOnSale" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinancialAssetsRecognizedOnSale" xlink:to="fmx_FinancialAssetsRecognizedOnSale_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinancialAssetsRecognizedOnSale_lbl" xml:lang="en-US">The amount of financial asset recognized on sale of interest and the agreement to receive payments in future on achievement on certain sales milestone.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinancialAssetsRecognizedOnSale_lbl" xml:lang="en-US">Financial Assets Recognized On Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FinancialAssetsRecognizedOnSale_lbl" xml:lang="en-US">Financial asset recognized on sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsReceived" xlink:label="ifrs-full_DividendsReceived" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsReceived" xlink:to="ifrs-full_DividendsReceived_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsReceived_lbl" xml:lang="en-US">Dividends received</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsReceived_lbl" xml:lang="en-US">Dividends received</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReductionOfIssuedCapital" xlink:label="ifrs-full_ReductionOfIssuedCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReductionOfIssuedCapital" xlink:to="ifrs-full_ReductionOfIssuedCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReductionOfIssuedCapital_lbl" xml:lang="en-US">Reduction of issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReductionOfIssuedCapital_lbl" xml:lang="en-US">Capital reduction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfOrdinarySharesOfAssociateSold" xlink:label="fmx_NumberOfOrdinarySharesOfAssociateSold" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfOrdinarySharesOfAssociateSold" xlink:to="fmx_NumberOfOrdinarySharesOfAssociateSold_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfOrdinarySharesOfAssociateSold_lbl" xml:lang="en-US">Number of ordinary shares of associate sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfOrdinarySharesOfAssociateSold_lbl" xml:lang="en-US">Number Of Ordinary Shares Of Associate Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfOrdinarySharesOfAssociateSold_lbl" xml:lang="en-US">Number of shares sold</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SharePricePerShare" xlink:label="fmx_SharePricePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SharePricePerShare" xlink:to="fmx_SharePricePerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SharePricePerShare_lbl" xml:lang="en-US">Share price per share.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SharePricePerShare_lbl" xml:lang="en-US">Share price per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_SharePricePerShare_lbl" xml:lang="en-US">Share price</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Equity income recognized from ownership interest, net of tax</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">The entity's share of the profit (loss), exclusive of amortisation adjustments, from continuing operations of associates and joint ventures accounted for using the equity method.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share Of Profit Loss Exclusive Of Amortization Adjustments Of Continuing Operations Of Associates And Joint Ventures Accounted For Using Equity Method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ShareOfProfitLossExclusiveOfAmortizationAdjustmentsOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of net income exclusive of amortisation adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesAbstract" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesAbstract" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesAbstract_lbl" xml:lang="en-US">Disclosure of associates [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable_lbl" xml:lang="en-US">Disclosure of associates [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable_lbl" xml:lang="en-US">Disclosure of associates [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfAssociatesAndJointVenturesLineItems" xlink:label="fmx_DisclosureOfAssociatesAndJointVenturesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfAssociatesAndJointVenturesLineItems" xlink:to="fmx_DisclosureOfAssociatesAndJointVenturesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfAssociatesAndJointVenturesLineItems_lbl" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information about associate and joint ventures associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfAssociatesAndJointVenturesLineItems_lbl" xml:lang="en-US">Disclosure of associates and joint ventures [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfAssociatesAndJointVenturesLineItems_lbl" xml:lang="en-US">Equity Method Accounted Investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAndOperatingIncome" xlink:label="ifrs-full_RevenueAndOperatingIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAndOperatingIncome" xlink:to="ifrs-full_RevenueAndOperatingIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US">Revenue and other operating income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US">Total revenue and other income</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CostsAndExpenses1" xlink:label="fmx_CostsAndExpenses1" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CostsAndExpenses1" xlink:to="fmx_CostsAndExpenses1_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CostsAndExpenses1_lbl" xml:lang="en-US">Costs and expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CostsAndExpenses1_lbl" xml:lang="en-US">Costs and Expenses1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CostsAndExpenses1_lbl" xml:lang="en-US">Total cost and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ifrs-full_ProfitLossFromContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromContinuingOperations" xlink:to="ifrs-full_ProfitLossFromContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Profit (loss) from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Net income from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Consolidated net (loss) income for continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Net income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US">Profit (loss), attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US">Net income (loss) attributable to equity holders</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments" xlink:label="fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments" xlink:to="fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments_lbl" xml:lang="en-US">Investments in associates excluding goodwill and other adjustments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments_lbl" xml:lang="en-US">Investments In Associates Excluding Goodwill And Other Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_InvestmentsInAssociatesExcludingGoodwillAndOtherAdjustments_lbl" xml:lang="en-US">Investment in Heineken investment exclusive of goodwill and other adjustments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation" xlink:label="fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation" xlink:to="fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation_lbl" xml:lang="en-US">Effects of fair value determined by purchase price allocation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation_lbl" xml:lang="en-US">Effects Of Fair Value Determined by Purchase Price Allocation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EffectsOfFairValueDeterminedByPurchasePriceAllocation_lbl" xml:lang="en-US">Effects of fair value determined by purchase price allocation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Goodwill" xlink:label="ifrs-full_Goodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US">Goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US">Total carrying amount of goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Investments in associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_InvestmentsInAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Heineken investment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:label="ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:to="ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_lbl" xml:lang="en-US">Fair value of investments in associates for which there are quoted market prices</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_lbl" xml:lang="en-US">Fair value of investment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of profit (loss) of associates accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Net income corresponding to the immaterial associates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Share of profit (loss) of joint ventures accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Net income (loss) corresponding to the immaterial joint ventures</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesAbstract" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesAbstract" xlink:to="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesAbstract_lbl" xml:lang="en-US">Disclosure abstract of entitys share of other comprehensive income from equity investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesAbstract_lbl" xml:lang="en-US">Disclosure Of Entitys Share Of Other Comprehensive Income From Equity Investees [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable" xlink:to="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable_lbl" xml:lang="en-US">Hypercube of entitys share of other comprehensive income from equity investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable_lbl" xml:lang="en-US">Disclosure Of Entitys Share Of Other Comprehensive Income From Equity Investees [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesTable_lbl" xml:lang="en-US">Disclosure Of Entitys Share Of Other Comprehensive Income From Equity Investees [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityInvestmentsMember" xlink:label="ifrs-full_EquityInvestmentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityInvestmentsMember" xlink:to="ifrs-full_EquityInvestmentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityInvestmentsMember_lbl" xml:lang="en-US">Equity investments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems" xlink:to="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems_lbl" xml:lang="en-US">Line Items abstract of entitys share of other comprehensive income from equity investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems_lbl" xml:lang="en-US">Disclosure Of Entitys Share Of Other Comprehensive Income From Equity Investees [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfEntitysShareOfOtherComprehensiveIncomeFromEquityInvesteesLineItems_lbl" xml:lang="en-US">Equity Method Accounted Investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax" xlink:label="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax" xlink:to="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax_lbl" xml:lang="en-US">Gains (losses) on cash flow hedges, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax_lbl" xml:lang="en-US">Fair value changes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Other comprehensive income, net of tax, exchange differences on translation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Exchange differences on translating foreign operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LandMember" xlink:label="ifrs-full_LandMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandMember" xlink:to="ifrs-full_LandMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US">Land</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ifrs-full_ConstructionInProgressMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgressMember" xlink:to="ifrs-full_ConstructionInProgressMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US">Investments in Fixed Assets in Progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Other PPE</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember_lbl" xml:lang="en-US">Accumulated depreciation, amortisation and impairment</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_PH" xlink:label="country_PH" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_PH" xlink:to="country_PH_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_PH_lbl" xml:lang="en-US">Philippines</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions other than through business combinations, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation for the year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Acquisitions through business combinations, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions from business acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:label="ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:to="ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment_lbl" xml:lang="en-US">Revaluation increase (decrease), property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment_lbl" xml:lang="en-US">Changes in fair value of past acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" xml:lang="en-US">Increase (decrease) through transfers from construction in progress, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfer of completed projects in progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment_lbl" xml:lang="en-US">Increase (decrease) through transfers from (to) investment property, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfer (to)/from assets classified as held for sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Disposals, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Disposals</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Increase (decrease) through net exchange differences, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects" xlink:label="fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects" xlink:to="fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects_lbl" xml:lang="en-US">Property plant and equipment changes in value on recognition of inflation effects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects_lbl" xml:lang="en-US">Property Plant and Equipment Changes in Value on Recognition of Inflation Effects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PropertyPlantAndEquipmentChangesInValueOnRecognitionOfInflationEffects_lbl" xml:lang="en-US">Changes in value on the recognition of inflation effects</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment" xlink:label="fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment" xlink:to="fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment_lbl" xml:lang="en-US">Outstanding payments to suppliers of property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment_lbl" xml:lang="en-US">Amounts Payable To Suppliers Of Property, Plant &amp; Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AmountsPayableToSuppliersOfPropertyPlantEquipment_lbl" xml:lang="en-US">Amount payable to suppliers for property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:to="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_lbl" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LandAndBuildingsMember" xlink:label="ifrs-full_LandAndBuildingsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandAndBuildingsMember" xlink:to="ifrs-full_LandAndBuildingsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandAndBuildingsMember_lbl" xml:lang="en-US">Land and buildings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:to="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_lbl" xml:lang="en-US">Disclosure of quantitative information about right of use assets [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_lbl" xml:lang="en-US">Leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsToRightofuseAssets" xlink:label="ifrs-full_AdditionsToRightofuseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsToRightofuseAssets" xlink:to="ifrs-full_AdditionsToRightofuseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsToRightofuseAssets_lbl" xml:lang="en-US">Additions to right-of-use assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsToRightofuseAssets_lbl" xml:lang="en-US">Additions</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:label="fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:to="fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_lbl" xml:lang="en-US">Acquisitions through business combinations, right of use assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_lbl" xml:lang="en-US">Acquisitions Through Business Combinations Right Of Use Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_lbl" xml:lang="en-US">Additions from business combinations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisposalsRightOfUseAssets" xlink:label="fmx_DisposalsRightOfUseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisposalsRightOfUseAssets" xlink:to="fmx_DisposalsRightOfUseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisposalsRightOfUseAssets_lbl" xml:lang="en-US">The decrease in right of use assets due to disposals.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisposalsRightOfUseAssets_lbl" xml:lang="en-US">Disposals Right Of Use Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_DisposalsRightOfUseAssets_lbl" xml:lang="en-US">Disposals</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RemeasurementsRightOfUseAssets" xlink:label="fmx_RemeasurementsRightOfUseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RemeasurementsRightOfUseAssets" xlink:to="fmx_RemeasurementsRightOfUseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RemeasurementsRightOfUseAssets_lbl" xml:lang="en-US">Remeasurements right of use assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RemeasurementsRightOfUseAssets_lbl" xml:lang="en-US">Remeasurements right of use assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RemeasurementsRightOfUseAssets_lbl" xml:lang="en-US">Remeasurements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="ifrs-full_DepreciationRightofuseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationRightofuseAssets" xlink:to="ifrs-full_DepreciationRightofuseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationRightofuseAssets_lbl" xml:lang="en-US">Depreciation, right-of-use assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationRightofuseAssets_lbl" xml:lang="en-US">Depreciation</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets" xlink:label="fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets" xlink:to="fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates, right of use assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates Right Of Use Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EffectsOfChangesInForeignExchangeRatesRightOfUseAssets_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfLeasesTable" xlink:label="fmx_DisclosureOfLeasesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfLeasesTable" xlink:to="fmx_DisclosureOfLeasesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfLeasesTable_lbl" xml:lang="en-US">Disclosure of leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfLeasesTable_lbl" xml:lang="en-US">Disclosure Of Leases [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfLeasesTable_lbl" xml:lang="en-US">Disclosure Of Leases [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US">Maturity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="ifrs-full_AggregatedTimeBandsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_AggregatedTimeBandsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US">Aggregated time bands [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US">Less than one year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US">0-1 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">One to five years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember_lbl" xml:lang="en-US">Five to ten years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanTenYearsMember" xlink:label="ifrs-full_LaterThanTenYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTenYearsMember" xlink:to="ifrs-full_LaterThanTenYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTenYearsMember_lbl" xml:lang="en-US">More than ten years</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfLeasesLineItemsLineItems" xlink:label="fmx_DisclosureOfLeasesLineItemsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfLeasesLineItemsLineItems" xlink:to="fmx_DisclosureOfLeasesLineItemsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfLeasesLineItemsLineItems_lbl" xml:lang="en-US">Disclosure of leases line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfLeasesLineItemsLineItems_lbl" xml:lang="en-US">Disclosure Of Leases Line Items [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfLeasesLineItemsLineItems_lbl" xml:lang="en-US">Leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossLeaseLiabilities" xlink:label="ifrs-full_GrossLeaseLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossLeaseLiabilities" xlink:to="ifrs-full_GrossLeaseLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossLeaseLiabilities_lbl" xml:lang="en-US">Gross lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GrossLeaseLiabilities_lbl" xml:lang="en-US">Total undiscounted lease liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseLiabilities" xlink:label="ifrs-full_LeaseLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseLiabilities" xlink:to="ifrs-full_LeaseLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseLiabilities_lbl" xml:lang="en-US">Lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_LeaseLiabilities_lbl" xml:lang="en-US">Total lease liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RentalExpensesOnRealEstateAbstract" xlink:label="fmx_RentalExpensesOnRealEstateAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RentalExpensesOnRealEstateAbstract" xlink:to="fmx_RentalExpensesOnRealEstateAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RentalExpensesOnRealEstateAbstract_lbl" xml:lang="en-US">Rental expenses on real estate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RentalExpensesOnRealEstateAbstract_lbl" xml:lang="en-US">Rental Expenses On Real Estate [Abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VehiclesServersAndEquipmentMember" xlink:label="fmx_VehiclesServersAndEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VehiclesServersAndEquipmentMember" xlink:to="fmx_VehiclesServersAndEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VehiclesServersAndEquipmentMember_lbl" xml:lang="en-US">Represents information pertaining to Vehicles, Servers and Equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VehiclesServersAndEquipmentMember_lbl" xml:lang="en-US">Vehicles, Servers and Equipment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ItEquipmentMember" xlink:label="fmx_ItEquipmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ItEquipmentMember" xlink:to="fmx_ItEquipmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ItEquipmentMember_lbl" xml:lang="en-US">IT Equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:to="ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis_lbl" xml:lang="en-US">Liabilities arising from financing activities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:to="ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember_lbl" xml:lang="en-US">Liabilities arising from financing activities [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseLiabilitiesMember" xlink:label="ifrs-full_LeaseLiabilitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseLiabilitiesMember" xlink:to="ifrs-full_LeaseLiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseLiabilitiesMember_lbl" xml:lang="en-US">Financial leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:label="ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_lbl" xml:lang="en-US">Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_lbl" xml:lang="en-US">Weighted average incremental borrowing rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="ifrs-full_InterestExpenseOnLeaseLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities_lbl" xml:lang="en-US">Interest expense on lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities_lbl" xml:lang="en-US">Finance charges payable for leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:label="ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:to="ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_lbl" xml:lang="en-US">Expense relating to leases of low-value assets for which recognition exemption has been used</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Increase (decrease) through financing cash flows, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Cash Flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Cash Flows</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable_lbl" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable_lbl" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RightToProduceAndDistributeTrademarkProductsMember" xlink:label="fmx_RightToProduceAndDistributeTrademarkProductsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RightToProduceAndDistributeTrademarkProductsMember" xlink:to="fmx_RightToProduceAndDistributeTrademarkProductsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RightToProduceAndDistributeTrademarkProductsMember_lbl" xml:lang="en-US">Right To Produce And Distribute Trademark Products.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RightToProduceAndDistributeTrademarkProductsMember_lbl" xml:lang="en-US">Right to produce and distribute trademark products</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherIndefiniteLivedIntangibleAssetsMember" xlink:label="fmx_OtherIndefiniteLivedIntangibleAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherIndefiniteLivedIntangibleAssetsMember" xlink:to="fmx_OtherIndefiniteLivedIntangibleAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherIndefiniteLivedIntangibleAssetsMember_lbl" xml:lang="en-US">Other indefinite lived intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherIndefiniteLivedIntangibleAssetsMember_lbl" xml:lang="en-US">Other indefinite lived intangible assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_UnamortisedIntangibleAssetsMember" xlink:label="fmx_UnamortisedIntangibleAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_UnamortisedIntangibleAssetsMember" xlink:to="fmx_UnamortisedIntangibleAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_UnamortisedIntangibleAssetsMember_lbl" xml:lang="en-US">Total unamortized intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_UnamortisedIntangibleAssetsMember_lbl" xml:lang="en-US">Total unamortized intangible assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TechnologyCostsAndManagementSystemsMember" xlink:label="fmx_TechnologyCostsAndManagementSystemsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TechnologyCostsAndManagementSystemsMember" xlink:to="fmx_TechnologyCostsAndManagementSystemsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TechnologyCostsAndManagementSystemsMember_lbl" xml:lang="en-US">Technology costs and management systems.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TechnologyCostsAndManagementSystemsMember_lbl" xml:lang="en-US">Technology costs and management systems</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CustomerRelationshipMember" xlink:label="fmx_CustomerRelationshipMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CustomerRelationshipMember" xlink:to="fmx_CustomerRelationshipMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CustomerRelationshipMember_lbl" xml:lang="en-US">Represents information pertaining to customer relationship.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CustomerRelationshipMember_lbl" xml:lang="en-US">Customer Relationship</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AlcoholLicensesMember" xlink:label="fmx_AlcoholLicensesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AlcoholLicensesMember" xlink:to="fmx_AlcoholLicensesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AlcoholLicensesMember_lbl" xml:lang="en-US">Alcohol licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AlcoholLicensesMember_lbl" xml:lang="en-US">Alcohol licenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherIntangibleAssetsMember" xlink:label="ifrs-full_OtherIntangibleAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIntangibleAssetsMember" xlink:to="ifrs-full_OtherIntangibleAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xml:lang="en-US">Other.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AmortisedIntangibleAssetsMember" xlink:label="fmx_AmortisedIntangibleAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AmortisedIntangibleAssetsMember" xlink:to="fmx_AmortisedIntangibleAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AmortisedIntangibleAssetsMember_lbl" xml:lang="en-US">Total amortized intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AmortisedIntangibleAssetsMember_lbl" xml:lang="en-US">Total amortized intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_lbl" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_lbl" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Additions other than through business combinations, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Additions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Amortisation, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Amortization expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Amortization expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Acquisitions through business combinations, intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Acquisitions from business combinations (see Note 4)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Revaluation increase (decrease), intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Changes in fair value of past acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Increase (decrease) through transfers, intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Transfer of completed development systems</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_DisposalsIntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_DisposalsIntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Disposals, intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Disposals</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill" xlink:label="fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill" xlink:to="fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">The increase (decrease) in intangible assets and goodwill resulting from Specialty's disposal.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Increase Decrease Through Specialty's Disposal of Intangible Assets and Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseDecreaseThroughSpecialtySDisposalOfIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Specialty's disposal</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Increase (decrease) through net exchange differences, intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Effect of movements in exchange rates</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangesInValueOnRecognitionOfInflationEffects" xlink:label="fmx_ChangesInValueOnRecognitionOfInflationEffects" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangesInValueOnRecognitionOfInflationEffects" xlink:to="fmx_ChangesInValueOnRecognitionOfInflationEffects_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangesInValueOnRecognitionOfInflationEffects_lbl" xml:lang="en-US">Changes in value on recognition of inflation effects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangesInValueOnRecognitionOfInflationEffects_lbl" xml:lang="en-US">Changes In Value On Recognition Of Inflation Effects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangesInValueOnRecognitionOfInflationEffects_lbl" xml:lang="en-US">Changes in value on the recognition of inflation effects</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Impairment loss recognised in profit or loss, intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfAllocationOfAmortisationExpensesAbstract" xlink:label="fmx_DisclosureOfAllocationOfAmortisationExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfAllocationOfAmortisationExpensesAbstract" xlink:to="fmx_DisclosureOfAllocationOfAmortisationExpensesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfAllocationOfAmortisationExpensesAbstract_lbl" xml:lang="en-US">Abstract of allocation of amortisation expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfAllocationOfAmortisationExpensesAbstract_lbl" xml:lang="en-US">Disclosure Of Allocation Of Amortisation Expenses [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AmortisationExpenseReportedInCostOfGoodsSold" xlink:label="fmx_AmortisationExpenseReportedInCostOfGoodsSold" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AmortisationExpenseReportedInCostOfGoodsSold" xlink:to="fmx_AmortisationExpenseReportedInCostOfGoodsSold_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AmortisationExpenseReportedInCostOfGoodsSold_lbl" xml:lang="en-US">Amortisation expense reported in cost of goods sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AmortisationExpenseReportedInCostOfGoodsSold_lbl" xml:lang="en-US">Amortisation Expense Reported in Cost of Goods Sold</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AmortisationExpenseReportedInAdministrativeExpenses" xlink:label="fmx_AmortisationExpenseReportedInAdministrativeExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AmortisationExpenseReportedInAdministrativeExpenses" xlink:to="fmx_AmortisationExpenseReportedInAdministrativeExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AmortisationExpenseReportedInAdministrativeExpenses_lbl" xml:lang="en-US">Amortisation expense reported in administrative expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AmortisationExpenseReportedInAdministrativeExpenses_lbl" xml:lang="en-US">Amortisation Expense Reported in Administrative Expenses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AmortisationExpenseReportedInSellingExpenses" xlink:label="fmx_AmortisationExpenseReportedInSellingExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AmortisationExpenseReportedInSellingExpenses" xlink:to="fmx_AmortisationExpenseReportedInSellingExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AmortisationExpenseReportedInSellingExpenses_lbl" xml:lang="en-US">Amortisation expense reported in selling expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AmortisationExpenseReportedInSellingExpenses_lbl" xml:lang="en-US">Amortisation Expense Reported in Selling Expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityAbstract" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityAbstract" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityAbstract_lbl" xml:lang="en-US">Disclosure of intangible assets material to entity [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityTable" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityTable" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityTable_lbl" xml:lang="en-US">Disclosure of intangible assets material to entity [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityTable_lbl" xml:lang="en-US">Disclosure of intangible assets material to entity [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityLineItems" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityLineItems" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityLineItems_lbl" xml:lang="en-US">Disclosure of intangible assets material to entity [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityLineItems_lbl" xml:lang="en-US">Disclosure of intangible assets material to entity [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:label="ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:to="ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_lbl" xml:lang="en-US">Remaining amortisation period of intangible assets material to entity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_lbl" xml:lang="en-US">Average Remaining Period Intangible Assets Subject to Amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAbstract" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAbstract_lbl" xml:lang="en-US">Disclosure of information for cash-generating units [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:to="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable_lbl" xml:lang="en-US">Disclosure of information for cash-generating units [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable_lbl" xml:lang="en-US">Disclosure of information for cash-generating units [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:label="ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:to="ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis_lbl" xml:lang="en-US">Cash-generating units [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForCashgeneratingUnitsMember" xlink:label="ifrs-full_EntitysTotalForCashgeneratingUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForCashgeneratingUnitsMember" xlink:to="ifrs-full_EntitysTotalForCashgeneratingUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForCashgeneratingUnitsMember_lbl" xml:lang="en-US">Entity's total for cash-generating units [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:to="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems_lbl" xml:lang="en-US">Disclosure of information for cash-generating units [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems_lbl" xml:lang="en-US">Disclosure of information for cash-generating units [line items]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_SouthAmericaMember" xlink:label="srt_SouthAmericaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SouthAmericaMember" xlink:to="srt_SouthAmericaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_SouthAmericaMember_lbl" xml:lang="en-US">South America</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TwoThousandTwentyOneToTwoThousandThirtyMember" xlink:label="fmx_TwoThousandTwentyOneToTwoThousandThirtyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TwoThousandTwentyOneToTwoThousandThirtyMember" xlink:to="fmx_TwoThousandTwentyOneToTwoThousandThirtyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TwoThousandTwentyOneToTwoThousandThirtyMember_lbl" xml:lang="en-US">Represents information pertaining to 2021-2030.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TwoThousandTwentyOneToTwoThousandThirtyMember_lbl" xml:lang="en-US">2021-2030</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TwoThousandTwentyTwoToTwoThousandThirtyOneMember" xlink:label="fmx_TwoThousandTwentyTwoToTwoThousandThirtyOneMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TwoThousandTwentyTwoToTwoThousandThirtyOneMember" xlink:to="fmx_TwoThousandTwentyTwoToTwoThousandThirtyOneMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TwoThousandTwentyTwoToTwoThousandThirtyOneMember_lbl" xml:lang="en-US">Represents information pertaining to 2022-2031.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TwoThousandTwentyTwoToTwoThousandThirtyOneMember_lbl" xml:lang="en-US">2022-2031</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TwoThousandTwentyTwoToTwoThousandTwentySixMember" xlink:label="fmx_TwoThousandTwentyTwoToTwoThousandTwentySixMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TwoThousandTwentyTwoToTwoThousandTwentySixMember" xlink:to="fmx_TwoThousandTwentyTwoToTwoThousandTwentySixMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TwoThousandTwentyTwoToTwoThousandTwentySixMember_lbl" xml:lang="en-US">Represents information pertaining to 2022-2026.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TwoThousandTwentyTwoToTwoThousandTwentySixMember_lbl" xml:lang="en-US">2022-2026</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TwoThousandTwentyOneToTwoThousandTwentyFiveMember" xlink:label="fmx_TwoThousandTwentyOneToTwoThousandTwentyFiveMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TwoThousandTwentyOneToTwoThousandTwentyFiveMember" xlink:to="fmx_TwoThousandTwentyOneToTwoThousandTwentyFiveMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TwoThousandTwentyOneToTwoThousandTwentyFiveMember_lbl" xml:lang="en-US">Two thousand twenty one to two thousand twenty five.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TwoThousandTwentyOneToTwoThousandTwentyFiveMember_lbl" xml:lang="en-US">2021 - 2025</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_WeightedAverageCostOfCapitalPreTaxPercentage" xlink:label="fmx_WeightedAverageCostOfCapitalPreTaxPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_WeightedAverageCostOfCapitalPreTaxPercentage" xlink:to="fmx_WeightedAverageCostOfCapitalPreTaxPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_WeightedAverageCostOfCapitalPreTaxPercentage_lbl" xml:lang="en-US">Weighted average cost of capital pre tax percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_WeightedAverageCostOfCapitalPreTaxPercentage_lbl" xml:lang="en-US">Weighted Average Cost of Capital Pre Tax Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_WeightedAverageCostOfCapitalPreTaxPercentage_lbl" xml:lang="en-US">Pre-tax WACC</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_WeightedAverageCostOfCapitalAfterTaxPercentage" xlink:label="fmx_WeightedAverageCostOfCapitalAfterTaxPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_WeightedAverageCostOfCapitalAfterTaxPercentage" xlink:to="fmx_WeightedAverageCostOfCapitalAfterTaxPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_WeightedAverageCostOfCapitalAfterTaxPercentage_lbl" xml:lang="en-US">Weighted average cost of capital after tax percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_WeightedAverageCostOfCapitalAfterTaxPercentage_lbl" xml:lang="en-US">Weighted Average Cost of Capital After Tax Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_WeightedAverageCostOfCapitalAfterTaxPercentage_lbl" xml:lang="en-US">Post-tax WACC</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExpectedAnnualLongtermInflationPercentage" xlink:label="fmx_ExpectedAnnualLongtermInflationPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExpectedAnnualLongtermInflationPercentage" xlink:to="fmx_ExpectedAnnualLongtermInflationPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExpectedAnnualLongtermInflationPercentage_lbl" xml:lang="en-US">Expected annual long-term inflation percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExpectedAnnualLongtermInflationPercentage_lbl" xml:lang="en-US">Expected Annual Long-Term Inflation Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ExpectedAnnualLongtermInflationPercentage_lbl" xml:lang="en-US">Expected Annual Long- Term</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExpectedVolumeGrowthRatesPercentage" xlink:label="fmx_ExpectedVolumeGrowthRatesPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExpectedVolumeGrowthRatesPercentage" xlink:to="fmx_ExpectedVolumeGrowthRatesPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExpectedVolumeGrowthRatesPercentage_lbl" xml:lang="en-US">Expected volume growth rates percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExpectedVolumeGrowthRatesPercentage_lbl" xml:lang="en-US">Expected Volume Growth Rates Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ExpectedVolumeGrowthRatesPercentage_lbl" xml:lang="en-US">Expected Volume Growth Rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:to="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:to="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:to="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RiskPremiumBasisPoints" xlink:label="fmx_RiskPremiumBasisPoints" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RiskPremiumBasisPoints" xlink:to="fmx_RiskPremiumBasisPoints_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RiskPremiumBasisPoints_lbl" xml:lang="en-US">Risk premium, basis points.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RiskPremiumBasisPoints_lbl" xml:lang="en-US">Risk Premium, Basis Points</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RiskPremiumBasisPoints_lbl" xml:lang="en-US">Risk premium basis points</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_lbl" xml:lang="en-US">Impairment loss recognised in profit or loss, goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_lbl" xml:lang="en-US">Impairment charge on goodwill</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInWeightedAverageCostOfCapitalPercentage" xlink:label="fmx_ChangeInWeightedAverageCostOfCapitalPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInWeightedAverageCostOfCapitalPercentage" xlink:to="fmx_ChangeInWeightedAverageCostOfCapitalPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInWeightedAverageCostOfCapitalPercentage_lbl" xml:lang="en-US">Change in weighted average cost of capital percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInWeightedAverageCostOfCapitalPercentage_lbl" xml:lang="en-US">Change in Weighted Average Cost of Capital Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangeInWeightedAverageCostOfCapitalPercentage_lbl" xml:lang="en-US">Change in WACC</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate" xlink:label="fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate" xlink:to="fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate_lbl" xml:lang="en-US">Change in volume growth of compound annual growth rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate_lbl" xml:lang="en-US">Change in Volume Growth of Compound Annual Growth Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_ChangeInVolumeGrowthOfCompoundAnnualGrowthRate_lbl" xml:lang="en-US">Change in Sales Growth CAGR</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EffectOnValuation" xlink:label="fmx_EffectOnValuation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EffectOnValuation" xlink:to="fmx_EffectOnValuation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EffectOnValuation_lbl" xml:lang="en-US">Effect on valuation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EffectOnValuation_lbl" xml:lang="en-US">Effect on Valuation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EffectOnValuation_lbl" xml:lang="en-US">Effect on Valuation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MiscellaneousAssetsAbstract" xlink:label="ifrs-full_MiscellaneousAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousAssetsAbstract" xlink:to="ifrs-full_MiscellaneousAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousAssetsAbstract_lbl" xml:lang="en-US">Miscellaneous assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AgreementWithCustomersOtherNonCurrentAssets" xlink:label="fmx_AgreementWithCustomersOtherNonCurrentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AgreementWithCustomersOtherNonCurrentAssets" xlink:to="fmx_AgreementWithCustomersOtherNonCurrentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AgreementWithCustomersOtherNonCurrentAssets_lbl" xml:lang="en-US">Agreement with customers other non current assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AgreementWithCustomersOtherNonCurrentAssets_lbl" xml:lang="en-US">Agreement With Customers Other Non Current Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AgreementWithCustomersOtherNonCurrentAssets_lbl" xml:lang="en-US">Agreement with customers</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermPrepaidAdvertisingExpenses" xlink:label="fmx_LongTermPrepaidAdvertisingExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermPrepaidAdvertisingExpenses" xlink:to="fmx_LongTermPrepaidAdvertisingExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermPrepaidAdvertisingExpenses_lbl" xml:lang="en-US">Long term prepaid advertising expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermPrepaidAdvertisingExpenses_lbl" xml:lang="en-US">Long Term Prepaid Advertising Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LongTermPrepaidAdvertisingExpenses_lbl" xml:lang="en-US">Long term prepaid advertising expenses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GuaranteeDepositsOtherNoncurrentAssets" xlink:label="fmx_GuaranteeDepositsOtherNoncurrentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GuaranteeDepositsOtherNoncurrentAssets" xlink:to="fmx_GuaranteeDepositsOtherNoncurrentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GuaranteeDepositsOtherNoncurrentAssets_lbl" xml:lang="en-US">Guarantee deposits other non current assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GuaranteeDepositsOtherNoncurrentAssets_lbl" xml:lang="en-US">Guarantee Deposits Other Non-Current Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_GuaranteeDepositsOtherNoncurrentAssets_lbl" xml:lang="en-US">Guarantee deposits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US">Non-current prepayments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US">Prepaid bonuses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdvancesToAcquirePropertyPlantAndEquipment" xlink:label="fmx_AdvancesToAcquirePropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdvancesToAcquirePropertyPlantAndEquipment" xlink:to="fmx_AdvancesToAcquirePropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdvancesToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Advances to acquire property plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdvancesToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Advances To Acquire Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdvancesToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Advances to acquire property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxAssetsNoncurrent" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxAssetsNoncurrent" xlink:to="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" xml:lang="en-US">Current tax assets, non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" xml:lang="en-US">Recoverable taxes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IndemnifiableAssetsFromBusinessCombination" xlink:label="fmx_IndemnifiableAssetsFromBusinessCombination" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IndemnifiableAssetsFromBusinessCombination" xlink:to="fmx_IndemnifiableAssetsFromBusinessCombination_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IndemnifiableAssetsFromBusinessCombination_lbl" xml:lang="en-US">Indemnifiable assets from business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IndemnifiableAssetsFromBusinessCombination_lbl" xml:lang="en-US">Indemnifiable Assets From Business Combination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_IndemnifiableAssetsFromBusinessCombination_lbl" xml:lang="en-US">Indemnifiable assets from business combinations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherMiscellaneousAssets" xlink:label="fmx_OtherMiscellaneousAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherMiscellaneousAssets" xlink:to="fmx_OtherMiscellaneousAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherMiscellaneousAssets_lbl" xml:lang="en-US">Other miscellaneous assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherMiscellaneousAssets_lbl" xml:lang="en-US">Other Miscellaneous Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherMiscellaneousAssets_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfFinancialAssetsAbstract" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsAbstract" xlink:to="ifrs-full_CategoriesOfFinancialAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAbstract_lbl" xml:lang="en-US">Categories of financial assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentReceivables" xlink:label="ifrs-full_NoncurrentReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivables" xlink:to="ifrs-full_NoncurrentReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivables_lbl" xml:lang="en-US">Trade and other non-current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentReceivables_lbl" xml:lang="en-US">Non-current accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentReceivables_lbl" xml:lang="en-US">Non-current accounts receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:label="ifrs-full_NoncurrentDerivativeFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:to="ifrs-full_NoncurrentDerivativeFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Non-current derivative financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Derivative financial instruments (see Note 21)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers" xlink:label="fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers" xlink:to="fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers_lbl" xml:lang="en-US">Other non current financial assets classified as others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers_lbl" xml:lang="en-US">Other Non current Financial Assets Classified As Others</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherNonCurrentFinancialAssetsClassifiedAsOthers_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherInvestmentsInEquityAccountedInvestees" xlink:label="fmx_OtherInvestmentsInEquityAccountedInvestees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherInvestmentsInEquityAccountedInvestees" xlink:to="fmx_OtherInvestmentsInEquityAccountedInvestees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherInvestmentsInEquityAccountedInvestees_lbl" xml:lang="en-US">Other investments in equity accounted investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherInvestmentsInEquityAccountedInvestees_lbl" xml:lang="en-US">Other Investments In Equity Accounted Investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherInvestmentsInEquityAccountedInvestees_lbl" xml:lang="en-US">Other investments in equity instruments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsAbstract" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsAbstract" xlink:to="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsAbstract_lbl" xml:lang="en-US">Disclosure of other assets and other financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsAbstract_lbl" xml:lang="en-US">Disclosure Of Other Assets And Other Financial Assets [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable" xlink:to="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable_lbl" xml:lang="en-US">Disclosure of other assets and other financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable_lbl" xml:lang="en-US">Disclosure Of Other Assets And Other Financial Assets [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsTable_lbl" xml:lang="en-US">Disclosure Of Other Assets And Other Financial Assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementAxis" xlink:to="ifrs-full_MeasurementAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US">Measurement [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AggregatedMeasurementMember" xlink:label="ifrs-full_AggregatedMeasurementMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedMeasurementMember" xlink:to="ifrs-full_AggregatedMeasurementMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US">Aggregated measurement [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AtFairValueMember" xlink:label="ifrs-full_AtFairValueMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AtFairValueMember" xlink:to="ifrs-full_AtFairValueMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AtFairValueMember_lbl" xml:lang="en-US">Fair value</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems" xlink:to="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems_lbl" xml:lang="en-US">Line Items abstract of Disclosure of other assets and other financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems_lbl" xml:lang="en-US">Disclosure Of Other Assets And Other Financial Assets [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfOtherAssetsAndOtherFinancialAssetsLineItems_lbl" xml:lang="en-US">Disclosure Of Other Assets And Other Financial Assets [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesAbstract" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesAbstract" xlink:to="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesAbstract_lbl" xml:lang="en-US">Abstract of balances and transactions with related parties and affiliates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesAbstract_lbl" xml:lang="en-US">Disclosure Of Balances And Transactions With Related Parties And Affiliates [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable" xlink:to="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable_lbl" xml:lang="en-US">Hypercube of balances and transactions with related parties and affiliates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable_lbl" xml:lang="en-US">Disclosure Of Balances And Transactions With Related Parties And Affiliates [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesTable_lbl" xml:lang="en-US">Disclosure Of Balances And Transactions With Related Parties And Affiliates [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BBVABancomerSADeCVMember" xlink:label="fmx_BBVABancomerSADeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BBVABancomerSADeCVMember" xlink:to="fmx_BBVABancomerSADeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BBVABancomerSADeCVMember_lbl" xml:lang="en-US">BBVA Bancomer SA de CV.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BBVABancomerSADeCVMember_lbl" xml:lang="en-US">BBVA Bancomer, S.A. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoFinancieroScotiabankInverlatSaMember" xlink:label="fmx_GrupoFinancieroScotiabankInverlatSaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoFinancieroScotiabankInverlatSaMember" xlink:to="fmx_GrupoFinancieroScotiabankInverlatSaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoFinancieroScotiabankInverlatSaMember_lbl" xml:lang="en-US">Grupo Financiero Scotiabank Inverlat SA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CashAndCashEquivalentMember" xlink:label="fmx_CashAndCashEquivalentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CashAndCashEquivalentMember" xlink:to="fmx_CashAndCashEquivalentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CashAndCashEquivalentMember_lbl" xml:lang="en-US">Cash and cash equivalent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CashAndCashEquivalentMember_lbl" xml:lang="en-US">Cash and cash equivalent</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AccountsReceivableAndOtherFinancialAssetsMember" xlink:label="fmx_AccountsReceivableAndOtherFinancialAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AccountsReceivableAndOtherFinancialAssetsMember" xlink:to="fmx_AccountsReceivableAndOtherFinancialAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AccountsReceivableAndOtherFinancialAssetsMember_lbl" xml:lang="en-US">Accounts receivable and other financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AccountsReceivableAndOtherFinancialAssetsMember_lbl" xml:lang="en-US">Accounts receivable and other financial assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xml:lang="en-US">Classes of liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesMember" xlink:label="ifrs-full_LiabilitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesMember" xlink:to="ifrs-full_LiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesMember_lbl" xml:lang="en-US">Liabilities [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BankLoansNotesPayablesAndAccountsPayableMember" xlink:label="fmx_BankLoansNotesPayablesAndAccountsPayableMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BankLoansNotesPayablesAndAccountsPayableMember" xlink:to="fmx_BankLoansNotesPayablesAndAccountsPayableMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BankLoansNotesPayablesAndAccountsPayableMember_lbl" xml:lang="en-US">Bank loans, notes payables and accounts payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BankLoansNotesPayablesAndAccountsPayableMember_lbl" xml:lang="en-US">Bank loans and notes payables and accounts payable</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BankLoansAndNotesPayablesMember" xlink:label="fmx_BankLoansAndNotesPayablesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BankLoansAndNotesPayablesMember" xlink:to="fmx_BankLoansAndNotesPayablesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BankLoansAndNotesPayablesMember_lbl" xml:lang="en-US">Bank loans and notes payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BankLoansAndNotesPayablesMember_lbl" xml:lang="en-US">Bank loans and notes payables</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AccountsPayable1Member" xlink:label="fmx_AccountsPayable1Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AccountsPayable1Member" xlink:to="fmx_AccountsPayable1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AccountsPayable1Member_lbl" xml:lang="en-US">Accounts payable 1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AccountsPayable1Member_lbl" xml:lang="en-US">Accounts payable</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems" xlink:to="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems_lbl" xml:lang="en-US">Line Items abstract of balances and transactions with related parties and affiliates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems_lbl" xml:lang="en-US">Disclosure Of Balances And Transactions With Related Parties And Affiliates [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfBalancesAndTransactionsWithRelatedPartiesAndAffiliatesLineItems_lbl" xml:lang="en-US">Disclosure of balances and transactions with related parties and affiliates [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OutstandingBalancesForRelatedPartyTransactionsAbstract" xlink:label="ifrs-full_OutstandingBalancesForRelatedPartyTransactionsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OutstandingBalancesForRelatedPartyTransactionsAbstract" xlink:to="ifrs-full_OutstandingBalancesForRelatedPartyTransactionsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OutstandingBalancesForRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Outstanding balances for related party transactions [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OutstandingBalancesForRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Balances</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US">Amounts receivable, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US">Account receivable with related party transaction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AssetsBalanceWithRelatedPartyTransaction" xlink:label="fmx_AssetsBalanceWithRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AssetsBalanceWithRelatedPartyTransaction" xlink:to="fmx_AssetsBalanceWithRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AssetsBalanceWithRelatedPartyTransaction_lbl" xml:lang="en-US">Assets Balance With Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AssetsBalanceWithRelatedPartyTransaction_lbl" xml:lang="en-US">Assets Balance With Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AssetsBalanceWithRelatedPartyTransaction_lbl" xml:lang="en-US">Assets balance with related party transaction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherReceivableRelatedPartyTransaction" xlink:label="fmx_OtherReceivableRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherReceivableRelatedPartyTransaction" xlink:to="fmx_OtherReceivableRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherReceivableRelatedPartyTransaction_lbl" xml:lang="en-US">Other receivable related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherReceivableRelatedPartyTransaction_lbl" xml:lang="en-US">Other receivable related party transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherReceivableRelatedPartyTransaction_lbl" xml:lang="en-US">Other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xml:lang="en-US">Amounts payable, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xml:lang="en-US">Account payables with related party transactions</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherPayablesToRelatedPartyTransaction" xlink:label="fmx_OtherPayablesToRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherPayablesToRelatedPartyTransaction" xlink:to="fmx_OtherPayablesToRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherPayablesToRelatedPartyTransaction_lbl" xml:lang="en-US">Other payables to related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherPayablesToRelatedPartyTransaction_lbl" xml:lang="en-US">Other payables to related party transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherPayablesToRelatedPartyTransaction_lbl" xml:lang="en-US">Other payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" xml:lang="en-US">Disclosure of transactions between related parties [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US">Disclosure of transactions between related parties [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US">Disclosure of transactions between related parties [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoIndustrialBimboSABDeCVMember" xlink:label="fmx_GrupoIndustrialBimboSABDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoIndustrialBimboSABDeCVMember" xlink:to="fmx_GrupoIndustrialBimboSABDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoIndustrialBimboSABDeCVMember_lbl" xml:lang="en-US">Grupo Industrial Bimbo, S.A.B. de C. V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoIndustrialBimboSABDeCVMember_lbl" xml:lang="en-US">Grupo Industrial Bimbo, S.A.B. de C. V</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PromotoraIndustrialAzucareraSAdeCVMember" xlink:label="fmx_PromotoraIndustrialAzucareraSAdeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PromotoraIndustrialAzucareraSAdeCVMember" xlink:to="fmx_PromotoraIndustrialAzucareraSAdeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PromotoraIndustrialAzucareraSAdeCVMember_lbl" xml:lang="en-US">Promotora Industrial Azucarera, S.A. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PromotoraIndustrialAzucareraSAdeCVMember_lbl" xml:lang="en-US">Promotora Industrial Azucarera, S.A. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BetaSanMiguelMember" xlink:label="fmx_BetaSanMiguelMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BetaSanMiguelMember" xlink:to="fmx_BetaSanMiguelMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BetaSanMiguelMember_lbl" xml:lang="en-US">Beta San Miguel [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BetaSanMiguelMember_lbl" xml:lang="en-US">Beta San Miguel</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EcolabIncMember" xlink:label="fmx_EcolabIncMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EcolabIncMember" xlink:to="fmx_EcolabIncMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EcolabIncMember_lbl" xml:lang="en-US">Represents information pertaining to Ecolab Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EcolabIncMember_lbl" xml:lang="en-US">Ecolab Inc [Member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoTelevisaSABDeCVMember" xlink:label="fmx_GrupoTelevisaSABDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoTelevisaSABDeCVMember" xlink:to="fmx_GrupoTelevisaSABDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoTelevisaSABDeCVMember_lbl" xml:lang="en-US">Grupo Televisa, S.A.B. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoTelevisaSABDeCVMember_lbl" xml:lang="en-US">Grupo Televisa, S.A.B. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoNacionalProvincialSABMember" xlink:label="fmx_GrupoNacionalProvincialSABMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoNacionalProvincialSABMember" xlink:to="fmx_GrupoNacionalProvincialSABMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoNacionalProvincialSABMember_lbl" xml:lang="en-US">Grupo nacional provincial SAB [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoNacionalProvincialSABMember_lbl" xml:lang="en-US">Grupo Nacional Provincial, S.A.B.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FundacionFemsaAcMember" xlink:label="fmx_FundacionFemsaAcMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FundacionFemsaAcMember" xlink:to="fmx_FundacionFemsaAcMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FundacionFemsaAcMember_lbl" xml:lang="en-US">Fundacion Femsa AC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FundacionFemsaAcMember_lbl" xml:lang="en-US">Fundacion FEMSA, A.C.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DifusionYFomentoCulturalACMember" xlink:label="fmx_DifusionYFomentoCulturalACMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DifusionYFomentoCulturalACMember" xlink:to="fmx_DifusionYFomentoCulturalACMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DifusionYFomentoCulturalACMember_lbl" xml:lang="en-US">Difusion y Fomento Cultural, A.C.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DifusionYFomentoCulturalACMember_lbl" xml:lang="en-US">Difusion y Fomento Cultural, A.C.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DonationsToItesmMember" xlink:label="fmx_DonationsToItesmMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DonationsToItesmMember" xlink:to="fmx_DonationsToItesmMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DonationsToItesmMember_lbl" xml:lang="en-US">Donations to ITESM.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DonationsToItesmMember_lbl" xml:lang="en-US">Donations to ITESM</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdesAlimentosYBebidasMember" xlink:label="fmx_AdesAlimentosYBebidasMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdesAlimentosYBebidasMember" xlink:to="fmx_AdesAlimentosYBebidasMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdesAlimentosYBebidasMember_lbl" xml:lang="en-US">AdeS Alimentos y Bebidas</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ifrs-full_ProductsAndServicesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesAxis_lbl" xml:lang="en-US">Products and services [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ifrs-full_ProductsAndServicesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="ifrs-full_ProductsAndServicesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US">Products and services [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherRevenueMember" xlink:label="fmx_OtherRevenueMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherRevenueMember" xlink:to="fmx_OtherRevenueMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherRevenueMember_lbl" xml:lang="en-US">Other revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherRevenueMember_lbl" xml:lang="en-US">Other revenue</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ConcentrateMember" xlink:label="fmx_ConcentrateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ConcentrateMember" xlink:to="fmx_ConcentrateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ConcentrateMember_lbl" xml:lang="en-US">Concentrate [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ConcentrateMember_lbl" xml:lang="en-US">Concentrate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsAdvertisingMember" xlink:label="fmx_IfrsAdvertisingMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsAdvertisingMember" xlink:to="fmx_IfrsAdvertisingMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsAdvertisingMember_lbl" xml:lang="en-US">Announcement promoting product, service, or event.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsAdvertisingMember_lbl" xml:lang="en-US">Advertising</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BeerMember" xlink:label="fmx_BeerMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BeerMember" xlink:to="fmx_BeerMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BeerMember_lbl" xml:lang="en-US">Beer Member</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BeerMember_lbl" xml:lang="en-US">Beer</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LogisticServicesMember" xlink:label="fmx_LogisticServicesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LogisticServicesMember" xlink:to="fmx_LogisticServicesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LogisticServicesMember_lbl" xml:lang="en-US">Logistic services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LogisticServicesMember_lbl" xml:lang="en-US">Logistic services</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_JuicesMember" xlink:label="fmx_JuicesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_JuicesMember" xlink:to="fmx_JuicesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_JuicesMember_lbl" xml:lang="en-US">Juices.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_JuicesMember_lbl" xml:lang="en-US">Juices</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BakedGoodsAndSnacksMember" xlink:label="fmx_BakedGoodsAndSnacksMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BakedGoodsAndSnacksMember" xlink:to="fmx_BakedGoodsAndSnacksMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BakedGoodsAndSnacksMember_lbl" xml:lang="en-US">Baked goods and snacks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BakedGoodsAndSnacksMember_lbl" xml:lang="en-US">Baked goods and snacks</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SugarMember" xlink:label="fmx_SugarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SugarMember" xlink:to="fmx_SugarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SugarMember_lbl" xml:lang="en-US">Sugar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SugarMember_lbl" xml:lang="en-US">Sugar</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InterestRevenueMember" xlink:label="fmx_InterestRevenueMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InterestRevenueMember" xlink:to="fmx_InterestRevenueMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InterestRevenueMember_lbl" xml:lang="en-US">Interest Revenue</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CannedProductsMember" xlink:label="fmx_CannedProductsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CannedProductsMember" xlink:to="fmx_CannedProductsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CannedProductsMember_lbl" xml:lang="en-US">Canned products.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CannedProductsMember_lbl" xml:lang="en-US">Canned products</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InventoryMember" xlink:label="fmx_InventoryMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InventoryMember" xlink:to="fmx_InventoryMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InventoryMember_lbl" xml:lang="en-US">Inventory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InventoryMember_lbl" xml:lang="en-US">Inventory</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MaterialsMember" xlink:label="fmx_MaterialsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MaterialsMember" xlink:to="fmx_MaterialsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MaterialsMember_lbl" xml:lang="en-US">This member stands for information relating to materials.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MaterialsMember_lbl" xml:lang="en-US">Materials</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ResineMember" xlink:label="fmx_ResineMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ResineMember" xlink:to="fmx_ResineMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ResineMember_lbl" xml:lang="en-US">Resine.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ResineMember_lbl" xml:lang="en-US">Resine</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US">Disclosure of transactions between related parties [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US">Disclosure of transactions between related parties [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" xlink:label="ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" xlink:to="ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction_lbl" xml:lang="en-US">Expense recognised during period for bad and doubtful debts for related party transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction_lbl" xml:lang="en-US">Expense resulting from the uncollectibility of balances due from related parties</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeFromRelatedPartyAbstract" xlink:label="fmx_IncomeFromRelatedPartyAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeFromRelatedPartyAbstract" xlink:to="fmx_IncomeFromRelatedPartyAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeFromRelatedPartyAbstract_lbl" xml:lang="en-US">Income from related party [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeFromRelatedPartyAbstract_lbl" xml:lang="en-US">Income from related party [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncomeFromRelatedPartyAbstract_lbl" xml:lang="en-US">Income:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xml:lang="en-US">Revenue from rendering of services, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xml:lang="en-US">Income from related party transaction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExpensesFromRelatedPartyAbstract" xlink:label="fmx_ExpensesFromRelatedPartyAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExpensesFromRelatedPartyAbstract" xlink:to="fmx_ExpensesFromRelatedPartyAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExpensesFromRelatedPartyAbstract_lbl" xml:lang="en-US">Expenses from related party [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExpensesFromRelatedPartyAbstract_lbl" xml:lang="en-US">Expenses from related party [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ExpensesFromRelatedPartyAbstract_lbl" xml:lang="en-US">Expenses:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:label="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:to="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_lbl" xml:lang="en-US">Purchases of goods, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_lbl" xml:lang="en-US">Purchase of goods from related party transaction</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xml:lang="en-US">Services received, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xml:lang="en-US">Services received, related party transaction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InterestExpenseAndFeePaidRelatedPartyTransactions" xlink:label="fmx_InterestExpenseAndFeePaidRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InterestExpenseAndFeePaidRelatedPartyTransactions" xlink:to="fmx_InterestExpenseAndFeePaidRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InterestExpenseAndFeePaidRelatedPartyTransactions_lbl" xml:lang="en-US">Interest expense and fee paid related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InterestExpenseAndFeePaidRelatedPartyTransactions_lbl" xml:lang="en-US">Interest Expense And Fee Paid Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_InterestExpenseAndFeePaidRelatedPartyTransactions_lbl" xml:lang="en-US">Interest expense and fee paid to related party transaction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DonationsToRelatedPartyTransactions" xlink:label="fmx_DonationsToRelatedPartyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DonationsToRelatedPartyTransactions" xlink:to="fmx_DonationsToRelatedPartyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DonationsToRelatedPartyTransactions_lbl" xml:lang="en-US">Donations to related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DonationsToRelatedPartyTransactions_lbl" xml:lang="en-US">Donations To Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DonationsToRelatedPartyTransactions_lbl" xml:lang="en-US">Donations to related party transactions</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherExpensesWithRelatedParty" xlink:label="fmx_OtherExpensesWithRelatedParty" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherExpensesWithRelatedParty" xlink:to="fmx_OtherExpensesWithRelatedParty_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherExpensesWithRelatedParty_lbl" xml:lang="en-US">Other expenses with related party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherExpensesWithRelatedParty_lbl" xml:lang="en-US">Other Expenses with Related Party</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherExpensesWithRelatedParty_lbl" xml:lang="en-US">Other expenses with related parties</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ContributionsDueFromRelatedParties" xlink:label="fmx_ContributionsDueFromRelatedParties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ContributionsDueFromRelatedParties" xlink:to="fmx_ContributionsDueFromRelatedParties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ContributionsDueFromRelatedParties_lbl" xml:lang="en-US">Contributions due from related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ContributionsDueFromRelatedParties_lbl" xml:lang="en-US">Contributions due from related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ContributionsDueFromRelatedParties_lbl" xml:lang="en-US">Contributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfNatureOfRelatedPartyRelationship" xlink:label="ifrs-full_DescriptionOfNatureOfRelatedPartyRelationship" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfRelatedPartyRelationship" xlink:to="ifrs-full_DescriptionOfNatureOfRelatedPartyRelationship_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfRelatedPartyRelationship_lbl" xml:lang="en-US">Description of nature of related party relationship</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfNatureOfRelatedPartyRelationship_lbl" xml:lang="en-US">Commitment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExplanationOfTermsAndConditionsOfOutstandingBalancesForRelatedPartyTransaction" xlink:label="ifrs-full_ExplanationOfTermsAndConditionsOfOutstandingBalancesForRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExplanationOfTermsAndConditionsOfOutstandingBalancesForRelatedPartyTransaction" xlink:to="ifrs-full_ExplanationOfTermsAndConditionsOfOutstandingBalancesForRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExplanationOfTermsAndConditionsOfOutstandingBalancesForRelatedPartyTransaction_lbl" xml:lang="en-US">Explanation of terms and conditions of outstanding balances for related party transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExplanationOfTermsAndConditionsOfOutstandingBalancesForRelatedPartyTransaction_lbl" xml:lang="en-US">Conditions</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TermOfRenewalOptionForRelatedPartyTransaction" xlink:label="fmx_TermOfRenewalOptionForRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TermOfRenewalOptionForRelatedPartyTransaction" xlink:to="fmx_TermOfRenewalOptionForRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TermOfRenewalOptionForRelatedPartyTransaction_lbl" xml:lang="en-US">Term of renewal option for related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TermOfRenewalOptionForRelatedPartyTransaction_lbl" xml:lang="en-US">Term Of Renewal Option For Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TermOfRenewalOptionForRelatedPartyTransaction_lbl" xml:lang="en-US">Renewal option for supply contract</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RestrictionPeriodForRelatedPartyTransaction" xlink:label="fmx_RestrictionPeriodForRelatedPartyTransaction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RestrictionPeriodForRelatedPartyTransaction" xlink:to="fmx_RestrictionPeriodForRelatedPartyTransaction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RestrictionPeriodForRelatedPartyTransaction_lbl" xml:lang="en-US">Restriction period for related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RestrictionPeriodForRelatedPartyTransaction_lbl" xml:lang="en-US">Restriction Period For Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RestrictionPeriodForRelatedPartyTransaction_lbl" xml:lang="en-US">Restriction period from holding exclusive contract with another supplier at the end of the contract term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US">Short-term employee benefits paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" xml:lang="en-US">Key management personnel compensation, post-employment benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" xml:lang="en-US">Postemployment benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xml:lang="en-US">Key management personnel compensation, termination benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xml:lang="en-US">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xml:lang="en-US">Key management personnel compensation, share-based payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xml:lang="en-US">Share based payments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesAbstract" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesAbstract" xlink:to="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesAbstract_lbl" xml:lang="en-US">Abstract of balances and transactions in foreign currencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesAbstract_lbl" xml:lang="en-US">Disclosure Of Balances And Transactions In Foreign Currencies [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable" xlink:to="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable_lbl" xml:lang="en-US">Disclosure of balances and transactions in foreign currencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable_lbl" xml:lang="en-US">Disclosure of Balances and Transactions in Foreign Currencies [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesTable_lbl" xml:lang="en-US">Disclosure of Balances and Transactions in Foreign Currencies [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherCurrenciesMember" xlink:label="fmx_OtherCurrenciesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherCurrenciesMember" xlink:to="fmx_OtherCurrenciesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherCurrenciesMember_lbl" xml:lang="en-US">Other currencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherCurrenciesMember_lbl" xml:lang="en-US">Other currencies</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems" xlink:to="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems_lbl" xml:lang="en-US">Line item abstract balances and transactions in foreign currencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems_lbl" xml:lang="en-US">Disclosure of Balances and Transactions in Foreign Currencies [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfBalancesAndTransactionsInForeignCurrenciesLineItems_lbl" xml:lang="en-US">Disclosure of Balances and Transactions in Foreign Currencies [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ShortTermForeignCurrencyFinancialAssets" xlink:label="fmx_ShortTermForeignCurrencyFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ShortTermForeignCurrencyFinancialAssets" xlink:to="fmx_ShortTermForeignCurrencyFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ShortTermForeignCurrencyFinancialAssets_lbl" xml:lang="en-US">Short term foreign currency financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ShortTermForeignCurrencyFinancialAssets_lbl" xml:lang="en-US">Short Term Foreign Currency Financial Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ShortTermForeignCurrencyFinancialAssets_lbl" xml:lang="en-US">Short-Term Assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermForeignCurrencyFinancialAssets" xlink:label="fmx_LongTermForeignCurrencyFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermForeignCurrencyFinancialAssets" xlink:to="fmx_LongTermForeignCurrencyFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermForeignCurrencyFinancialAssets_lbl" xml:lang="en-US">Long term foreign currency financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermForeignCurrencyFinancialAssets_lbl" xml:lang="en-US">Long Term Foreign Currency Financial Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LongTermForeignCurrencyFinancialAssets_lbl" xml:lang="en-US">Long-Term Assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ShortTermForeignCurrencyFinancialLiabilities" xlink:label="fmx_ShortTermForeignCurrencyFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ShortTermForeignCurrencyFinancialLiabilities" xlink:to="fmx_ShortTermForeignCurrencyFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ShortTermForeignCurrencyFinancialLiabilities_lbl" xml:lang="en-US">Short term foreign currency financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ShortTermForeignCurrencyFinancialLiabilities_lbl" xml:lang="en-US">Short Term Foreign Currency Financial Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ShortTermForeignCurrencyFinancialLiabilities_lbl" xml:lang="en-US">Short-Term Liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermForeignCurrencyFinancialLiabilities" xlink:label="fmx_LongTermForeignCurrencyFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermForeignCurrencyFinancialLiabilities" xlink:to="fmx_LongTermForeignCurrencyFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermForeignCurrencyFinancialLiabilities_lbl" xml:lang="en-US">Long term foreign currency financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermForeignCurrencyFinancialLiabilities_lbl" xml:lang="en-US">Long Term Foreign Currency Financial Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LongTermForeignCurrencyFinancialLiabilities_lbl" xml:lang="en-US">Long-Term Liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AllCurrenciesOtherThanPesoMember" xlink:label="fmx_AllCurrenciesOtherThanPesoMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AllCurrenciesOtherThanPesoMember" xlink:to="fmx_AllCurrenciesOtherThanPesoMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AllCurrenciesOtherThanPesoMember_lbl" xml:lang="en-US">Information pertaining to all currencies other than the local currency, which is the peso.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AllCurrenciesOtherThanPesoMember_lbl" xml:lang="en-US">All Currencies Other Than Peso</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Total revenue</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherRevenue" xlink:label="ifrs-full_OtherRevenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherRevenue" xlink:to="ifrs-full_OtherRevenue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherRevenue_lbl" xml:lang="en-US">Other revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherRevenue_lbl" xml:lang="en-US">Other operating revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="ifrs-full_ProfessionalFeesExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfessionalFeesExpense" xlink:to="ifrs-full_ProfessionalFeesExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfessionalFeesExpense_lbl" xml:lang="en-US">Consulting Fee Through Foreign Currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfessionalFeesExpense_lbl" xml:lang="en-US">Consulting Fees</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AssetsAcquisitionsThroughForeignCurrency" xlink:label="fmx_AssetsAcquisitionsThroughForeignCurrency" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AssetsAcquisitionsThroughForeignCurrency" xlink:to="fmx_AssetsAcquisitionsThroughForeignCurrency_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AssetsAcquisitionsThroughForeignCurrency_lbl" xml:lang="en-US">Assets acquisitions through foreign currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AssetsAcquisitionsThroughForeignCurrency_lbl" xml:lang="en-US">Assets Acquisitions Through Foreign Currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AssetsAcquisitionsThroughForeignCurrency_lbl" xml:lang="en-US">Asset Acquisitions</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherForeignCurrencyTransactions" xlink:label="fmx_OtherForeignCurrencyTransactions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherForeignCurrencyTransactions" xlink:to="fmx_OtherForeignCurrencyTransactions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherForeignCurrencyTransactions_lbl" xml:lang="en-US">Other foreign currency transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherForeignCurrencyTransactions_lbl" xml:lang="en-US">Other Foreign Currency Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_OtherForeignCurrencyTransactions_lbl" xml:lang="en-US">Other</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfExchangeRatesAbstract" xlink:label="fmx_DisclosureOfExchangeRatesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfExchangeRatesAbstract" xlink:to="fmx_DisclosureOfExchangeRatesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfExchangeRatesAbstract_lbl" xml:lang="en-US">Disclosure of exchange rates [abstract].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfExchangeRatesAbstract_lbl" xml:lang="en-US">Disclosure Of Exchange Rates [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfExchangeRatesTable" xlink:label="fmx_DisclosureOfExchangeRatesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfExchangeRatesTable" xlink:to="fmx_DisclosureOfExchangeRatesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfExchangeRatesTable_lbl" xml:lang="en-US">Disclosure of exchange rates [table].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfExchangeRatesTable_lbl" xml:lang="en-US">Disclosure Of Exchange Rates [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfExchangeRatesTable_lbl" xml:lang="en-US">Disclosure Of Exchange Rates [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfExchangeRatesLineItems" xlink:label="fmx_DisclosureOfExchangeRatesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfExchangeRatesLineItems" xlink:to="fmx_DisclosureOfExchangeRatesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfExchangeRatesLineItems_lbl" xml:lang="en-US">Disclosure of exchange rates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfExchangeRatesLineItems_lbl" xml:lang="en-US">Disclosure Of Exchange Rates [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfExchangeRatesLineItems_lbl" xml:lang="en-US">Disclosure of exchange rates [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansAbstract_lbl" xml:lang="en-US">Disclosure of defined benefit plans [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SurplusDeficitInPlanAbstract" xlink:label="ifrs-full_SurplusDeficitInPlanAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SurplusDeficitInPlanAbstract" xlink:to="ifrs-full_SurplusDeficitInPlanAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SurplusDeficitInPlanAbstract_lbl" xml:lang="en-US">Surplus (deficit) in plan [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SurplusDeficitInPlanAbstract_lbl" xml:lang="en-US">Financial:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US">Actuarial assumption of discount rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US">Discount rate used to calculate the defined benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US">Actuarial assumption of expected rates of salary increases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US">Salary increase</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases_lbl" xml:lang="en-US">Actuarial assumption of expected rates of pension increases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases_lbl" xml:lang="en-US">Future pension increases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:to="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_lbl" xml:lang="en-US">Actuarial assumption of medical cost trend rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_lbl" xml:lang="en-US">Healthcare cost increase rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BiometricAbstract" xlink:label="fmx_BiometricAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BiometricAbstract" xlink:to="fmx_BiometricAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BiometricAbstract_lbl" xml:lang="en-US">Biometric.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BiometricAbstract_lbl" xml:lang="en-US">Biometric [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_BiometricAbstract_lbl" xml:lang="en-US">Biometric:</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DescriptionOfMortality" xlink:label="fmx_DescriptionOfMortality" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DescriptionOfMortality" xlink:to="fmx_DescriptionOfMortality_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DescriptionOfMortality_lbl" xml:lang="en-US">Description of mortality.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DescriptionOfMortality_lbl" xml:lang="en-US">Description of Mortality</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DescriptionOfMortality_lbl" xml:lang="en-US">Mortality</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DescriptionOfDisability" xlink:label="fmx_DescriptionOfDisability" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DescriptionOfDisability" xlink:to="fmx_DescriptionOfDisability_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DescriptionOfDisability_lbl" xml:lang="en-US">Description of disability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DescriptionOfDisability_lbl" xml:lang="en-US">Description of Disability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DescriptionOfDisability_lbl" xml:lang="en-US">Disability</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NormalRetirementAge" xlink:label="fmx_NormalRetirementAge" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NormalRetirementAge" xlink:to="fmx_NormalRetirementAge_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NormalRetirementAge_lbl" xml:lang="en-US">Normal retirement age.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NormalRetirementAge_lbl" xml:lang="en-US">Normal Retirement Age</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NormalRetirementAge_lbl" xml:lang="en-US">Normal retirement age</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DescriptionOfRestOfEmployeeTurnover" xlink:label="fmx_DescriptionOfRestOfEmployeeTurnover" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DescriptionOfRestOfEmployeeTurnover" xlink:to="fmx_DescriptionOfRestOfEmployeeTurnover_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DescriptionOfRestOfEmployeeTurnover_lbl" xml:lang="en-US">Description of rest of employee turnover.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DescriptionOfRestOfEmployeeTurnover_lbl" xml:lang="en-US">Description of Rest of Employee Turnover</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DescriptionOfRestOfEmployeeTurnover_lbl" xml:lang="en-US">Employee turnover table</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" xml:lang="en-US">Disclosure of defined benefit plans [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" xml:lang="en-US">Disclosure of defined benefit plans [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="ifrs-full_DefinedBenefitPlansAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansAxis" xlink:to="ifrs-full_DefinedBenefitPlansAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansAxis_lbl" xml:lang="en-US">Defined benefit plans [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DefinedBenefitPlansMember" xlink:label="ifrs-full_DefinedBenefitPlansMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansMember" xlink:to="ifrs-full_DefinedBenefitPlansMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansMember_lbl" xml:lang="en-US">Defined benefit plans [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PensionAndRetirementPlansMember" xlink:label="fmx_PensionAndRetirementPlansMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PensionAndRetirementPlansMember" xlink:to="fmx_PensionAndRetirementPlansMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PensionAndRetirementPlansMember_lbl" xml:lang="en-US">Pension and retirement plans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PensionAndRetirementPlansMember_lbl" xml:lang="en-US">Pension and retirement plans</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeniorityPremiumsMember" xlink:label="fmx_SeniorityPremiumsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeniorityPremiumsMember" xlink:to="fmx_SeniorityPremiumsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeniorityPremiumsMember_lbl" xml:lang="en-US">Seniority premiums.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeniorityPremiumsMember_lbl" xml:lang="en-US">Seniority premiums</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PostRetirementMedicalServicesMember" xlink:label="fmx_PostRetirementMedicalServicesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PostRetirementMedicalServicesMember" xlink:to="fmx_PostRetirementMedicalServicesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PostRetirementMedicalServicesMember_lbl" xml:lang="en-US">Post retirement medical services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PostRetirementMedicalServicesMember_lbl" xml:lang="en-US">Post retirement medical services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" xml:lang="en-US">Disclosure of defined benefit plans [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" xml:lang="en-US">Disclosure of defined benefit plans [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1" xlink:to="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments next twelve months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments next twelve months1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths1_lbl" xml:lang="en-US">2022</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo" xlink:to="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments year two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payment year two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearTwo_lbl" xml:lang="en-US">2023</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree" xlink:to="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments year three.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payment year three</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearThree_lbl" xml:lang="en-US">2024</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour" xlink:to="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments year four.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payment year four</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFour_lbl" xml:lang="en-US">2025</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive" xlink:to="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments in year five.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payment year five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearFive_lbl" xml:lang="en-US">2026</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen" xlink:to="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payments year six to ten.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen_lbl" xml:lang="en-US">Defined benefit plan expected future benefit payment year six to ten</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DefinedBenefitPlanExpectedFutureBenefitPaymentYearSixToTen_lbl" xml:lang="en-US">2027 to 2031</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Defined benefit obligation, at present value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Initial balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Defined benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PlanAssetsAtFairValue" xlink:label="ifrs-full_PlanAssetsAtFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Plan assets, at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Defined benefit obligation funds at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Initial balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Amount accumulated in other comprehensive income as of the end of the period, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Amount accumulated in other comprehensive income as of the beginning of the period, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Remeasurements of the Net Defined Benefit Liability (Assets)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Net defined benefit liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US">Levels of fair value hierarchy [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US">All levels of fair value hierarchy [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="ifrs-full_Level1OfFairValueHierarchyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 1</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TradedSecuritiesMember" xlink:label="fmx_TradedSecuritiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TradedSecuritiesMember" xlink:to="fmx_TradedSecuritiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TradedSecuritiesMember_lbl" xml:lang="en-US">Traded securities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TradedSecuritiesMember_lbl" xml:lang="en-US">Traded Securities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BankInstrumentsMember" xlink:label="fmx_BankInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BankInstrumentsMember" xlink:to="fmx_BankInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BankInstrumentsMember_lbl" xml:lang="en-US">Bank instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BankInstrumentsMember_lbl" xml:lang="en-US">Bank instruments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FederalGovernmentInstrumentsMember" xlink:label="fmx_FederalGovernmentInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FederalGovernmentInstrumentsMember" xlink:to="fmx_FederalGovernmentInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FederalGovernmentInstrumentsMember_lbl" xml:lang="en-US">Federal government instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FederalGovernmentInstrumentsMember_lbl" xml:lang="en-US">Federal government instruments of the respective countries</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PubliclyTradedSharesMember" xlink:label="fmx_PubliclyTradedSharesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PubliclyTradedSharesMember" xlink:to="fmx_PubliclyTradedSharesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PubliclyTradedSharesMember_lbl" xml:lang="en-US">Publicly traded shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PubliclyTradedSharesMember_lbl" xml:lang="en-US">Publicly traded shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SubsidiariesMember" xlink:label="ifrs-full_SubsidiariesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SubsidiariesMember" xlink:to="ifrs-full_SubsidiariesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SubsidiariesMember_lbl" xml:lang="en-US">Mexican subsidiaries</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FixedReturnAbstract" xlink:label="fmx_FixedReturnAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FixedReturnAbstract" xlink:to="fmx_FixedReturnAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FixedReturnAbstract_lbl" xml:lang="en-US">Fixed return.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FixedReturnAbstract_lbl" xml:lang="en-US">Fixed Return [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FixedReturnAbstract_lbl" xml:lang="en-US">Fixed return:</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TrustAssetsFixedReturnPercentage" xlink:label="fmx_TrustAssetsFixedReturnPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TrustAssetsFixedReturnPercentage" xlink:to="fmx_TrustAssetsFixedReturnPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TrustAssetsFixedReturnPercentage_lbl" xml:lang="en-US">Trust assets fixed return percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TrustAssetsFixedReturnPercentage_lbl" xml:lang="en-US">Trust Assets Fixed Return Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TrustAssetsFixedReturnPercentage_lbl" xml:lang="en-US">Trust assets fixed return percentage</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableReturnAbstract" xlink:label="fmx_VariableReturnAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableReturnAbstract" xlink:to="fmx_VariableReturnAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableReturnAbstract_lbl" xml:lang="en-US">Variable return.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableReturnAbstract_lbl" xml:lang="en-US">Variable Return [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_VariableReturnAbstract_lbl" xml:lang="en-US">Variable return:</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TrustAssetsVariableReturnPercentage" xlink:label="fmx_TrustAssetsVariableReturnPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TrustAssetsVariableReturnPercentage" xlink:to="fmx_TrustAssetsVariableReturnPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TrustAssetsVariableReturnPercentage_lbl" xml:lang="en-US">Trust assets variable return percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TrustAssetsVariableReturnPercentage_lbl" xml:lang="en-US">Trust Assets Variable Return Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TrustAssetsVariableReturnPercentage_lbl" xml:lang="en-US">Trust assets variable return percentage</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TrustAssetsFixedAndVariableReturnPercentage" xlink:label="fmx_TrustAssetsFixedAndVariableReturnPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TrustAssetsFixedAndVariableReturnPercentage" xlink:to="fmx_TrustAssetsFixedAndVariableReturnPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TrustAssetsFixedAndVariableReturnPercentage_lbl" xml:lang="en-US">Trust assets fixed and variable return percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TrustAssetsFixedAndVariableReturnPercentage_lbl" xml:lang="en-US">Trust Assets Fixed And Variable Return Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="fmx_TrustAssetsFixedAndVariableReturnPercentage_lbl" xml:lang="en-US">Trust assets fixed and variable return percentage</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfPlanAssetInvestmentForRelatedParties" xlink:label="fmx_PercentageOfPlanAssetInvestmentForRelatedParties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfPlanAssetInvestmentForRelatedParties" xlink:to="fmx_PercentageOfPlanAssetInvestmentForRelatedParties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfPlanAssetInvestmentForRelatedParties_lbl" xml:lang="en-US">Percentage of plan asset investment for related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfPlanAssetInvestmentForRelatedParties_lbl" xml:lang="en-US">Percentage of Plan Asset Investment for Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfPlanAssetInvestmentForRelatedParties_lbl" xml:lang="en-US">Plan asset investment for related parties, percentage</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfFundAssets" xlink:label="fmx_PercentageOfFundAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfFundAssets" xlink:to="fmx_PercentageOfFundAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfFundAssets_lbl" xml:lang="en-US">Percentage of fund assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfFundAssets_lbl" xml:lang="en-US">Percentage Of Fund Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfFundAssets_lbl" xml:lang="en-US">Fund assets, percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DebtSecuritiesMember" xlink:label="ifrs-full_DebtSecuritiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DebtSecuritiesMember" xlink:to="ifrs-full_DebtSecuritiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DebtSecuritiesMember_lbl" xml:lang="en-US">Debt</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CapitalSecuritiesMember" xlink:label="fmx_CapitalSecuritiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CapitalSecuritiesMember" xlink:to="fmx_CapitalSecuritiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CapitalSecuritiesMember_lbl" xml:lang="en-US">Capital securities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CapitalSecuritiesMember_lbl" xml:lang="en-US">Capital</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_E1PuertoDeLiverpoolSABDeCVMember" xlink:label="fmx_E1PuertoDeLiverpoolSABDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_E1PuertoDeLiverpoolSABDeCVMember" xlink:to="fmx_E1PuertoDeLiverpoolSABDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_E1PuertoDeLiverpoolSABDeCVMember_lbl" xml:lang="en-US">El Puerto de Liverpool, S.A.B. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_E1PuertoDeLiverpoolSABDeCVMember_lbl" xml:lang="en-US">El Puerto de Liverpool, S.A.B. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoBbvaBancomerSaDeCvMember" xlink:label="fmx_GrupoBbvaBancomerSaDeCvMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoBbvaBancomerSaDeCvMember" xlink:to="fmx_GrupoBbvaBancomerSaDeCvMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoBbvaBancomerSaDeCvMember_lbl" xml:lang="en-US">Grupo BBVA Bancomer, S.A. De C.V. [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoBbvaBancomerSaDeCvMember_lbl" xml:lang="en-US">Grupo BBVA Bancomer, S.A. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CemexDeMember" xlink:label="fmx_CemexDeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CemexDeMember" xlink:to="fmx_CemexDeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CemexDeMember_lbl" xml:lang="en-US">CEMEX, S.A.B. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CemexDeMember_lbl" xml:lang="en-US">CEMEX, S.A.B. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoFinancieroBanorteSABDeCVMember" xlink:label="fmx_GrupoFinancieroBanorteSABDeCVMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoFinancieroBanorteSABDeCVMember" xlink:to="fmx_GrupoFinancieroBanorteSABDeCVMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoFinancieroBanorteSABDeCVMember_lbl" xml:lang="en-US">Grupo Financiero Banorte, S.A.B. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoFinancieroBanorteSABDeCVMember_lbl" xml:lang="en-US">Grupo Financiero Banorte, S.A.B. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoFinancieroScotiabankInverlatSaDeCvMember" xlink:label="fmx_GrupoFinancieroScotiabankInverlatSaDeCvMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoFinancieroScotiabankInverlatSaDeCvMember" xlink:to="fmx_GrupoFinancieroScotiabankInverlatSaDeCvMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoFinancieroScotiabankInverlatSaDeCvMember_lbl" xml:lang="en-US">Grupo Financiero Scotiabank Inverlat, S.A. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoFinancieroScotiabankInverlatSaDeCvMember_lbl" xml:lang="en-US">Grupo Financiero Scotiabank Inverlat, S.A. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AlfaSabDeCvMember" xlink:label="fmx_AlfaSabDeCvMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AlfaSabDeCvMember" xlink:to="fmx_AlfaSabDeCvMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AlfaSabDeCvMember_lbl" xml:lang="en-US">Alfa, S.A.B. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AlfaSabDeCvMember_lbl" xml:lang="en-US">Alfa, S.A.B. de C.V. [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GrupoAeroportuarioDelSueresteDeMember" xlink:label="fmx_GrupoAeroportuarioDelSueresteDeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GrupoAeroportuarioDelSueresteDeMember" xlink:to="fmx_GrupoAeroportuarioDelSueresteDeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GrupoAeroportuarioDelSueresteDeMember_lbl" xml:lang="en-US">Grupo Aeroportuario del Suereste, S.A.B. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GrupoAeroportuarioDelSueresteDeMember_lbl" xml:lang="en-US">Grupo Aeroportuario del Suereste, S.A.B. de C.V.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OthersMember" xlink:label="fmx_OthersMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OthersMember" xlink:to="fmx_OthersMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OthersMember_lbl" xml:lang="en-US">Others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OthersMember_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InvestmentsInSecurities" xlink:label="fmx_InvestmentsInSecurities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InvestmentsInSecurities" xlink:to="fmx_InvestmentsInSecurities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InvestmentsInSecurities_lbl" xml:lang="en-US">Investments in securities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InvestmentsInSecurities_lbl" xml:lang="en-US">Investments in Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_InvestmentsInSecurities_lbl" xml:lang="en-US">Investments in securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:to="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:to="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetBenefitCostRecognizedInFinancialStatementsAxis" xlink:label="fmx_NetBenefitCostRecognizedInFinancialStatementsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetBenefitCostRecognizedInFinancialStatementsAxis" xlink:to="fmx_NetBenefitCostRecognizedInFinancialStatementsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetBenefitCostRecognizedInFinancialStatementsAxis_lbl" xml:lang="en-US">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetBenefitCostRecognizedInFinancialStatementsAxis_lbl" xml:lang="en-US">Net Benefit Cost Recognized in Financial Statements [Axis]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetBenefitCostRecognizedInFinancialStatementsDomain" xlink:label="fmx_NetBenefitCostRecognizedInFinancialStatementsDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetBenefitCostRecognizedInFinancialStatementsDomain" xlink:to="fmx_NetBenefitCostRecognizedInFinancialStatementsDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetBenefitCostRecognizedInFinancialStatementsDomain_lbl" xml:lang="en-US">n/a.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetBenefitCostRecognizedInFinancialStatementsDomain_lbl" xml:lang="en-US">Net Benefit Cost Recognized in Financial Statements [Domain]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetBenefitCostRecognizedInTheConsolidatedStatementsOfIncomeMember" xlink:label="fmx_NetBenefitCostRecognizedInTheConsolidatedStatementsOfIncomeMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetBenefitCostRecognizedInTheConsolidatedStatementsOfIncomeMember_lbl" xml:lang="en-US">Net benefit cost recognized in the consolidated statements of income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetBenefitCostRecognizedInTheConsolidatedStatementsOfIncomeMember_lbl" xml:lang="en-US">Net benefit cost recognized in the consolidated statements of income</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember" xlink:to="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Net benefit cost recognized in consolidated statements of accumulated other comprehensive income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Net benefit cost recognized in consolidated statements of accumulated other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfAccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Employee benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Current service cost, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Current service cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Past service cost, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Past service cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Past service (credit) cost</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset" xlink:label="fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset" xlink:to="fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Gains (losses) arising from settlements or curtailments net defined benefit liability asset.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Gains (losses) arising from settlements or curtailments net defined benefit liability asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_GainsLossesArisingFromSettlementsOrCurtailmentsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Gain or Loss on Settlement or Curtailment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Interest expense (income), net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Net Interest on the Net Defined Benefit Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Effect of Net Interest on the Net Defined Benefit Liability (Asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Interest expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Increase (decrease) through changes in foreign exchange rates, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Foreign exchange loss (gain)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial (gains) arising from exchange rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Foreign exchange loss (gain)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Gain (loss) on remeasurement, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Remeasurements during the year, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Remeasurements of the net defined benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial gains (losses) arising from changes in financial assumptions, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial losses and (gains) arising from changes in financial assumptions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial gains (losses) arising from changes in demographic assumptions, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial losses and (gains) arising from changes in demographic assumptions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Gains (losses) arising from settlements, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Settlement / Curtailment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Effect on settlement</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeniorityPremiumPlanMember" xlink:label="fmx_SeniorityPremiumPlanMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeniorityPremiumPlanMember" xlink:to="fmx_SeniorityPremiumPlanMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeniorityPremiumPlanMember_lbl" xml:lang="en-US">Seniority premium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeniorityPremiumPlanMember_lbl" xml:lang="en-US">Seniority premiums.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:to="ifrs-full_NetDefinedBenefitLiabilityAssetAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetAxis_lbl" xml:lang="en-US">Net defined benefit liability (asset) [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:to="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US">Net defined benefit liability (asset) [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:label="ifrs-full_PresentValueOfDefinedBenefitObligationMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:to="ifrs-full_PresentValueOfDefinedBenefitObligationMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PresentValueOfDefinedBenefitObligationMember_lbl" xml:lang="en-US">Present value of defined benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BenefitsPaidOrPayable" xlink:label="ifrs-full_BenefitsPaidOrPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BenefitsPaidOrPayable" xlink:to="ifrs-full_BenefitsPaidOrPayable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BenefitsPaidOrPayable_lbl" xml:lang="en-US">Benefits paid or payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_BenefitsPaidOrPayable_lbl" xml:lang="en-US">Benefits paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Increase (decrease) through business combinations and disposals, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">(Derecognition) acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PlanAssetsMember" xlink:label="ifrs-full_PlanAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsMember" xlink:to="ifrs-full_PlanAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PlanAssetsMember_lbl" xml:lang="en-US">Plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Return on plan assets excluding interest income or expense, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actual return on trust assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset" xlink:label="fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset" xlink:to="fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Life annuities, net defined benefit liability (asset).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Life annuities, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_LifeAnnuitiesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Life annuities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfOtherComprehensiveIncomeMember" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfOtherComprehensiveIncomeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfOtherComprehensiveIncomeMember" xlink:to="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfOtherComprehensiveIncomeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetBenefitCostRecognizedInConsolidatedStatementsOfOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DiscountRatePlusOnePercentMember" xlink:label="fmx_DiscountRatePlusOnePercentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DiscountRatePlusOnePercentMember" xlink:to="fmx_DiscountRatePlusOnePercentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DiscountRatePlusOnePercentMember_lbl" xml:lang="en-US">Discount Rates+1%.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DiscountRatePlusOnePercentMember_lbl" xml:lang="en-US">Discount rate +1%</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DiscountRateMinusOnePercentMember" xlink:label="fmx_DiscountRateMinusOnePercentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DiscountRateMinusOnePercentMember" xlink:to="fmx_DiscountRateMinusOnePercentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DiscountRateMinusOnePercentMember_lbl" xml:lang="en-US">Discount Rates-1%.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DiscountRateMinusOnePercentMember_lbl" xml:lang="en-US">Discount rate -1%</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="ifrs-full_ActuarialAssumptionsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionsAxis" xlink:to="ifrs-full_ActuarialAssumptionsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionsAxis_lbl" xml:lang="en-US">Actuarial assumptions [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionsMember" xlink:label="ifrs-full_ActuarialAssumptionsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionsMember" xlink:to="ifrs-full_ActuarialAssumptionsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionsMember_lbl" xml:lang="en-US">Actuarial assumptions [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl" xml:lang="en-US">Discount rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl" xml:lang="en-US">Future salary growth</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:to="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember_lbl" xml:lang="en-US">Medical cost trend rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:label="ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:to="ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption_lbl" xml:lang="en-US">Percentage of reasonably possible decrease in actuarial assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption_lbl" xml:lang="en-US">Percentage of reasonably possible decrease in actuarial assumption</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US">Percentage of reasonably possible increase in actuarial assumption</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:label="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:to="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract_lbl" xml:lang="en-US">Classes of employee benefits expense [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WagesAndSalaries" xlink:label="ifrs-full_WagesAndSalaries" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WagesAndSalaries" xlink:to="ifrs-full_WagesAndSalaries_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WagesAndSalaries_lbl" xml:lang="en-US">Wages and salaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WagesAndSalaries_lbl" xml:lang="en-US">Wages and salaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SocialSecurityContributions" xlink:label="ifrs-full_SocialSecurityContributions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SocialSecurityContributions" xlink:to="ifrs-full_SocialSecurityContributions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SocialSecurityContributions_lbl" xml:lang="en-US">Social security contributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SocialSecurityContributions_lbl" xml:lang="en-US">Social security costs</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EmployeeProfitSharing" xlink:label="fmx_EmployeeProfitSharing" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EmployeeProfitSharing" xlink:to="fmx_EmployeeProfitSharing_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EmployeeProfitSharing_lbl" xml:lang="en-US">Employee profit sharing.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EmployeeProfitSharing_lbl" xml:lang="en-US">Employee profit sharing</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EmployeeProfitSharing_lbl" xml:lang="en-US">Employee profit sharing</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" xml:lang="en-US">Post-employment benefit expense, defined benefit plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" xml:lang="en-US">Post-employment benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl" xml:lang="en-US">Expense from share-based payment transactions with employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees_lbl" xml:lang="en-US">Share-based payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TerminationBenefitsExpense" xlink:label="ifrs-full_TerminationBenefitsExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TerminationBenefitsExpense" xlink:to="ifrs-full_TerminationBenefitsExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TerminationBenefitsExpense_lbl" xml:lang="en-US">Termination benefits expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TerminationBenefitsExpense_lbl" xml:lang="en-US">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EmployeeBenefitExpenseTotal" xlink:label="fmx_EmployeeBenefitExpenseTotal" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EmployeeBenefitExpenseTotal" xlink:to="fmx_EmployeeBenefitExpenseTotal_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EmployeeBenefitExpenseTotal_lbl" xml:lang="en-US">Employee benefits expenses recognized in the consolidated income statements as cost of goods sold, administrative and selling expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EmployeeBenefitExpenseTotal_lbl" xml:lang="en-US">Employee Benefit Expense Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="fmx_EmployeeBenefitExpenseTotal_lbl" xml:lang="en-US">Employee benefits expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfBonus" xlink:label="fmx_PercentageOfBonus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfBonus" xlink:to="fmx_PercentageOfBonus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfBonus_lbl" xml:lang="en-US">Percentage of bonus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfBonus_lbl" xml:lang="en-US">Percentage of bonus</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfBonus_lbl" xml:lang="en-US">Percentage of bonus</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfBonusBasedOnEconomicValueAdded" xlink:label="fmx_PercentageOfBonusBasedOnEconomicValueAdded" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfBonusBasedOnEconomicValueAdded" xlink:to="fmx_PercentageOfBonusBasedOnEconomicValueAdded_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfBonusBasedOnEconomicValueAdded_lbl" xml:lang="en-US">Percentage Of Bonus Based On Economic Value Added</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfBonusBasedOnEconomicValueAdded_lbl" xml:lang="en-US">Percentage Of Bonus Based On Economic Value Added</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfBonusBasedOnEconomicValueAdded_lbl" xml:lang="en-US">Percentage of economic value added</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfAnnualBonus" xlink:label="fmx_PercentageOfAnnualBonus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfAnnualBonus" xlink:to="fmx_PercentageOfAnnualBonus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfAnnualBonus_lbl" xml:lang="en-US">Percentage of annual bonus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfAnnualBonus_lbl" xml:lang="en-US">Percentage of Annual Bonus</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfAnnualBonus_lbl" xml:lang="en-US">Percentage of annual bonus</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncentiveProgramAwardsVestingPeriod" xlink:label="fmx_IncentiveProgramAwardsVestingPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncentiveProgramAwardsVestingPeriod" xlink:to="fmx_IncentiveProgramAwardsVestingPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncentiveProgramAwardsVestingPeriod_lbl" xml:lang="en-US">The vesting period for awards under the incentive program.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncentiveProgramAwardsVestingPeriod_lbl" xml:lang="en-US">Incentive Program, Awards Vesting Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncentiveProgramAwardsVestingPeriod_lbl" xml:lang="en-US">Vesting period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherEmployeeExpense" xlink:label="ifrs-full_OtherEmployeeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherEmployeeExpense" xlink:to="ifrs-full_OtherEmployeeExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherEmployeeExpense_lbl" xml:lang="en-US">Other employee expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherEmployeeExpense_lbl" xml:lang="en-US">Compensation expense</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FEMSAMember" xlink:label="fmx_FEMSAMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FEMSAMember" xlink:to="fmx_FEMSAMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FEMSAMember_lbl" xml:lang="en-US">FEMSA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FEMSAMember_lbl" xml:lang="en-US">FEMSA UBD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_KoflUblMember" xlink:label="fmx_KoflUblMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_KoflUblMember" xlink:to="fmx_KoflUblMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_KoflUblMember_lbl" xml:lang="en-US">KOFL.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_KoflUblMember_lbl" xml:lang="en-US">KOFL UBL</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Number of other equity instruments outstanding in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Number of other equity instruments outstanding in share-based payment arrangement at end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Number of other equity instruments outstanding in share-based payment arrangement at beginning of period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_lbl" xml:lang="en-US">Number of other equity instruments granted in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_lbl" xml:lang="en-US">Shares acquired by the administrative trust to employees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Number of other equity instruments exercised or vested in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_lbl" xml:lang="en-US">Shares released from administrative trust to employees upon vesting</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements" xlink:label="fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements" xlink:to="fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements_lbl" xml:lang="en-US">The fair value of the outstanding equity instruments in share-based payment arrangements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements_lbl" xml:lang="en-US">Fair Value Of Outstanding Equity Instruments In Share Based Payment Arrangements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FairValueOfOutstandingEquityInstrumentsInShareBasedPaymentArrangements_lbl" xml:lang="en-US">Fair value of shares held by trust</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_MXN" xlink:label="currency_MXN" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_MXN" xlink:to="currency_MXN_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_MXN_lbl" xml:lang="en-US">Mexican peso</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2021/currency-2021.xsd#currency_UYU" xlink:label="currency_UYU" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_UYU" xlink:to="currency_UYU_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_UYU_lbl" xml:lang="en-US">Uruguayan peso</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US">1-2 years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US">2023</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US">2-3 years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US">2024</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl" xml:lang="en-US">3-4 years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl" xml:lang="en-US">2025</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">4-5 years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">2026</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US">Later than 5 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="ifrs-full_FloatingInterestRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FloatingInterestRateMember" xlink:to="ifrs-full_FloatingInterestRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FloatingInterestRateMember_lbl" xml:lang="en-US">Variable rate debt</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ShortTermBorrowingsBankLoansMember" xlink:label="fmx_ShortTermBorrowingsBankLoansMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ShortTermBorrowingsBankLoansMember" xlink:to="fmx_ShortTermBorrowingsBankLoansMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ShortTermBorrowingsBankLoansMember_lbl" xml:lang="en-US">Short Term Borrowings Bank loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ShortTermBorrowingsBankLoansMember_lbl" xml:lang="en-US">Short term Bank loans</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsBankLoansMember" xlink:label="fmx_LongTermBorrowingsBankLoansMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsBankLoansMember" xlink:to="fmx_LongTermBorrowingsBankLoansMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsBankLoansMember_lbl" xml:lang="en-US">Long term borrowings bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsBankLoansMember_lbl" xml:lang="en-US">Long term Bank loans</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsDomesticSeniorNotesMember" xlink:label="fmx_LongTermBorrowingsDomesticSeniorNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsDomesticSeniorNotesMember" xlink:to="fmx_LongTermBorrowingsDomesticSeniorNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsDomesticSeniorNotesMember_lbl" xml:lang="en-US">Long term borrowings domestic senior notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsDomesticSeniorNotesMember_lbl" xml:lang="en-US">Domestic senior notes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsSeniorUnsecuredNotesMember" xlink:label="fmx_LongTermBorrowingsSeniorUnsecuredNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsSeniorUnsecuredNotesMember" xlink:to="fmx_LongTermBorrowingsSeniorUnsecuredNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsSeniorUnsecuredNotesMember_lbl" xml:lang="en-US">Long term borrowings senior unsecured notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsSeniorUnsecuredNotesMember_lbl" xml:lang="en-US">Senior unsecured notes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsYankeeBondMember" xlink:label="fmx_LongTermBorrowingsYankeeBondMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsYankeeBondMember" xlink:to="fmx_LongTermBorrowingsYankeeBondMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsYankeeBondMember_lbl" xml:lang="en-US">Long term borrowings Yankee bond.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsYankeeBondMember_lbl" xml:lang="en-US">Long term borrowings Yankee bond</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsBankOfNNYFEMSAUSD2023Member" xlink:label="fmx_LongTermBorrowingsBankOfNNYFEMSAUSD2023Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsBankOfNNYFEMSAUSD2023Member" xlink:to="fmx_LongTermBorrowingsBankOfNNYFEMSAUSD2023Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsBankOfNNYFEMSAUSD2023Member_lbl" xml:lang="en-US">Long term borrowings Bank of NY (FEMSA USD 2023).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsBankOfNNYFEMSAUSD2023Member_lbl" xml:lang="en-US">Long term borrowings Bank of NY (FEMSA USD 2023)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsBankOfNYFEMSAUSD2043Member" xlink:label="fmx_LongTermBorrowingsBankOfNYFEMSAUSD2043Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsBankOfNYFEMSAUSD2043Member" xlink:to="fmx_LongTermBorrowingsBankOfNYFEMSAUSD2043Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsBankOfNYFEMSAUSD2043Member_lbl" xml:lang="en-US">Long term borrowings Bank of NY (FEMSA USD 2043).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsBankOfNYFEMSAUSD2043Member_lbl" xml:lang="en-US">Long term borrowings Bank of NY (FEMSA USD 2043)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LongTermBorrowingsBankOfNyFemsaUsd2050Member" xlink:label="fmx_LongTermBorrowingsBankOfNyFemsaUsd2050Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LongTermBorrowingsBankOfNyFemsaUsd2050Member" xlink:to="fmx_LongTermBorrowingsBankOfNyFemsaUsd2050Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LongTermBorrowingsBankOfNyFemsaUsd2050Member_lbl" xml:lang="en-US">Represents information pertaining to Long Term Borrowings Bank Of NY FEMSA USD 2050.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LongTermBorrowingsBankOfNyFemsaUsd2050Member_lbl" xml:lang="en-US">Bank of NY (FEMSA USD 2050)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Long-term debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US">Borrowings, interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US">Fixed interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US">Interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_lbl" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_lbl" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="ifrs-full_HedgingInstrumentsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentsAxis" xlink:to="ifrs-full_HedgingInstrumentsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentsAxis_lbl" xml:lang="en-US">Hedging instruments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="ifrs-full_HedgingInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentsMember" xlink:to="ifrs-full_HedgingInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentsMember_lbl" xml:lang="en-US">Hedging instruments [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrencySwapContractMember" xlink:label="ifrs-full_CurrencySwapContractMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencySwapContractMember" xlink:to="ifrs-full_CurrencySwapContractMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencySwapContractMember_lbl" xml:lang="en-US">Cross-currency swaps</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestRateSwapContractMember" xlink:label="ifrs-full_InterestRateSwapContractMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateSwapContractMember" xlink:to="ifrs-full_InterestRateSwapContractMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateSwapContractMember_lbl" xml:lang="en-US">Interest rate swap</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeBrazilianRealAndUsDollarMember" xlink:label="fmx_CurrencyExchangeBrazilianRealAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeBrazilianRealAndUsDollarMember" xlink:to="fmx_CurrencyExchangeBrazilianRealAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeBrazilianRealAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Brazilian Real and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeBrazilianRealAndUsDollarMember_lbl" xml:lang="en-US">BRL/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeMexicanPesoAndUsDollarMember" xlink:label="fmx_CurrencyExchangeMexicanPesoAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeMexicanPesoAndUsDollarMember" xlink:to="fmx_CurrencyExchangeMexicanPesoAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeMexicanPesoAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Mexican Peso and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeMexicanPesoAndUsDollarMember_lbl" xml:lang="en-US">MXN/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeEuroAndUsDollarMember" xlink:label="fmx_CurrencyExchangeEuroAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeEuroAndUsDollarMember" xlink:to="fmx_CurrencyExchangeEuroAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeEuroAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Euro and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeEuroAndUsDollarMember_lbl" xml:lang="en-US">EUR/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FixedToVariableInterestRateMember" xlink:label="fmx_FixedToVariableInterestRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FixedToVariableInterestRateMember" xlink:to="fmx_FixedToVariableInterestRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FixedToVariableInterestRateMember_lbl" xml:lang="en-US">Fixed to variable interest rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FixedToVariableInterestRateMember_lbl" xml:lang="en-US">Fixed to variable interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FixedToFixedInterestRateMember" xlink:label="fmx_FixedToFixedInterestRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FixedToFixedInterestRateMember" xlink:to="fmx_FixedToFixedInterestRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FixedToFixedInterestRateMember_lbl" xml:lang="en-US">Fixed to fixed interest rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FixedToFixedInterestRateMember_lbl" xml:lang="en-US">Fixed to fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableToFixedInterestRateFourMember" xlink:label="fmx_VariableToFixedInterestRateFourMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableToFixedInterestRateFourMember" xlink:to="fmx_VariableToFixedInterestRateFourMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableToFixedInterestRateFourMember_lbl" xml:lang="en-US">Member relating to variable to fixed interest rate four.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableToFixedInterestRateFourMember_lbl" xml:lang="en-US">9.4% variable to 4.4% fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableToFixedInterestRateMember" xlink:label="fmx_VariableToFixedInterestRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableToFixedInterestRateMember" xlink:to="fmx_VariableToFixedInterestRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableToFixedInterestRateMember_lbl" xml:lang="en-US">Variable to fixed interest rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableToFixedInterestRateMember_lbl" xml:lang="en-US">Variable to fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableToFixedInterestRateTwoMember" xlink:label="fmx_VariableToFixedInterestRateTwoMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableToFixedInterestRateTwoMember" xlink:to="fmx_VariableToFixedInterestRateTwoMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableToFixedInterestRateTwoMember_lbl" xml:lang="en-US">Member relating to variable to fixed interest rate two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableToFixedInterestRateTwoMember_lbl" xml:lang="en-US">6.0% variable to 5.9% fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableToFixedInterestRateThreeMember" xlink:label="fmx_VariableToFixedInterestRateThreeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableToFixedInterestRateThreeMember" xlink:to="fmx_VariableToFixedInterestRateThreeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableToFixedInterestRateThreeMember_lbl" xml:lang="en-US">Member pertaining to variable to fixed interest rate three.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableToFixedInterestRateThreeMember_lbl" xml:lang="en-US">7.4% variable to 7.2% fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_lbl" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_lbl" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate" xlink:to="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate_lbl" xml:lang="en-US">Financial instruments designated as hedging derivative interest payable rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate_lbl" xml:lang="en-US">Financial Instruments Designated As Hedging Derivative Interest Payable Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestPayableRate_lbl" xml:lang="en-US">Interest pay rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate" xlink:to="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate_lbl" xml:lang="en-US">Financial instruments designated as hedging derivative interest receivable rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate_lbl" xml:lang="en-US">Financial Instruments Designated As Hedging Derivative Interest Receivable Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FinancialInstrumentsDesignatedAsHedgingDerivativeInterestReceivableRate_lbl" xml:lang="en-US">Interest receive rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NotionalAmount" xlink:label="ifrs-full_NotionalAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US">Notional amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US">Notional amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US">Face amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="ifrs-full_BorrowingsInterestRateBasis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Borrowings, interest rate basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Basis points over the relevant benchmark</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Interest rate percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpenseOnBorrowings" xlink:label="ifrs-full_InterestExpenseOnBorrowings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnBorrowings" xlink:to="ifrs-full_InterestExpenseOnBorrowings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseOnBorrowings_lbl" xml:lang="en-US">Interest expense on borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpenseOnBorrowings_lbl" xml:lang="en-US">Interest on debts and borrowings</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinanceChargesForEmployeeBenefits" xlink:label="fmx_FinanceChargesForEmployeeBenefits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinanceChargesForEmployeeBenefits" xlink:to="fmx_FinanceChargesForEmployeeBenefits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinanceChargesForEmployeeBenefits_lbl" xml:lang="en-US">Finance charges for employee benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinanceChargesForEmployeeBenefits_lbl" xml:lang="en-US">Finance Charges For Employee Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FinanceChargesForEmployeeBenefits_lbl" xml:lang="en-US">Finance charges for employee benefits, net</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InterestExpenseOnDerivativeInstruments" xlink:label="fmx_InterestExpenseOnDerivativeInstruments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InterestExpenseOnDerivativeInstruments" xlink:to="fmx_InterestExpenseOnDerivativeInstruments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InterestExpenseOnDerivativeInstruments_lbl" xml:lang="en-US">Interest Expense on Derivative instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InterestExpenseOnDerivativeInstruments_lbl" xml:lang="en-US">Interest Expense on Derivative instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_InterestExpenseOnDerivativeInstruments_lbl" xml:lang="en-US">Derivative instruments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinanceOperatingCharges" xlink:label="fmx_FinanceOperatingCharges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinanceOperatingCharges" xlink:to="fmx_FinanceOperatingCharges_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinanceOperatingCharges_lbl" xml:lang="en-US">Finance operating charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinanceOperatingCharges_lbl" xml:lang="en-US">Finance Operating Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FinanceOperatingCharges_lbl" xml:lang="en-US">Finance operating charges</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OnePointSevenFivePercentageSeniorNotesMember" xlink:label="fmx_OnePointSevenFivePercentageSeniorNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OnePointSevenFivePercentageSeniorNotesMember" xlink:to="fmx_OnePointSevenFivePercentageSeniorNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OnePointSevenFivePercentageSeniorNotesMember_lbl" xml:lang="en-US">One Point Seven Five Percentage Senior Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OnePointSevenFivePercentageSeniorNotesMember_lbl" xml:lang="en-US">1.75% Senior Notes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SeniorUnsecuredNotes3.500Member" xlink:label="fmx_SeniorUnsecuredNotes3.500Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SeniorUnsecuredNotes3.500Member" xlink:to="fmx_SeniorUnsecuredNotes3.500Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SeniorUnsecuredNotes3.500Member_lbl" xml:lang="en-US">Represents information pertaining to 3.500% Senior Unsecured Notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SeniorUnsecuredNotes3.500Member_lbl" xml:lang="en-US">3.500% Senior Unsecured Notes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SevenPointThreeSixDebtBondsMaturingOnTwoThousandTwentyEightMember" xlink:label="fmx_SevenPointThreeSixDebtBondsMaturingOnTwoThousandTwentyEightMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SevenPointThreeSixDebtBondsMaturingOnTwoThousandTwentyEightMember" xlink:to="fmx_SevenPointThreeSixDebtBondsMaturingOnTwoThousandTwentyEightMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SevenPointThreeSixDebtBondsMaturingOnTwoThousandTwentyEightMember_lbl" xml:lang="en-US">It pertains to 7.36% short term loan maturing on year 2028.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SevenPointThreeSixDebtBondsMaturingOnTwoThousandTwentyEightMember_lbl" xml:lang="en-US">7.36% Debt maturing on 2028</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FivePointFourSixPercentageDebtBondsMaturingOnTwoThousandTwentyThreeMember" xlink:label="fmx_FivePointFourSixPercentageDebtBondsMaturingOnTwoThousandTwentyThreeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FivePointFourSixPercentageDebtBondsMaturingOnTwoThousandTwentyThreeMember" xlink:to="fmx_FivePointFourSixPercentageDebtBondsMaturingOnTwoThousandTwentyThreeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FivePointFourSixPercentageDebtBondsMaturingOnTwoThousandTwentyThreeMember_lbl" xml:lang="en-US">Five Point Four Six Percentage Debt Bonds Maturing On Two Thousand Twenty Three [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FivePointFourSixPercentageDebtBondsMaturingOnTwoThousandTwentyThreeMember_lbl" xml:lang="en-US">5.46% Debt Bonds Maturing on 2023</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TwoPointSevenFivePercentageSeniorNotesMaturingOnTwentyTwoOfJanuaryTwoThousandThirtyMember" xlink:label="fmx_TwoPointSevenFivePercentageSeniorNotesMaturingOnTwentyTwoOfJanuaryTwoThousandThirtyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TwoPointSevenFivePercentageSeniorNotesMaturingOnTwentyTwoOfJanuaryTwoThousandThirtyMember" xlink:to="fmx_TwoPointSevenFivePercentageSeniorNotesMaturingOnTwentyTwoOfJanuaryTwoThousandThirtyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TwoPointSevenFivePercentageSeniorNotesMaturingOnTwentyTwoOfJanuaryTwoThousandThirtyMember_lbl" xml:lang="en-US">Represents information pertaining to Two Point Seven Five Percentage Senior Notes Maturing On Twenty Two of January, Two Thousand Thirty.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TwoPointSevenFivePercentageSeniorNotesMaturingOnTwentyTwoOfJanuaryTwoThousandThirtyMember_lbl" xml:lang="en-US">2.75% Senior Notes Maturing 2030</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DebtCertificatesMaturingOn2033Member" xlink:label="fmx_DebtCertificatesMaturingOn2033Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DebtCertificatesMaturingOn2033Member" xlink:to="fmx_DebtCertificatesMaturingOn2033Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DebtCertificatesMaturingOn2033Member_lbl" xml:lang="en-US">Represents the information pertaining to debt certificate maturing on 2033.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DebtCertificatesMaturingOn2033Member_lbl" xml:lang="en-US">Debt Certificates Maturing on 2033</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DebtCertificatesMaturingOn2028Member" xlink:label="fmx_DebtCertificatesMaturingOn2028Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DebtCertificatesMaturingOn2028Member" xlink:to="fmx_DebtCertificatesMaturingOn2028Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DebtCertificatesMaturingOn2028Member_lbl" xml:lang="en-US">Represents the information pertaining to debt certificate maturing on 2028.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DebtCertificatesMaturingOn2028Member_lbl" xml:lang="en-US">Debt Certificates Maturing on 2028</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FivePointTwoFivePercentageSeniorNotesMaturingOnNovemberTwentySixTwoThousandFortyThreeMember" xlink:label="fmx_FivePointTwoFivePercentageSeniorNotesMaturingOnNovemberTwentySixTwoThousandFortyThreeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FivePointTwoFivePercentageSeniorNotesMaturingOnNovemberTwentySixTwoThousandFortyThreeMember" xlink:to="fmx_FivePointTwoFivePercentageSeniorNotesMaturingOnNovemberTwentySixTwoThousandFortyThreeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FivePointTwoFivePercentageSeniorNotesMaturingOnNovemberTwentySixTwoThousandFortyThreeMember_lbl" xml:lang="en-US">Five Point Two Five Percentage Senior Notes Maturing On November Twenty Six Two Thousand Forty Three [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FivePointTwoFivePercentageSeniorNotesMaturingOnNovemberTwentySixTwoThousandFortyThreeMember_lbl" xml:lang="en-US">5.25% Senior Notes Maturing On November 26, 2045</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OnePointEightFivePercentageSeniorNotesMaturingOnFirstOfSeptemberTwoThousandThirtyTwoMember" xlink:label="fmx_OnePointEightFivePercentageSeniorNotesMaturingOnFirstOfSeptemberTwoThousandThirtyTwoMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OnePointEightFivePercentageSeniorNotesMaturingOnFirstOfSeptemberTwoThousandThirtyTwoMember" xlink:to="fmx_OnePointEightFivePercentageSeniorNotesMaturingOnFirstOfSeptemberTwoThousandThirtyTwoMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OnePointEightFivePercentageSeniorNotesMaturingOnFirstOfSeptemberTwoThousandThirtyTwoMember_lbl" xml:lang="en-US">Represents information pertaining to One Point Eight Five Percentage Senior Notes Maturing On First of September, Two Thousand Thirty Two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OnePointEightFivePercentageSeniorNotesMaturingOnFirstOfSeptemberTwoThousandThirtyTwoMember_lbl" xml:lang="en-US">1.85% Senior Notes Maturing 2032</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableRatePesoDenominatedNotesMaturingOnTwoThousandTwentyTwoMember" xlink:label="fmx_VariableRatePesoDenominatedNotesMaturingOnTwoThousandTwentyTwoMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableRatePesoDenominatedNotesMaturingOnTwoThousandTwentyTwoMember" xlink:to="fmx_VariableRatePesoDenominatedNotesMaturingOnTwoThousandTwentyTwoMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableRatePesoDenominatedNotesMaturingOnTwoThousandTwentyTwoMember_lbl" xml:lang="en-US">Information pertaining to peso-denominated variable rate notes maturing on 2022.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableRatePesoDenominatedNotesMaturingOnTwoThousandTwentyTwoMember_lbl" xml:lang="en-US">Variable Rate Notes Maturing 2022</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SevenPointEightSevenPercentageDebtBondsMaturingOnTwoThousandTwentySevenMember" xlink:label="fmx_SevenPointEightSevenPercentageDebtBondsMaturingOnTwoThousandTwentySevenMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SevenPointEightSevenPercentageDebtBondsMaturingOnTwoThousandTwentySevenMember" xlink:to="fmx_SevenPointEightSevenPercentageDebtBondsMaturingOnTwoThousandTwentySevenMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SevenPointEightSevenPercentageDebtBondsMaturingOnTwoThousandTwentySevenMember_lbl" xml:lang="en-US">Seven point eight seven percentage debt bonds maturing on two thousand twenty seven.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SevenPointEightSevenPercentageDebtBondsMaturingOnTwoThousandTwentySevenMember_lbl" xml:lang="en-US">7.87% debt bonds maturing on 2027</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SevenPointThreeFivePercentageDebtBondsMaturingOnTwoThousandTwentyEightMember" xlink:label="fmx_SevenPointThreeFivePercentageDebtBondsMaturingOnTwoThousandTwentyEightMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SevenPointThreeFivePercentageDebtBondsMaturingOnTwoThousandTwentyEightMember" xlink:to="fmx_SevenPointThreeFivePercentageDebtBondsMaturingOnTwoThousandTwentyEightMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SevenPointThreeFivePercentageDebtBondsMaturingOnTwoThousandTwentyEightMember_lbl" xml:lang="en-US">Represents information pertaining to Seven Point Three Five Percentage Debt Bonds Maturing On Two Thousand Twenty Eight.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SevenPointThreeFivePercentageDebtBondsMaturingOnTwoThousandTwentyEightMember_lbl" xml:lang="en-US">Seven Point Three Five Percentage Debt Bonds Maturing On Two Thousand Twenty Eight</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TIIEPlusZeroPointZeroEightPercentageDebtBondsMaturingOnTwoThousandTwentyFiveMember" xlink:label="fmx_TIIEPlusZeroPointZeroEightPercentageDebtBondsMaturingOnTwoThousandTwentyFiveMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TIIEPlusZeroPointZeroEightPercentageDebtBondsMaturingOnTwoThousandTwentyFiveMember" xlink:to="fmx_TIIEPlusZeroPointZeroEightPercentageDebtBondsMaturingOnTwoThousandTwentyFiveMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TIIEPlusZeroPointZeroEightPercentageDebtBondsMaturingOnTwoThousandTwentyFiveMember_lbl" xml:lang="en-US">TIIE plus zero point zero eight percentage debt bonds maturing on two thousand twenty five.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TIIEPlusZeroPointZeroEightPercentageDebtBondsMaturingOnTwoThousandTwentyFiveMember_lbl" xml:lang="en-US">T I I E Plus Zero Point Zero Eight Percentage Debt Bonds Maturing On Two Thousand Twenty Five</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TiiePlusZeroPointZeroFivePercentageDebtBondsMaturingOn2026Member" xlink:label="fmx_TiiePlusZeroPointZeroFivePercentageDebtBondsMaturingOn2026Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TiiePlusZeroPointZeroFivePercentageDebtBondsMaturingOn2026Member" xlink:to="fmx_TiiePlusZeroPointZeroFivePercentageDebtBondsMaturingOn2026Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TiiePlusZeroPointZeroFivePercentageDebtBondsMaturingOn2026Member_lbl" xml:lang="en-US">Represents the information pertaining to
TIIE Plus Zero Point Zero Five Percentage Debt Bonds Maturing On 2026.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TiiePlusZeroPointZeroFivePercentageDebtBondsMaturingOn2026Member_lbl" xml:lang="en-US">TIIE Plus Zero Point Zero Five Percentage Debt Bonds Maturing On 2026</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FirstBondsLinkedDebtMember" xlink:label="fmx_FirstBondsLinkedDebtMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FirstBondsLinkedDebtMember" xlink:to="fmx_FirstBondsLinkedDebtMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FirstBondsLinkedDebtMember_lbl" xml:lang="en-US">It pertains to the first bonds linked debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FirstBondsLinkedDebtMember_lbl" xml:lang="en-US">First Bonds Linked Debt</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PrepaidBilateralLoanWithMaturityDateFebruaryTwoThousandTwentyFiveMember" xlink:label="fmx_PrepaidBilateralLoanWithMaturityDateFebruaryTwoThousandTwentyFiveMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PrepaidBilateralLoanWithMaturityDateFebruaryTwoThousandTwentyFiveMember" xlink:to="fmx_PrepaidBilateralLoanWithMaturityDateFebruaryTwoThousandTwentyFiveMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PrepaidBilateralLoanWithMaturityDateFebruaryTwoThousandTwentyFiveMember_lbl" xml:lang="en-US">It represent the prepaid bilateral loans denominated in Mexico Peso with maturity date of February 2025.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PrepaidBilateralLoanWithMaturityDateFebruaryTwoThousandTwentyFiveMember_lbl" xml:lang="en-US">Prepaid bilateral loans with maturity of February 2025</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PrepaidBilateralLoanWithMaturityDateAugustTwoThousandTwentySixMember" xlink:label="fmx_PrepaidBilateralLoanWithMaturityDateAugustTwoThousandTwentySixMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PrepaidBilateralLoanWithMaturityDateAugustTwoThousandTwentySixMember" xlink:to="fmx_PrepaidBilateralLoanWithMaturityDateAugustTwoThousandTwentySixMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PrepaidBilateralLoanWithMaturityDateAugustTwoThousandTwentySixMember_lbl" xml:lang="en-US">It represent the prepaid bilateral loans denominated in Mexico Peso with maturity date of August 2026.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PrepaidBilateralLoanWithMaturityDateAugustTwoThousandTwentySixMember_lbl" xml:lang="en-US">Prepaid bilateral loans with maturity of August 2026</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_UruguayColombiaAndArgentinaMember" xlink:label="fmx_UruguayColombiaAndArgentinaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_UruguayColombiaAndArgentinaMember" xlink:to="fmx_UruguayColombiaAndArgentinaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_UruguayColombiaAndArgentinaMember_lbl" xml:lang="en-US">Uruguay, Colombia And Argentina [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_UruguayColombiaAndArgentinaMember_lbl" xml:lang="en-US">Uruguay, Colombia And Argentina</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ArgentinaAndColombiaMember" xlink:label="fmx_ArgentinaAndColombiaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ArgentinaAndColombiaMember" xlink:to="fmx_ArgentinaAndColombiaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ArgentinaAndColombiaMember_lbl" xml:lang="en-US">Argentina And Colombia [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ArgentinaAndColombiaMember_lbl" xml:lang="en-US">Argentina And Colombia</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageMember" xlink:label="ifrs-full_WeightedAverageMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageMember" xlink:to="ifrs-full_WeightedAverageMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageMember_lbl" xml:lang="en-US">Weighted average [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BorrowingsTerm" xlink:label="fmx_BorrowingsTerm" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BorrowingsTerm" xlink:to="fmx_BorrowingsTerm_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BorrowingsTerm_lbl" xml:lang="en-US">The period of time for which the borrowings are in effect.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BorrowingsTerm_lbl" xml:lang="en-US">Borrowings Term</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_YieldRate" xlink:label="fmx_YieldRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_YieldRate" xlink:to="fmx_YieldRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_YieldRate_lbl" xml:lang="en-US">Yield rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_YieldRate_lbl" xml:lang="en-US">Yield Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_YieldRate_lbl" xml:lang="en-US">Total yield percentage</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DebtInstrumentImplicitWeightedPerformance" xlink:label="fmx_DebtInstrumentImplicitWeightedPerformance" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DebtInstrumentImplicitWeightedPerformance" xlink:to="fmx_DebtInstrumentImplicitWeightedPerformance_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DebtInstrumentImplicitWeightedPerformance_lbl" xml:lang="en-US">The percentage of implicit weighted performance under the debt instrument arrangement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DebtInstrumentImplicitWeightedPerformance_lbl" xml:lang="en-US">Debt Instrument, Implicit Weighted Performance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DebtInstrumentImplicitWeightedPerformance_lbl" xml:lang="en-US">Percentage of implicit weighted performance</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CreditContracts" xlink:label="fmx_CreditContracts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CreditContracts" xlink:to="fmx_CreditContracts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CreditContracts_lbl" xml:lang="en-US">Credit contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CreditContracts_lbl" xml:lang="en-US">Credit Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CreditContracts_lbl" xml:lang="en-US">Credit contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Repayments of borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Repayment of borrowings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:to="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_lbl" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_lbl" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TotalLiabilitiesFromFinancingActivitiesMember" xlink:label="fmx_TotalLiabilitiesFromFinancingActivitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TotalLiabilitiesFromFinancingActivitiesMember" xlink:to="fmx_TotalLiabilitiesFromFinancingActivitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TotalLiabilitiesFromFinancingActivitiesMember_lbl" xml:lang="en-US">Total liabilities from financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TotalLiabilitiesFromFinancingActivitiesMember_lbl" xml:lang="en-US">Total Liabilities From Financing Activities [Member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NotesPayableMember" xlink:label="fmx_NotesPayableMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NotesPayableMember" xlink:to="fmx_NotesPayableMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NotesPayableMember_lbl" xml:lang="en-US">Notes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NotesPayableMember_lbl" xml:lang="en-US">Notes payable</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NotesPayableExcludingFinancingLeaseLiabilitiesMember" xlink:label="fmx_NotesPayableExcludingFinancingLeaseLiabilitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NotesPayableExcludingFinancingLeaseLiabilitiesMember" xlink:to="fmx_NotesPayableExcludingFinancingLeaseLiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NotesPayableExcludingFinancingLeaseLiabilitiesMember_lbl" xml:lang="en-US">Information pertaining to notes payable excluding financing lease liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NotesPayableExcludingFinancingLeaseLiabilitiesMember_lbl" xml:lang="en-US">Notes Payable Excluding Financing Lease Liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinancingLeaseLiabilitiesMember" xlink:label="fmx_FinancingLeaseLiabilitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinancingLeaseLiabilitiesMember" xlink:to="fmx_FinancingLeaseLiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinancingLeaseLiabilitiesMember_lbl" xml:lang="en-US">Information pertaining to financing lease liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinancingLeaseLiabilitiesMember_lbl" xml:lang="en-US">Financing Lease Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Beginning balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Carrying value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Non-cash flows, Acquisition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Increase through new leases, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Non-cash flows, New leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Non-cash flows, Foreign Exchange movement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Increase (decrease) through other changes, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US">Non-cash flows, Others</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AnalysisOfIncomeAndExpenseAbstract" xlink:label="ifrs-full_AnalysisOfIncomeAndExpenseAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AnalysisOfIncomeAndExpenseAbstract" xlink:to="ifrs-full_AnalysisOfIncomeAndExpenseAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AnalysisOfIncomeAndExpenseAbstract_lbl" xml:lang="en-US">Analysis of income and expense [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherOperatingIncomeExpenseTable" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfOtherOperatingIncomeExpenseTable" xlink:to="fmx_DisclosureOfOtherOperatingIncomeExpenseTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseTable_lbl" xml:lang="en-US">Disclosure of other operating income expense table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseTable_lbl" xml:lang="en-US">Disclosure Of Other Operating Income Expense [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseTable_lbl" xml:lang="en-US">Disclosure Of Other Operating Income Expense [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CorporacinGrupoFybecaS.a.Member" xlink:label="fmx_CorporacinGrupoFybecaS.a.Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CorporacinGrupoFybecaS.a.Member" xlink:to="fmx_CorporacinGrupoFybecaS.a.Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CorporacinGrupoFybecaS.a.Member_lbl" xml:lang="en-US">Represents information pertaining to Corporacin Grupo FYBECA S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CorporacinGrupoFybecaS.a.Member_lbl" xml:lang="en-US">Corporacin Grupo FYBECA S.A.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CampoVerdeMember" xlink:label="fmx_CampoVerdeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CampoVerdeMember" xlink:to="fmx_CampoVerdeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CampoVerdeMember_lbl" xml:lang="en-US">Represents information pertaining to Campo Verde.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CampoVerdeMember_lbl" xml:lang="en-US">Campo Verde</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LeaoAlimentosEBebidasLTDaMember" xlink:label="fmx_LeaoAlimentosEBebidasLTDaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LeaoAlimentosEBebidasLTDaMember" xlink:to="fmx_LeaoAlimentosEBebidasLTDaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LeaoAlimentosEBebidasLTDaMember_lbl" xml:lang="en-US">Represents information pertaining  to Leao Alimentos e Bebidas, L.T.D.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LeaoAlimentosEBebidasLTDaMember_lbl" xml:lang="en-US">Leao Alimentos e Bebidas, L T DA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DoaTotaMember" xlink:label="fmx_DoaTotaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DoaTotaMember" xlink:to="fmx_DoaTotaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DoaTotaMember_lbl" xml:lang="en-US">Represents information pertaining to Doa Tota .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DoaTotaMember_lbl" xml:lang="en-US">Doa Tota</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems" xlink:to="fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems_lbl" xml:lang="en-US">Disclosure of other operating income expense line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems_lbl" xml:lang="en-US">Disclosure Of Other Operating Income Expense [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfOtherOperatingIncomeExpenseLineItems_lbl" xml:lang="en-US">Disclosure of Other Operating Income Expense [Line Items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GainsOnDisposalsOfOtherAssets" xlink:label="fmx_GainsOnDisposalsOfOtherAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GainsOnDisposalsOfOtherAssets" xlink:to="fmx_GainsOnDisposalsOfOtherAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GainsOnDisposalsOfOtherAssets_lbl" xml:lang="en-US">Gains on disposals of other assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GainsOnDisposalsOfOtherAssets_lbl" xml:lang="en-US">Gains On Disposals Of Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_GainsOnDisposalsOfOtherAssets_lbl" xml:lang="en-US">Gain on sale of other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xlink:label="ifrs-full_GainsOnDisposalsOfNoncurrentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xlink:to="ifrs-full_GainsOnDisposalsOfNoncurrentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsOnDisposalsOfNoncurrentAssets_lbl" xml:lang="en-US">Gains on disposals of non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsOnDisposalsOfNoncurrentAssets_lbl" xml:lang="en-US">Gain on sale of long-lived assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SaleOfWasteMaterial" xlink:label="fmx_SaleOfWasteMaterial" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SaleOfWasteMaterial" xlink:to="fmx_SaleOfWasteMaterial_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SaleOfWasteMaterial_lbl" xml:lang="en-US">Sale of waste material.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SaleOfWasteMaterial_lbl" xml:lang="en-US">Sale Of Waste Material</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_SaleOfWasteMaterial_lbl" xml:lang="en-US">Sale of waste material</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeFromReimbursementsUnderInsurancePolicies" xlink:label="ifrs-full_IncomeFromReimbursementsUnderInsurancePolicies" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeFromReimbursementsUnderInsurancePolicies" xlink:to="ifrs-full_IncomeFromReimbursementsUnderInsurancePolicies_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeFromReimbursementsUnderInsurancePolicies_lbl" xml:lang="en-US">Income from reimbursements under insurance policies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeFromReimbursementsUnderInsurancePolicies_lbl" xml:lang="en-US">Insurance rebates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetForeignExchangeGain" xlink:label="ifrs-full_NetForeignExchangeGain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeGain" xlink:to="ifrs-full_NetForeignExchangeGain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetForeignExchangeGain_lbl" xml:lang="en-US">Net foreign exchange gain</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetForeignExchangeGain_lbl" xml:lang="en-US">Foreign exchange gain</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeFromOtherInvestmentInShares" xlink:label="fmx_IncomeFromOtherInvestmentInShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeFromOtherInvestmentInShares" xlink:to="fmx_IncomeFromOtherInvestmentInShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeFromOtherInvestmentInShares_lbl" xml:lang="en-US">The amount of income from other investment in shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeFromOtherInvestmentInShares_lbl" xml:lang="en-US">Income From Other Investment In Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncomeFromOtherInvestmentInShares_lbl" xml:lang="en-US">Other investment in shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture" xlink:label="fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture" xlink:to="fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture_lbl" xml:lang="en-US">The amount of recycling of cumulative gain on sale of joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture_lbl" xml:lang="en-US">Recycling Of Cumulative Gain On Sale Of Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RecyclingOfCumulativeGainOnSaleOfJointVenture_lbl" xml:lang="en-US">Recycling of cumulative gain on sale of joint venture</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US">Other tax effects for reconciliation between accounting profit and tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US">Recoveries of prior years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MiscellaneousOtherOperatingIncome" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingIncome" xlink:to="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" xml:lang="en-US">Miscellaneous other operating income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals" xlink:label="fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals" xlink:to="fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals_lbl" xml:lang="en-US">Contingencies associated with prior acquisitions or disposals.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals_lbl" xml:lang="en-US">Contingencies Associated With Prior Acquisitions Or Disposals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ContingenciesAssociatedWithPriorAcquisitionsOrDisposals_lbl" xml:lang="en-US">Contingencies associated with prior acquisitions or disposals</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:label="ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:to="ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Losses on disposals of non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Loss on sale of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RecoveriesOfPreviousYears" xlink:label="fmx_RecoveriesOfPreviousYears" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RecoveriesOfPreviousYears" xlink:to="fmx_RecoveriesOfPreviousYears_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RecoveriesOfPreviousYears_lbl" xml:lang="en-US">Recoveries of previous years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RecoveriesOfPreviousYears_lbl" xml:lang="en-US">Recoveries Of Previous Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RecoveriesOfPreviousYears_lbl" xml:lang="en-US">Recoveries of prior years</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FixedAssetRetirementExpense" xlink:label="fmx_FixedAssetRetirementExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FixedAssetRetirementExpense" xlink:to="fmx_FixedAssetRetirementExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FixedAssetRetirementExpense_lbl" xml:lang="en-US">The amount of expense recognized during the period for fixed and other assets that were retired from ordinary operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FixedAssetRetirementExpense_lbl" xml:lang="en-US">Fixed Asset Retirement Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FixedAssetRetirementExpense_lbl" xml:lang="en-US">Disposal of long-lived assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ProvisionsForContingencies" xlink:label="fmx_ProvisionsForContingencies" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ProvisionsForContingencies" xlink:to="fmx_ProvisionsForContingencies_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ProvisionsForContingencies_lbl" xml:lang="en-US">Provisions for contingencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ProvisionsForContingencies_lbl" xml:lang="en-US">Provisions For Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ProvisionsForContingencies_lbl" xml:lang="en-US">Contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseOfRestructuringActivities" xlink:label="ifrs-full_ExpenseOfRestructuringActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseOfRestructuringActivities" xlink:to="ifrs-full_ExpenseOfRestructuringActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseOfRestructuringActivities_lbl" xml:lang="en-US">Expense of restructuring activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpenseOfRestructuringActivities_lbl" xml:lang="en-US">Severance payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DonationsAndSubsidiesExpense" xlink:label="ifrs-full_DonationsAndSubsidiesExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DonationsAndSubsidiesExpense" xlink:to="ifrs-full_DonationsAndSubsidiesExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DonationsAndSubsidiesExpense_lbl" xml:lang="en-US">Donations and subsidies expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DonationsAndSubsidiesExpense_lbl" xml:lang="en-US">Donations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LegalFeesAndOtherExpensesFromPastAcquisitions" xlink:label="fmx_LegalFeesAndOtherExpensesFromPastAcquisitions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LegalFeesAndOtherExpensesFromPastAcquisitions" xlink:to="fmx_LegalFeesAndOtherExpensesFromPastAcquisitions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LegalFeesAndOtherExpensesFromPastAcquisitions_lbl" xml:lang="en-US">Legal fees and other expenses from past acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LegalFeesAndOtherExpensesFromPastAcquisitions_lbl" xml:lang="en-US">Legal Fees And Other Expenses From Past Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LegalFeesAndOtherExpensesFromPastAcquisitions_lbl" xml:lang="en-US">Legal fees and other expenses from past acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NetForeignExchangeLoss" xlink:label="ifrs-full_NetForeignExchangeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeLoss" xlink:to="ifrs-full_NetForeignExchangeLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetForeignExchangeLoss_lbl" xml:lang="en-US">Net foreign exchange loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NetForeignExchangeLoss_lbl" xml:lang="en-US">Foreign exchange loss</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ItemsWithoutTaxRequirements" xlink:label="fmx_ItemsWithoutTaxRequirements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ItemsWithoutTaxRequirements" xlink:to="fmx_ItemsWithoutTaxRequirements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ItemsWithoutTaxRequirements_lbl" xml:lang="en-US">Amounts of items without tax requirements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ItemsWithoutTaxRequirements_lbl" xml:lang="en-US">Items Without Tax Requirements</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EffectsOfTaxesPaidOnPreviousYears" xlink:label="fmx_EffectsOfTaxesPaidOnPreviousYears" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EffectsOfTaxesPaidOnPreviousYears" xlink:to="fmx_EffectsOfTaxesPaidOnPreviousYears_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EffectsOfTaxesPaidOnPreviousYears_lbl" xml:lang="en-US">The amount of effects of taxes paid on previous years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EffectsOfTaxesPaidOnPreviousYears_lbl" xml:lang="en-US">Effects Of Taxes Paid On Previous Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EffectsOfTaxesPaidOnPreviousYears_lbl" xml:lang="en-US">Effect of taxes paid on previous years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US">Miscellaneous other operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherExpenseByNature" xlink:label="ifrs-full_OtherExpenseByNature" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US">Other expenses, by nature</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US">Other expenses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfFinancialAssetsAndLiabilitiesAbstract" xlink:label="fmx_DisclosureOfFinancialAssetsAndLiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfFinancialAssetsAndLiabilitiesAbstract" xlink:to="fmx_DisclosureOfFinancialAssetsAndLiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfFinancialAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Disclosure of financial assets and liabilities abstract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfFinancialAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Disclosure Of Financial Assets And Liabilities [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable" xlink:to="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure Of Financial Assets and Financial Liabilities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure Of Financial Assets and Financial Liabilities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure Of Financial Assets and Financial Liabilities [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 2</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems" xlink:to="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of financial assets and financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure Of Financial Assets and Financial Liabilities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfFinancialAssetsAndFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of Financial Assets and Financial Liabilities [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Current financial assets at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial instrument (current asset)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Non-current financial assets at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial instrument (non-current asset)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Current financial liabilities at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial instrument (current liability)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_NoncurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_NoncurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Non-current financial liabilities at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial instrument (non-current liability)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialLiabilitiesAbstract" xlink:to="ifrs-full_DisclosureOfFinancialLiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesAbstract_lbl" xml:lang="en-US">Disclosure of financial liabilities [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:to="ifrs-full_DisclosureOfFinancialLiabilitiesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure of financial liabilities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure of financial liabilities [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US">Financial liabilities, at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US">Fair value Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US">Fair value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="ifrs-full_FinancialAssetsAtFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValue" xlink:to="ifrs-full_FinancialAssetsAtFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xml:lang="en-US">Financial assets, at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xml:lang="en-US">Fair Value Asset</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ForwardContractMember" xlink:label="ifrs-full_ForwardContractMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForwardContractMember" xlink:to="ifrs-full_ForwardContractMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ForwardContractMember_lbl" xml:lang="en-US">Forward agreements to purchase foreign currency</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember" xlink:label="fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember" xlink:to="fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember_lbl" xml:lang="en-US">Information pertaining to a time band of later than five years and not later than six years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember_lbl" xml:lang="en-US">Sixth 12 months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LaterThanFiveYearsAndNotLaterThanSixYearsMember_lbl" xml:lang="en-US">2027</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember" xlink:label="fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember" xlink:to="fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember_lbl" xml:lang="en-US">Information pertaining to a time band of later than six years and not later than seven years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember_lbl" xml:lang="en-US">Seventh 12 months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LaterThanSixYearsAndNotLaterThanSevenYearsMember_lbl" xml:lang="en-US">2028</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember" xlink:label="fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember" xlink:to="fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember_lbl" xml:lang="en-US">8-7 years [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember_lbl" xml:lang="en-US">Later than seven years and not later than eight years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LaterThanSevenYearsAndNotLaterThanEightYearsMember_lbl" xml:lang="en-US">2029</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember" xlink:label="fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember" xlink:to="fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember_lbl" xml:lang="en-US">Later than eight years and not later than nine years [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember_lbl" xml:lang="en-US">8-9 years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LaterThanEightYearsAndNotLaterThanNineYearsMember_lbl" xml:lang="en-US">2030</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanNineYearsAndNotLaterThanTenYearsMember" xlink:label="fmx_LaterThanNineYearsAndNotLaterThanTenYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanNineYearsAndNotLaterThanTenYearsMember" xlink:to="fmx_LaterThanNineYearsAndNotLaterThanTenYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanNineYearsAndNotLaterThanTenYearsMember_lbl" xml:lang="en-US">Later than nine years and not later than ten years [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanNineYearsAndNotLaterThanTenYearsMember_lbl" xml:lang="en-US">9-10 years</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanTwentyTwoYearsAndNotLaterThanTwentyThreeYearsMember" xlink:label="fmx_LaterThanTwentyTwoYearsAndNotLaterThanTwentyThreeYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanTwentyTwoYearsAndNotLaterThanTwentyThreeYearsMember" xlink:to="fmx_LaterThanTwentyTwoYearsAndNotLaterThanTwentyThreeYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanTwentyTwoYearsAndNotLaterThanTwentyThreeYearsMember_lbl" xml:lang="en-US">Later Than Twenty Two Years And Not Later Than Twenty Three Years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanTwentyTwoYearsAndNotLaterThanTwentyThreeYearsMember_lbl" xml:lang="en-US">22-23 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfHedgeAccountingAbstract" xlink:label="ifrs-full_DisclosureOfHedgeAccountingAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfHedgeAccountingAbstract" xlink:to="ifrs-full_DisclosureOfHedgeAccountingAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about hedges [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfHedgeAccountingTable" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfHedgeAccountingTable" xlink:to="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedges [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedges [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommodityContract1Member" xlink:label="fmx_CommodityContract1Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommodityContract1Member" xlink:to="fmx_CommodityContract1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommodityContract1Member_lbl" xml:lang="en-US">Commodity contract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommodityContract1Member_lbl" xml:lang="en-US">Commodity price contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_HedgedItemsAxis" xlink:label="ifrs-full_HedgedItemsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgedItemsAxis" xlink:to="ifrs-full_HedgedItemsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgedItemsAxis_lbl" xml:lang="en-US">Hedged items [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_HedgedItemsMember" xlink:label="ifrs-full_HedgedItemsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgedItemsMember" xlink:to="ifrs-full_HedgedItemsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgedItemsMember_lbl" xml:lang="en-US">Hedged items [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SugarPriceContractsMember" xlink:label="fmx_SugarPriceContractsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SugarPriceContractsMember" xlink:to="fmx_SugarPriceContractsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SugarPriceContractsMember_lbl" xml:lang="en-US">Sugar price contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SugarPriceContractsMember_lbl" xml:lang="en-US">Sugar Price Contracts</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AluminiumPriceContractsMember" xlink:label="fmx_AluminiumPriceContractsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AluminiumPriceContractsMember" xlink:to="fmx_AluminiumPriceContractsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AluminiumPriceContractsMember_lbl" xml:lang="en-US">Aluminium price contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AluminiumPriceContractsMember_lbl" xml:lang="en-US">Aluminum price contracts</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PxMegContractsMember" xlink:label="fmx_PxMegContractsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PxMegContractsMember" xlink:to="fmx_PxMegContractsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PxMegContractsMember_lbl" xml:lang="en-US">PX MEG contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PxMegContractsMember_lbl" xml:lang="en-US">PX MEG contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:to="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedges [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedges [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFinancialAssets" xlink:label="ifrs-full_OtherFinancialAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinancialAssets" xlink:to="ifrs-full_OtherFinancialAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinancialAssets_lbl" xml:lang="en-US">Other financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherFinancialAssets_lbl" xml:lang="en-US">Financial assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US">Classes of financial instruments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US">Financial instruments, class [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DerivativeContractMetHedgingCriteriaMember" xlink:label="fmx_DerivativeContractMetHedgingCriteriaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DerivativeContractMetHedgingCriteriaMember" xlink:to="fmx_DerivativeContractMetHedgingCriteriaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DerivativeContractMetHedgingCriteriaMember_lbl" xml:lang="en-US">Information pertaining to derivative contracts that met hedging criteria.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DerivativeContractMetHedgingCriteriaMember_lbl" xml:lang="en-US">Derivative Contract Met Hedging Criteria</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OptionContractMember" xlink:label="ifrs-full_OptionContractMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OptionContractMember" xlink:to="ifrs-full_OptionContractMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OptionContractMember_lbl" xml:lang="en-US">Options to purchase foreign currency</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TreasuryLocksMember" xlink:label="fmx_TreasuryLocksMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TreasuryLocksMember" xlink:to="fmx_TreasuryLocksMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TreasuryLocksMember_lbl" xml:lang="en-US">Represents information pertaining to treasury locks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TreasuryLocksMember_lbl" xml:lang="en-US">Treasury Locks</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsIncomeStatementLocationAxis" xlink:label="fmx_IfrsIncomeStatementLocationAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsIncomeStatementLocationAxis" xlink:to="fmx_IfrsIncomeStatementLocationAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsIncomeStatementLocationAxis_lbl" xml:lang="en-US">Information by location in the income statement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsIncomeStatementLocationAxis_lbl" xml:lang="en-US">Income Statement Location [Axis]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsIncomeStatementLocationDomain" xlink:label="fmx_IfrsIncomeStatementLocationDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsIncomeStatementLocationDomain" xlink:to="fmx_IfrsIncomeStatementLocationDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsIncomeStatementLocationDomain_lbl" xml:lang="en-US">Location in the income statement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsIncomeStatementLocationDomain_lbl" xml:lang="en-US">Income Statement Location [Domain]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsInterestExpenseMember" xlink:label="fmx_IfrsInterestExpenseMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsInterestExpenseMember" xlink:to="fmx_IfrsInterestExpenseMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsInterestExpenseMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing interest expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsInterestExpenseMember_lbl" xml:lang="en-US">Interest expense</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ForeignExchange4Member" xlink:label="fmx_ForeignExchange4Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ForeignExchange4Member" xlink:to="fmx_ForeignExchange4Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ForeignExchange4Member_lbl" xml:lang="en-US">Foreign exchange.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ForeignExchange4Member_lbl" xml:lang="en-US">Foreign exchange</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsCostOfSalesMember" xlink:label="fmx_IfrsCostOfSalesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsCostOfSalesMember" xlink:to="fmx_IfrsCostOfSalesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsCostOfSalesMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing cost of sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsCostOfSalesMember_lbl" xml:lang="en-US">Cost of sales</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss" xlink:label="fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss" xlink:to="fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss_lbl" xml:lang="en-US">The gain (loss) attributable to expired derivative contracts recognized in profit or loss during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss_lbl" xml:lang="en-US">Gain (Loss) On Expired Derivative Contracts Recognized In Profit Or Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_GainLossOnExpiredDerivativeContractsRecognizedInProfitOrLoss_lbl" xml:lang="en-US">Net effects of expired contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivativesAbstract" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivativesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivativesAbstract" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivativesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivativesAbstract_lbl" xml:lang="en-US">Gains (losses) on change in fair value of derivatives [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DerivativeContractNotMetHedgingCriteriaMember" xlink:label="fmx_DerivativeContractNotMetHedgingCriteriaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DerivativeContractNotMetHedgingCriteriaMember" xlink:to="fmx_DerivativeContractNotMetHedgingCriteriaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DerivativeContractNotMetHedgingCriteriaMember_lbl" xml:lang="en-US">Derivative Contract Not Met Hedging Criteria [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DerivativeContractNotMetHedgingCriteriaMember_lbl" xml:lang="en-US">Derivative Contract Not Met Hedging Criteria</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EmbeddedDerivativeMember" xlink:label="fmx_EmbeddedDerivativeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EmbeddedDerivativeMember" xlink:to="fmx_EmbeddedDerivativeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EmbeddedDerivativeMember_lbl" xml:lang="en-US">Information pertaining to embedded derivatives.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EmbeddedDerivativeMember_lbl" xml:lang="en-US">Embedded Derivative</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_UnrealisedGainLossesOnDerivativeFinancialInstrumentsMember" xlink:label="fmx_UnrealisedGainLossesOnDerivativeFinancialInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_UnrealisedGainLossesOnDerivativeFinancialInstrumentsMember" xlink:to="fmx_UnrealisedGainLossesOnDerivativeFinancialInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_UnrealisedGainLossesOnDerivativeFinancialInstrumentsMember_lbl" xml:lang="en-US">Unrealised gain losses on derivative financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_UnrealisedGainLossesOnDerivativeFinancialInstrumentsMember_lbl" xml:lang="en-US">Market value gain on financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">Gains (losses) on change in fair value of derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">Net gains (losses) on change in fair value of derivatives</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:to="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract_lbl" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:to="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable_lbl" xml:lang="en-US">Disclosure of nature and extent of risks arising from financial instruments [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable_lbl" xml:lang="en-US">Disclosure of nature and extent of risks arising from financial instruments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CommodityPriceRiskMember" xlink:label="ifrs-full_CommodityPriceRiskMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CommodityPriceRiskMember" xlink:to="ifrs-full_CommodityPriceRiskMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CommodityPriceRiskMember_lbl" xml:lang="en-US">Commodity price risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrencyRiskMember" xlink:label="ifrs-full_CurrencyRiskMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyRiskMember" xlink:to="ifrs-full_CurrencyRiskMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US">Foreign currency risk</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FemsaEntityExcludingCocaColaFemsaMember" xlink:label="fmx_FemsaEntityExcludingCocaColaFemsaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FemsaEntityExcludingCocaColaFemsaMember" xlink:to="fmx_FemsaEntityExcludingCocaColaFemsaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FemsaEntityExcludingCocaColaFemsaMember_lbl" xml:lang="en-US">Information pertaining to all components of the entity excluding Coca-Cola FEMSA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FemsaEntityExcludingCocaColaFemsaMember_lbl" xml:lang="en-US">FEMSA Entity Excluding Coca-Cola FEMSA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetCashInForeignCurrencyMember" xlink:label="fmx_NetCashInForeignCurrencyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetCashInForeignCurrencyMember" xlink:to="fmx_NetCashInForeignCurrencyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetCashInForeignCurrencyMember_lbl" xml:lang="en-US">Information pertaining to hedging instrument in the form of net cash in foreign currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetCashInForeignCurrencyMember_lbl" xml:lang="en-US">Net Cash In Foreign Currency</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeMexicanPesoAndEuroMember" xlink:label="fmx_CurrencyExchangeMexicanPesoAndEuroMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeMexicanPesoAndEuroMember" xlink:to="fmx_CurrencyExchangeMexicanPesoAndEuroMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeMexicanPesoAndEuroMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Mexican Peso and Euro.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeMexicanPesoAndEuroMember_lbl" xml:lang="en-US">MXN/EUR</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeBrazilianRealAndUsDollarOneMember" xlink:label="fmx_CurrencyExchangeBrazilianRealAndUsDollarOneMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeBrazilianRealAndUsDollarOneMember" xlink:to="fmx_CurrencyExchangeBrazilianRealAndUsDollarOneMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeBrazilianRealAndUsDollarOneMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Brazilian Real and US Dollar one.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeBrazilianRealAndUsDollarOneMember_lbl" xml:lang="en-US">BRL/USD.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeColombianPesoAndUsDollarMember" xlink:label="fmx_CurrencyExchangeColombianPesoAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeColombianPesoAndUsDollarMember" xlink:to="fmx_CurrencyExchangeColombianPesoAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeColombianPesoAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Colombian Peso and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeColombianPesoAndUsDollarMember_lbl" xml:lang="en-US">COP/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeUruguayanPesoAndUsDollarMember" xlink:label="fmx_CurrencyExchangeUruguayanPesoAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeUruguayanPesoAndUsDollarMember" xlink:to="fmx_CurrencyExchangeUruguayanPesoAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeUruguayanPesoAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Uruguayan Peso and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeUruguayanPesoAndUsDollarMember_lbl" xml:lang="en-US">URY/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeChileanPesoAndUsDollarMember" xlink:label="fmx_CurrencyExchangeChileanPesoAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeChileanPesoAndUsDollarMember" xlink:to="fmx_CurrencyExchangeChileanPesoAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeChileanPesoAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Chilean Peso and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeChileanPesoAndUsDollarMember_lbl" xml:lang="en-US">CLP/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeMexicanPesoAndBrazilianRealMember" xlink:label="fmx_CurrencyExchangeMexicanPesoAndBrazilianRealMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeMexicanPesoAndBrazilianRealMember" xlink:to="fmx_CurrencyExchangeMexicanPesoAndBrazilianRealMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeMexicanPesoAndBrazilianRealMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Mexican Peso and Brazilian Real.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeMexicanPesoAndBrazilianRealMember_lbl" xml:lang="en-US">MXN/BRL</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeArgentinePesoAndUsDollarMember" xlink:label="fmx_CurrencyExchangeArgentinePesoAndUsDollarMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeArgentinePesoAndUsDollarMember" xlink:to="fmx_CurrencyExchangeArgentinePesoAndUsDollarMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeArgentinePesoAndUsDollarMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Argentine Peso and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeArgentinePesoAndUsDollarMember_lbl" xml:lang="en-US">ARS/USD</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CrcUsdMember" xlink:label="fmx_CrcUsdMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CrcUsdMember" xlink:to="fmx_CrcUsdMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CrcUsdMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Costa Rican Colones and US Dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CrcUsdMember_lbl" xml:lang="en-US">CRC/USD</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of nature and extent of risks arising from financial instruments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of nature and extent of risks arising from financial instruments [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DecreaseInForeignCurrencyExchangeRatePercentage" xlink:label="fmx_DecreaseInForeignCurrencyExchangeRatePercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DecreaseInForeignCurrencyExchangeRatePercentage" xlink:to="fmx_DecreaseInForeignCurrencyExchangeRatePercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DecreaseInForeignCurrencyExchangeRatePercentage_lbl" xml:lang="en-US">Decrease in foreign currency exchange rate percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DecreaseInForeignCurrencyExchangeRatePercentage_lbl" xml:lang="en-US">Decrease In Foreign Currency Exchange Rate Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_DecreaseInForeignCurrencyExchangeRatePercentage_lbl" xml:lang="en-US">Decrease in exchange rate, as a percent</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DecreaseInForeignCurrencyRateEffectOnEquity" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DecreaseInForeignCurrencyRateEffectOnEquity" xlink:to="fmx_DecreaseInForeignCurrencyRateEffectOnEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnEquity_lbl" xml:lang="en-US">Effect on equity from decrease in foreign currency exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnEquity_lbl" xml:lang="en-US">Decrease in foreign currency rate effect on equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnEquity_lbl" xml:lang="en-US">Effect on equity from decrease in exchange rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss" xlink:to="fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" xml:lang="en-US">Effect on profit or loss from decrease in foreign currency exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" xml:lang="en-US">Decrease in foreign currency rate effect on profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DecreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" xml:lang="en-US">Effect on profit or loss from decrease in exchange rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseInForeignCurrencyExchangeRatePercentage" xlink:label="fmx_IncreaseInForeignCurrencyExchangeRatePercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseInForeignCurrencyExchangeRatePercentage" xlink:to="fmx_IncreaseInForeignCurrencyExchangeRatePercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseInForeignCurrencyExchangeRatePercentage_lbl" xml:lang="en-US">Increase in foreign currency exchange rate percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseInForeignCurrencyExchangeRatePercentage_lbl" xml:lang="en-US">Increase In Foreign Currency Exchange Rate Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseInForeignCurrencyExchangeRatePercentage_lbl" xml:lang="en-US">Increase in exchange rate, as a percent</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseInForeignCurrencyRateEffectOnEquity" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseInForeignCurrencyRateEffectOnEquity" xlink:to="fmx_IncreaseInForeignCurrencyRateEffectOnEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnEquity_lbl" xml:lang="en-US">Effect on equity from increase in foreign currency exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnEquity_lbl" xml:lang="en-US">Increase in foreign currency rate effect on equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnEquity_lbl" xml:lang="en-US">Effect on equity from increase in exchange rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss" xlink:to="fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" xml:lang="en-US">Effect on profit or loss from increase in foreign currency exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" xml:lang="en-US">Increase in foreign currency rate effect on profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseInForeignCurrencyRateEffectOnProfitOrLoss_lbl" xml:lang="en-US">Effect on profit or loss from increase in exchange rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInCommodityPriceFluctuationPercentage" xlink:label="fmx_ChangeInCommodityPriceFluctuationPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInCommodityPriceFluctuationPercentage" xlink:to="fmx_ChangeInCommodityPriceFluctuationPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInCommodityPriceFluctuationPercentage_lbl" xml:lang="en-US">Change in commodity price fluctuation percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInCommodityPriceFluctuationPercentage_lbl" xml:lang="en-US">Change In Commodity Price Fluctuation Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangeInCommodityPriceFluctuationPercentage_lbl" xml:lang="en-US">Change in commodity price, as a percent</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity" xlink:label="fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity" xlink:to="fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity_lbl" xml:lang="en-US">Effect on equity from change in commodity price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity_lbl" xml:lang="en-US">Change In Commodity Price Fluctuation Rate Effect On Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangeInCommodityPriceFluctuationRateEffectOnEquity_lbl" xml:lang="en-US">Effect on equity from change in commodity price</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInterestRateRiskExposureAbstract" xlink:label="fmx_DisclosureOfInterestRateRiskExposureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInterestRateRiskExposureAbstract" xlink:to="fmx_DisclosureOfInterestRateRiskExposureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInterestRateRiskExposureAbstract_lbl" xml:lang="en-US">Disclosure of interest rate risk exposure abstract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInterestRateRiskExposureAbstract_lbl" xml:lang="en-US">Disclosure Of Interest Rate Risk Exposure [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInterestRateRiskExposureTable" xlink:label="fmx_DisclosureOfInterestRateRiskExposureTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInterestRateRiskExposureTable" xlink:to="fmx_DisclosureOfInterestRateRiskExposureTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInterestRateRiskExposureTable_lbl" xml:lang="en-US">Disclosure of interest rate risk exposure table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInterestRateRiskExposureTable_lbl" xml:lang="en-US">Disclosure Of Interest Rate Risk Exposure [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInterestRateRiskExposureTable_lbl" xml:lang="en-US">Disclosure Of Interest Rate Risk Exposure [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_UnhedgedPortionBankLoansMember" xlink:label="fmx_UnhedgedPortionBankLoansMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_UnhedgedPortionBankLoansMember" xlink:to="fmx_UnhedgedPortionBankLoansMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_UnhedgedPortionBankLoansMember_lbl" xml:lang="en-US">Unhedged portion bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_UnhedgedPortionBankLoansMember_lbl" xml:lang="en-US">Unhedged Portion Bank Loans [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestRateRiskMember" xlink:label="ifrs-full_InterestRateRiskMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateRiskMember" xlink:to="ifrs-full_InterestRateRiskMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateRiskMember_lbl" xml:lang="en-US">Interest rate risk</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfInterestRateRiskExposureLineItems" xlink:label="fmx_DisclosureOfInterestRateRiskExposureLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfInterestRateRiskExposureLineItems" xlink:to="fmx_DisclosureOfInterestRateRiskExposureLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfInterestRateRiskExposureLineItems_lbl" xml:lang="en-US">Disclosure of interest rate risk exposure line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfInterestRateRiskExposureLineItems_lbl" xml:lang="en-US">Disclosure of Interest Rate Risk Exposure [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfInterestRateRiskExposureLineItems_lbl" xml:lang="en-US">Disclosure of Interest Rate Risk Exposure [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInBasisPointEffectOnEquity" xlink:label="fmx_ChangeInBasisPointEffectOnEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInBasisPointEffectOnEquity" xlink:to="fmx_ChangeInBasisPointEffectOnEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInBasisPointEffectOnEquity_lbl" xml:lang="en-US">Change in basis point effect on equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInBasisPointEffectOnEquity_lbl" xml:lang="en-US">Change In Basis Point Effect On Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangeInBasisPointEffectOnEquity_lbl" xml:lang="en-US">Effect on Equity</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInInterestRate" xlink:label="fmx_ChangeInInterestRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInInterestRate" xlink:to="fmx_ChangeInInterestRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInInterestRate_lbl" xml:lang="en-US">Change in interest rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInInterestRate_lbl" xml:lang="en-US">Change In Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangeInInterestRate_lbl" xml:lang="en-US">Change in interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ChangeInInterestRateEffectOnProfitLoss" xlink:label="fmx_ChangeInInterestRateEffectOnProfitLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ChangeInInterestRateEffectOnProfitLoss" xlink:to="fmx_ChangeInInterestRateEffectOnProfitLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ChangeInInterestRateEffectOnProfitLoss_lbl" xml:lang="en-US">Change in interest rate effect on profit loss.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ChangeInInterestRateEffectOnProfitLoss_lbl" xml:lang="en-US">Change In Interest Rate Effect On Profit Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ChangeInInterestRateEffectOnProfitLoss_lbl" xml:lang="en-US">Effect on profit loss</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesAbstract" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesAbstract" xlink:to="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesAbstract_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesAbstract_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable" xlink:to="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiquidityRiskMember" xlink:label="ifrs-full_LiquidityRiskMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiquidityRiskMember" xlink:to="ifrs-full_LiquidityRiskMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiquidityRiskMember_lbl" xml:lang="en-US">Liquidity risk</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems" xlink:to="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of maturity analysis for non-derivative and derivative financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfMaturityAnalysisForNonderivativeAndDerivativeFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies" xlink:label="fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies" xlink:to="fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies_lbl" xml:lang="en-US">Percentage of outstanding consolidated indebtedness in sub holding companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies_lbl" xml:lang="en-US">Percentage of outstanding consolidated indebtedness in sub holding companies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfOutstandingConsolidatedIndebtednessInSubHoldingCompanies_lbl" xml:lang="en-US">Percentage of outstanding consolidated total indebtedness at the level of its sub-holding companies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BondsIssuedUndiscountedCashFlows" xlink:label="ifrs-full_BondsIssuedUndiscountedCashFlows" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BondsIssuedUndiscountedCashFlows" xlink:to="ifrs-full_BondsIssuedUndiscountedCashFlows_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BondsIssuedUndiscountedCashFlows_lbl" xml:lang="en-US">Bonds issued, undiscounted cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BondsIssuedUndiscountedCashFlows_lbl" xml:lang="en-US">Notes and bonds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:label="ifrs-full_BankBorrowingsUndiscountedCashFlows" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:to="ifrs-full_BankBorrowingsUndiscountedCashFlows_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BankBorrowingsUndiscountedCashFlows_lbl" xml:lang="en-US">Bank borrowings, undiscounted cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BankBorrowingsUndiscountedCashFlows_lbl" xml:lang="en-US">Loans from banks</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:label="ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:to="ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows_lbl" xml:lang="en-US">Trade and other payables, undiscounted cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows_lbl" xml:lang="en-US">IFRS 16 lease obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:label="ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:to="ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xml:lang="en-US">Derivative financial liabilities, undiscounted cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xml:lang="en-US">Derivative financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about hedging instruments [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedging instruments [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedging instruments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="ifrs-full_TypesOfHedgesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesAxis" xlink:to="ifrs-full_TypesOfHedgesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesAxis_lbl" xml:lang="en-US">Types of hedges [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="ifrs-full_TypesOfHedgesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesMember" xlink:to="ifrs-full_TypesOfHedgesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US">Hedges [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowHedgesMember" xlink:label="ifrs-full_CashFlowHedgesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowHedgesMember" xlink:to="ifrs-full_CashFlowHedgesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowHedgesMember_lbl" xml:lang="en-US">Cash flow hedges</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrencyExchangeBrazilianRealAndMexicanPesoMember" xlink:label="fmx_CurrencyExchangeBrazilianRealAndMexicanPesoMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrencyExchangeBrazilianRealAndMexicanPesoMember" xlink:to="fmx_CurrencyExchangeBrazilianRealAndMexicanPesoMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrencyExchangeBrazilianRealAndMexicanPesoMember_lbl" xml:lang="en-US">Information pertaining to currency exchanges between Brazilian Real and Mexican Peso .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrencyExchangeBrazilianRealAndMexicanPesoMember_lbl" xml:lang="en-US">BRL/MXN</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" xlink:to="ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember_lbl" xml:lang="en-US">1-6 months</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:to="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" xml:lang="en-US">Maturity 6-12 months</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LaterThanOneYearMember" xlink:label="ifrs-full_LaterThanOneYearMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearMember" xlink:to="ifrs-full_LaterThanOneYearMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearMember_lbl" xml:lang="en-US">Later than one year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedging instruments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedging instruments [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetExposureForeignExchangeRates" xlink:label="fmx_NetExposureForeignExchangeRates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetExposureForeignExchangeRates" xlink:to="fmx_NetExposureForeignExchangeRates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetExposureForeignExchangeRates_lbl" xml:lang="en-US">Net exposure, foreign exchange rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetExposureForeignExchangeRates_lbl" xml:lang="en-US">Net exposure, foreign exchange rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NetExposureForeignExchangeRates_lbl" xml:lang="en-US">Net exposure</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InterestRateAverage" xlink:label="fmx_InterestRateAverage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InterestRateAverage" xlink:to="fmx_InterestRateAverage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InterestRateAverage_lbl" xml:lang="en-US">Interest rate average.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InterestRateAverage_lbl" xml:lang="en-US">Interest rate average</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_InterestRateAverage_lbl" xml:lang="en-US">Average interest rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetExposureCommoditiesRisk" xlink:label="fmx_NetExposureCommoditiesRisk" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetExposureCommoditiesRisk" xlink:to="fmx_NetExposureCommoditiesRisk_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetExposureCommoditiesRisk_lbl" xml:lang="en-US">Net exposure, commodities risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetExposureCommoditiesRisk_lbl" xml:lang="en-US">Net exposure, commodities risk</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NetExposureCommoditiesRisk_lbl" xml:lang="en-US">Net exposure</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommoditiesAveragePrice" xlink:label="fmx_CommoditiesAveragePrice" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommoditiesAveragePrice" xlink:to="fmx_CommoditiesAveragePrice_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommoditiesAveragePrice_lbl" xml:lang="en-US">Commodities average price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommoditiesAveragePrice_lbl" xml:lang="en-US">Commodities average price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CommoditiesAveragePrice_lbl" xml:lang="en-US">Average price</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsAbstract" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReservesWithinEquityAxis" xlink:label="ifrs-full_ReservesWithinEquityAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReservesWithinEquityAxis" xlink:to="ifrs-full_ReservesWithinEquityAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReservesWithinEquityAxis_lbl" xml:lang="en-US">Reserves within equity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherReservesMember" xlink:label="ifrs-full_OtherReservesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReservesMember" xlink:to="ifrs-full_OtherReservesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReservesMember_lbl" xml:lang="en-US">Other reserves [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfCashFlowHedgesMember" xlink:label="ifrs-full_ReserveOfCashFlowHedgesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfCashFlowHedgesMember" xlink:to="ifrs-full_ReserveOfCashFlowHedgesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfCashFlowHedgesMember_lbl" xml:lang="en-US">Hedging reserve</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ForeignExchangeCurrencyRiskMember" xlink:label="fmx_ForeignExchangeCurrencyRiskMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ForeignExchangeCurrencyRiskMember" xlink:to="fmx_ForeignExchangeCurrencyRiskMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ForeignExchangeCurrencyRiskMember_lbl" xml:lang="en-US">Foreign exchange currency risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ForeignExchangeCurrencyRiskMember_lbl" xml:lang="en-US">Foreign exchange currency risk</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PurchaseOfStockMember" xlink:label="fmx_PurchaseOfStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PurchaseOfStockMember" xlink:to="fmx_PurchaseOfStockMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PurchaseOfStockMember_lbl" xml:lang="en-US">Purchase of stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PurchaseOfStockMember_lbl" xml:lang="en-US">Purchase of stock</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherStockMember" xlink:label="fmx_OtherStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherStockMember" xlink:to="fmx_OtherStockMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherStockMember_lbl" xml:lang="en-US">Other stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherStockMember_lbl" xml:lang="en-US">Other stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfCashFlowHedges" xlink:label="ifrs-full_ReserveOfCashFlowHedges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfCashFlowHedges" xlink:to="ifrs-full_ReserveOfCashFlowHedges_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfCashFlowHedges_lbl" xml:lang="en-US">Reserve of cash flow hedges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_ReserveOfCashFlowHedges_lbl" xml:lang="en-US">Balances at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_ReserveOfCashFlowHedges_lbl" xml:lang="en-US">Balances at beginning of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReserveOfCashFlowHedges_lbl" xml:lang="en-US">Valuation of the effective portion of derivative financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax" xlink:label="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax" xlink:to="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax_lbl" xml:lang="en-US">Reclassification adjustments on cash flow hedges, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax_lbl" xml:lang="en-US">Amounts reclassified to profit an loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems" xlink:label="ifrs-full_AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems" xlink:to="ifrs-full_AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems_lbl" xml:lang="en-US">Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems_lbl" xml:lang="en-US">Amounts included in non-financial costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" xlink:to="ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax relating to cash flow hedges included in other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Taxes due to changes in reserves during the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Unrealized gain (loss) on cash flow hedges</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ImpactOfHedgingInstrumentsMember" xlink:label="fmx_ImpactOfHedgingInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ImpactOfHedgingInstrumentsMember" xlink:to="fmx_ImpactOfHedgingInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ImpactOfHedgingInstrumentsMember_lbl" xml:lang="en-US">Represents information pertaining to hedging instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ImpactOfHedgingInstrumentsMember_lbl" xml:lang="en-US">Impact Of Hedging Instruments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TreasuryLockContractsMember" xlink:label="fmx_TreasuryLockContractsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TreasuryLockContractsMember" xlink:to="fmx_TreasuryLockContractsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TreasuryLockContractsMember_lbl" xml:lang="en-US">Treasury Lock contracts</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseThroughPurchaseOfFinancialInstruments" xlink:label="fmx_IncreaseThroughPurchaseOfFinancialInstruments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseThroughPurchaseOfFinancialInstruments" xlink:to="fmx_IncreaseThroughPurchaseOfFinancialInstruments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseThroughPurchaseOfFinancialInstruments_lbl" xml:lang="en-US">The amount of increase through purchase of financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseThroughPurchaseOfFinancialInstruments_lbl" xml:lang="en-US">Increase Through Purchase Of Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseThroughPurchaseOfFinancialInstruments_lbl" xml:lang="en-US">Financial instruments - purchases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax_lbl" xml:lang="en-US">Gains (losses) on financial assets measured at fair value through other comprehensive income, before tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax_lbl" xml:lang="en-US">Change in fair value of financial instruments recognized in OCI</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax_lbl" xml:lang="en-US">Other comprehensive income that will be reclassified to profit or loss, before tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax_lbl" xml:lang="en-US">Amount reclassified from OCI to profit or loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation" xlink:to="ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Other comprehensive income, before tax, exchange differences on translation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:label="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:to="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_lbl" xml:lang="en-US">Income tax relating to components of other comprehensive income that will be reclassified to profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_lbl" xml:lang="en-US">Tax effect</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesAbstract" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesAbstract" xlink:to="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesAbstract_lbl" xml:lang="en-US">Disclosure of non controlling interest in consolidated subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesAbstract_lbl" xml:lang="en-US">Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable" xlink:to="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable_lbl" xml:lang="en-US">Disclosure of non controlling interest in consolidated subsidiaries table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable_lbl" xml:lang="en-US">Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesTable_lbl" xml:lang="en-US">Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherSubsidiariesMember" xlink:label="fmx_OtherSubsidiariesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherSubsidiariesMember" xlink:to="fmx_OtherSubsidiariesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherSubsidiariesMember_lbl" xml:lang="en-US">Other subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherSubsidiariesMember_lbl" xml:lang="en-US">Other</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems" xlink:to="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems_lbl" xml:lang="en-US">Disclosure of non controlling interest in consolidated subsidiaries line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems_lbl" xml:lang="en-US">Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfNonControllingInterestInConsolidatedSubsidiariesLineItems_lbl" xml:lang="en-US">Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SynergyMember" xlink:label="fmx_SynergyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SynergyMember" xlink:to="fmx_SynergyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SynergyMember_lbl" xml:lang="en-US">Information pertaining to Synergy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SynergyMember_lbl" xml:lang="en-US">Synergy</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:to="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Reserve of exchange differences on translation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReserveOfExchangeDifferencesOnTranslation_lbl" xml:lang="en-US">Exchange differences on translation foreign operation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlans" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlans_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US">Reserve of remeasurements of defined benefit plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US">Remeasurements of the net defined benefits liability</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FEMSAComercioHealthDivisionMember" xlink:label="fmx_FEMSAComercioHealthDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FEMSAComercioHealthDivisionMember" xlink:to="fmx_FEMSAComercioHealthDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FEMSAComercioHealthDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio health division.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FEMSAComercioHealthDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio Health Division</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OpenMarketMember" xlink:label="fmx_OpenMarketMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OpenMarketMember" xlink:to="fmx_OpenMarketMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OpenMarketMember_lbl" xml:lang="en-US">Information pertaining to Open Market.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OpenMarketMember_lbl" xml:lang="en-US">Open Market</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NwSynergyHoldingsLlc.Member" xlink:label="fmx_NwSynergyHoldingsLlc.Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NwSynergyHoldingsLlc.Member" xlink:to="fmx_NwSynergyHoldingsLlc.Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NwSynergyHoldingsLlc.Member_lbl" xml:lang="en-US">Represents the information pertaining to NW Synergy Holdings LLC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NwSynergyHoldingsLlc.Member_lbl" xml:lang="en-US">NW Synergy Holdings LLC.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NonControllingOwnershipInterestUnderOption" xlink:label="fmx_NonControllingOwnershipInterestUnderOption" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NonControllingOwnershipInterestUnderOption" xlink:to="fmx_NonControllingOwnershipInterestUnderOption_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NonControllingOwnershipInterestUnderOption_lbl" xml:lang="en-US">The percentage ownership under option to be acquired from past acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NonControllingOwnershipInterestUnderOption_lbl" xml:lang="en-US">Non-Controlling Ownership Interest Under Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NonControllingOwnershipInterestUnderOption_lbl" xml:lang="en-US">Ownership under option, as a percent</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DerivativeInstrumentIntrinsicValue" xlink:label="fmx_DerivativeInstrumentIntrinsicValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DerivativeInstrumentIntrinsicValue" xlink:to="fmx_DerivativeInstrumentIntrinsicValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DerivativeInstrumentIntrinsicValue_lbl" xml:lang="en-US">Amount of intrinsic value of derivative instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DerivativeInstrumentIntrinsicValue_lbl" xml:lang="en-US">Derivative Instrument, Intrinsic Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DerivativeInstrumentIntrinsicValue_lbl" xml:lang="en-US">derivative instrument, intrinsic value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" xml:lang="en-US">Disclosure of classes of share capital [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" xml:lang="en-US">Disclosure of classes of share capital [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" xml:lang="en-US">Disclosure of classes of share capital [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BDUnitsMember" xlink:label="fmx_BDUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BDUnitsMember" xlink:to="fmx_BDUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BDUnitsMember_lbl" xml:lang="en-US">BD units.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BDUnitsMember_lbl" xml:lang="en-US">BD units.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BUnitsMember" xlink:label="fmx_BUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BUnitsMember" xlink:to="fmx_BUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BUnitsMember_lbl" xml:lang="en-US">B units.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BUnitsMember_lbl" xml:lang="en-US">B units.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommonStockSeriesDMember" xlink:label="fmx_CommonStockSeriesDMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonStockSeriesDMember" xlink:to="fmx_CommonStockSeriesDMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonStockSeriesDMember_lbl" xml:lang="en-US">Common stock series D.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonStockSeriesDMember_lbl" xml:lang="en-US">Series D shares.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommonStockSeriesDBMember" xlink:label="fmx_CommonStockSeriesDBMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonStockSeriesDBMember" xlink:to="fmx_CommonStockSeriesDBMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonStockSeriesDBMember_lbl" xml:lang="en-US">Information pertaining to Common stock series DB shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonStockSeriesDBMember_lbl" xml:lang="en-US">Sub series D B shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CommonStockSeriesDLMember" xlink:label="fmx_CommonStockSeriesDLMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CommonStockSeriesDLMember" xlink:to="fmx_CommonStockSeriesDLMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CommonStockSeriesDLMember_lbl" xml:lang="en-US">Common stock series D L.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CommonStockSeriesDLMember_lbl" xml:lang="en-US">Sub series D-L shares</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NonCumulativePremiumMember" xlink:label="fmx_NonCumulativePremiumMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NonCumulativePremiumMember" xlink:to="fmx_NonCumulativePremiumMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NonCumulativePremiumMember_lbl" xml:lang="en-US">Non cumulative premium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NonCumulativePremiumMember_lbl" xml:lang="en-US">Non cumulative premium</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US">Disclosure of classes of share capital [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US">Disclosure of classes of share capital [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US">Number of shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US">Capital stock issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US">Number of units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Number of shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Total shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Common stock outstanding</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FixedCapitalStockAmounts" xlink:label="fmx_FixedCapitalStockAmounts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FixedCapitalStockAmounts" xlink:to="fmx_FixedCapitalStockAmounts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FixedCapitalStockAmounts_lbl" xml:lang="en-US">Fixed capital stock amounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FixedCapitalStockAmounts_lbl" xml:lang="en-US">Fixed Capital Stock Amounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_FixedCapitalStockAmounts_lbl" xml:lang="en-US">Fixed capital stock amounts</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_VariableCapitalMaximumMultipleOfFixedCapital" xlink:label="fmx_VariableCapitalMaximumMultipleOfFixedCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_VariableCapitalMaximumMultipleOfFixedCapital" xlink:to="fmx_VariableCapitalMaximumMultipleOfFixedCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_VariableCapitalMaximumMultipleOfFixedCapital_lbl" xml:lang="en-US">The maximum multiple that variable capital may not exceed in comparison to fixed capital.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_VariableCapitalMaximumMultipleOfFixedCapital_lbl" xml:lang="en-US">Variable Capital Maximum Multiple Of Fixed Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_VariableCapitalMaximumMultipleOfFixedCapital_lbl" xml:lang="en-US">Variable capital, maximum multiple of fixed capital</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MinimumPercentageForVoting" xlink:label="fmx_MinimumPercentageForVoting" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MinimumPercentageForVoting" xlink:to="fmx_MinimumPercentageForVoting_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MinimumPercentageForVoting_lbl" xml:lang="en-US">Minimum percentage for voting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MinimumPercentageForVoting_lbl" xml:lang="en-US">Minimum Percentage For Voting</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MinimumPercentageForVoting_lbl" xml:lang="en-US">Minimum percentage for voting</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MaximumPercentageForVoting" xlink:label="fmx_MaximumPercentageForVoting" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MaximumPercentageForVoting" xlink:to="fmx_MaximumPercentageForVoting_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MaximumPercentageForVoting_lbl" xml:lang="en-US">Maximum percentage for voting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MaximumPercentageForVoting_lbl" xml:lang="en-US">Maximum Percentage For Voting</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MaximumPercentageForVoting_lbl" xml:lang="en-US">Maximum percentage for voting right</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfDividendPayables" xlink:label="fmx_PercentageOfDividendPayables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfDividendPayables" xlink:to="fmx_PercentageOfDividendPayables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfDividendPayables_lbl" xml:lang="en-US">Percentage of dividend payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfDividendPayables_lbl" xml:lang="en-US">Percentage Of Dividend Payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfDividendPayables_lbl" xml:lang="en-US">Dividend payable, premium, as percentage of non-premium dividend</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfSeriesSharesForEachShareUnit" xlink:label="fmx_NumberOfSeriesSharesForEachShareUnit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfSeriesSharesForEachShareUnit" xlink:to="fmx_NumberOfSeriesSharesForEachShareUnit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfSeriesSharesForEachShareUnit_lbl" xml:lang="en-US">The number of series shares represented by each share unit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfSeriesSharesForEachShareUnit_lbl" xml:lang="en-US">Number Of Series Shares For Each Share Unit</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfSeriesBSharesIssued" xlink:label="fmx_NumberOfSeriesBSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfSeriesBSharesIssued" xlink:to="fmx_NumberOfSeriesBSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfSeriesBSharesIssued_lbl" xml:lang="en-US">Number of series B shares issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfSeriesBSharesIssued_lbl" xml:lang="en-US">Number Of Series B Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfSeriesBSharesIssued_lbl" xml:lang="en-US">Series "B"</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfSeriesDSharesIssued" xlink:label="fmx_NumberOfSeriesDSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfSeriesDSharesIssued" xlink:to="fmx_NumberOfSeriesDSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfSeriesDSharesIssued_lbl" xml:lang="en-US">Number of series D shares issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfSeriesDSharesIssued_lbl" xml:lang="en-US">Number Of Series D Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfSeriesDSharesIssued_lbl" xml:lang="en-US">Series "D"</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfSeriesDBSharesIssued" xlink:label="fmx_NumberOfSeriesDBSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfSeriesDBSharesIssued" xlink:to="fmx_NumberOfSeriesDBSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfSeriesDBSharesIssued_lbl" xml:lang="en-US">Number of series D-B shares issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfSeriesDBSharesIssued_lbl" xml:lang="en-US">Number Of Series D B Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfSeriesDBSharesIssued_lbl" xml:lang="en-US">Subseries "D-B"</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfSeriesDLSharesIssued" xlink:label="fmx_NumberOfSeriesDLSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfSeriesDLSharesIssued" xlink:to="fmx_NumberOfSeriesDLSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfSeriesDLSharesIssued_lbl" xml:lang="en-US">Number of series D-L shares issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfSeriesDLSharesIssued_lbl" xml:lang="en-US">Number Of Series D L Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NumberOfSeriesDLSharesIssued_lbl" xml:lang="en-US">Subseries "D-L"</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetTaxableIncomeDenominatedBalance" xlink:label="fmx_NetTaxableIncomeDenominatedBalance" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetTaxableIncomeDenominatedBalance" xlink:to="fmx_NetTaxableIncomeDenominatedBalance_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetTaxableIncomeDenominatedBalance_lbl" xml:lang="en-US">Net taxable income, denominated "Cuenta de utilidad Fiscal Neta" (CUFIN") balance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetTaxableIncomeDenominatedBalance_lbl" xml:lang="en-US">Net taxable income denominated balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NetTaxableIncomeDenominatedBalance_lbl" xml:lang="en-US">Total CUFIN balance amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatutoryReserve" xlink:label="ifrs-full_StatutoryReserve" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserve" xlink:to="ifrs-full_StatutoryReserve_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatutoryReserve_lbl" xml:lang="en-US">Statutory reserve</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendPayables" xlink:label="ifrs-full_DividendPayables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US">Dividend payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US">Dividend approved to be paid</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfDividendPaid" xlink:label="fmx_PercentageOfDividendPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfDividendPaid" xlink:to="fmx_PercentageOfDividendPaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfDividendPaid_lbl" xml:lang="en-US">Percentage of dividend paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfDividendPaid_lbl" xml:lang="en-US">Percentage Of Dividend Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfDividendPaid_lbl" xml:lang="en-US">Percentage of dividend paid</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MaximumReserveForSharePurchase" xlink:label="fmx_MaximumReserveForSharePurchase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MaximumReserveForSharePurchase" xlink:to="fmx_MaximumReserveForSharePurchase_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MaximumReserveForSharePurchase_lbl" xml:lang="en-US">Maximum reserve for share purchase.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MaximumReserveForSharePurchase_lbl" xml:lang="en-US">Maximum Reserve For Share Purchase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MaximumReserveForSharePurchase_lbl" xml:lang="en-US">Maximum reserve for share purchase</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xlink:to="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US">Dividend Declared And Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US">Dividend declared and paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidOtherSharesPerShare" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOtherSharesPerShare" xlink:to="ifrs-full_DividendsPaidOtherSharesPerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare_lbl" xml:lang="en-US">Dividend Declared And Paid Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsPaidOtherSharesPerShare_lbl" xml:lang="en-US">Dividend declared and paid per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US">Treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US">Repurchased shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings per share [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareTable" xlink:label="ifrs-full_EarningsPerShareTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareTable" xlink:to="ifrs-full_EarningsPerShareTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareTable_lbl" xml:lang="en-US">Earnings per share [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EarningsPerShareTable_lbl" xml:lang="en-US">Earnings per share [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareLineItems" xlink:label="ifrs-full_EarningsPerShareLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareLineItems" xlink:to="ifrs-full_EarningsPerShareLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareLineItems_lbl" xml:lang="en-US">Earnings per share [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EarningsPerShareLineItems_lbl" xml:lang="en-US">Earnings per share [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US">Weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US">Weighted average number of shares for basic earnings per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xml:lang="en-US">Dilutive effect of share options on number of ordinary shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xml:lang="en-US">Effect of dilution associated with non-vested shares for share based payment plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="ifrs-full_AdjustedWeightedAverageShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustedWeightedAverageShares" xlink:to="ifrs-full_AdjustedWeightedAverageShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustedWeightedAverageShares_lbl" xml:lang="en-US">Adjusted weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AdjustedWeightedAverageShares_lbl" xml:lang="en-US">Weighted average number of shares adjusted for the effect of dilution (Shares outstanding)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfDividendRightsToBePaid" xlink:label="fmx_PercentageOfDividendRightsToBePaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfDividendRightsToBePaid" xlink:to="fmx_PercentageOfDividendRightsToBePaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfDividendRightsToBePaid_lbl" xml:lang="en-US">Percentage of dividend rights to be paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfDividendRightsToBePaid_lbl" xml:lang="en-US">Percentage Of Dividend Rights To be Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfDividendRightsToBePaid_lbl" xml:lang="en-US">Dividend rights per series (see Note 23.1)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights" xlink:label="fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights" xlink:to="fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights_lbl" xml:lang="en-US">Adjusted weighted average shares further adjusted to reflect dividend rights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights_lbl" xml:lang="en-US">Adjusted Weighted Average Shares Further Adjusted To Reflect Dividend Rights</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdjustedWeightedAverageSharesFurtherAdjustedToReflectDividendRights_lbl" xml:lang="en-US">Weighted average number of shares further adjusted to reflect dividend rights</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AllocationOfEarningsPercentageWeightedAverage" xlink:label="fmx_AllocationOfEarningsPercentageWeightedAverage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AllocationOfEarningsPercentageWeightedAverage" xlink:to="fmx_AllocationOfEarningsPercentageWeightedAverage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AllocationOfEarningsPercentageWeightedAverage_lbl" xml:lang="en-US">Allocation of earnings percentage weighted average.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AllocationOfEarningsPercentageWeightedAverage_lbl" xml:lang="en-US">Allocation Of Earnings Percentage Weighted Average</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AllocationOfEarningsPercentageWeightedAverage_lbl" xml:lang="en-US">Allocation of earnings, weighted</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xml:lang="en-US">Major components of tax expense (income) [abstract]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfIncomeTaxesTable" xlink:label="fmx_DisclosureOfIncomeTaxesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfIncomeTaxesTable" xlink:to="fmx_DisclosureOfIncomeTaxesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfIncomeTaxesTable_lbl" xml:lang="en-US">Schedule disclosing information related to income taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfIncomeTaxesTable_lbl" xml:lang="en-US">Disclosure Of Income Taxes [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfIncomeTaxesTable_lbl" xml:lang="en-US">Disclosure Of Income Taxes [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" xlink:label="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" xlink:to="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_lbl" xml:lang="en-US">Changes in tax rates or tax laws enacted or announced</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SalesTaxesInTheProvinceOfBuenosAiresMember" xlink:label="fmx_SalesTaxesInTheProvinceOfBuenosAiresMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SalesTaxesInTheProvinceOfBuenosAiresMember" xlink:to="fmx_SalesTaxesInTheProvinceOfBuenosAiresMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SalesTaxesInTheProvinceOfBuenosAiresMember_lbl" xml:lang="en-US">Sales taxes in the province of Buenos Aires.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SalesTaxesInTheProvinceOfBuenosAiresMember_lbl" xml:lang="en-US">Sales taxes in the province of Buenos Aires</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SalesTaxInCityOfBuenosAiresMember" xlink:label="fmx_SalesTaxInCityOfBuenosAiresMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SalesTaxInCityOfBuenosAiresMember" xlink:to="fmx_SalesTaxInCityOfBuenosAiresMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SalesTaxInCityOfBuenosAiresMember_lbl" xml:lang="en-US">Sales tax in Ccty of Buenos Aires.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SalesTaxInCityOfBuenosAiresMember_lbl" xml:lang="en-US">Sales Tax in City of Buenos Aires</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SalesTaxInBothProvinceAndCityOfBuenosAiresMember" xlink:label="fmx_SalesTaxInBothProvinceAndCityOfBuenosAiresMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SalesTaxInBothProvinceAndCityOfBuenosAiresMember" xlink:to="fmx_SalesTaxInBothProvinceAndCityOfBuenosAiresMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SalesTaxInBothProvinceAndCityOfBuenosAiresMember_lbl" xml:lang="en-US">Sales tax in both Province and city of Buenos Aires.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SalesTaxInBothProvinceAndCityOfBuenosAiresMember_lbl" xml:lang="en-US">Both Province and City of Buenos Aires</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BeveragesAxis" xlink:label="fmx_BeveragesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BeveragesAxis" xlink:to="fmx_BeveragesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BeveragesAxis_lbl" xml:lang="en-US">Beverages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BeveragesAxis_lbl" xml:lang="en-US">Beverages [Axis]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_BeveragesMember" xlink:label="fmx_BeveragesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_BeveragesMember" xlink:to="fmx_BeveragesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_BeveragesMember_lbl" xml:lang="en-US">Beverages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_BeveragesMember_lbl" xml:lang="en-US">Beverages [Member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NoncarbonatedBeveragesMember" xlink:label="fmx_NoncarbonatedBeveragesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NoncarbonatedBeveragesMember" xlink:to="fmx_NoncarbonatedBeveragesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NoncarbonatedBeveragesMember_lbl" xml:lang="en-US">NonCarbonated Beverages</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CarbonatedBeveragesMember" xlink:label="fmx_CarbonatedBeveragesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CarbonatedBeveragesMember" xlink:to="fmx_CarbonatedBeveragesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CarbonatedBeveragesMember_lbl" xml:lang="en-US">Carbonated beverages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CarbonatedBeveragesMember_lbl" xml:lang="en-US">Carbonated Beverages</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AssesseeAxis" xlink:label="fmx_AssesseeAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AssesseeAxis" xlink:to="fmx_AssesseeAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AssesseeAxis_lbl" xml:lang="en-US">n/a.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AssesseeAxis_lbl" xml:lang="en-US">Assessee [Axis]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AssesseeMember" xlink:label="fmx_AssesseeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AssesseeMember" xlink:to="fmx_AssesseeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AssesseeMember_lbl" xml:lang="en-US">n/a.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AssesseeMember_lbl" xml:lang="en-US">Assessee [Member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ColombianResidentIndividualsMember" xlink:label="fmx_ColombianResidentIndividualsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ColombianResidentIndividualsMember" xlink:to="fmx_ColombianResidentIndividualsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ColombianResidentIndividualsMember_lbl" xml:lang="en-US">Colombian resident individuals</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxableEntitiesOutsideFreeTradeZoneMember" xlink:label="fmx_TaxableEntitiesOutsideFreeTradeZoneMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxableEntitiesOutsideFreeTradeZoneMember" xlink:to="fmx_TaxableEntitiesOutsideFreeTradeZoneMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxableEntitiesOutsideFreeTradeZoneMember_lbl" xml:lang="en-US">Information pertaining to entities outside of free-trade zone.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxableEntitiesOutsideFreeTradeZoneMember_lbl" xml:lang="en-US">Taxable Entities Outside Free Trade Zone</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ForeignNonresidentsIndividualsAndCompaniesMember" xlink:label="fmx_ForeignNonresidentsIndividualsAndCompaniesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ForeignNonresidentsIndividualsAndCompaniesMember" xlink:to="fmx_ForeignNonresidentsIndividualsAndCompaniesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ForeignNonresidentsIndividualsAndCompaniesMember_lbl" xml:lang="en-US">Foreign Nonresidents Individuals And Companies</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DisclosureOfIncomeTaxesLineItems" xlink:label="fmx_DisclosureOfIncomeTaxesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DisclosureOfIncomeTaxesLineItems" xlink:to="fmx_DisclosureOfIncomeTaxesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DisclosureOfIncomeTaxesLineItems_lbl" xml:lang="en-US">Line items represent concepts included in income taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DisclosureOfIncomeTaxesLineItems_lbl" xml:lang="en-US">Disclosure Of Income Taxes [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DisclosureOfIncomeTaxesLineItems_lbl" xml:lang="en-US">Disclosure of income taxes [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxesPaidRefund" xlink:label="ifrs-full_IncomeTaxesPaidRefund" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidRefund" xlink:to="ifrs-full_IncomeTaxesPaidRefund_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidRefund_lbl" xml:lang="en-US">Income taxes paid (refund)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxesPaidRefund_lbl" xml:lang="en-US">Income tax recoveries</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExciseTaxRate" xlink:label="fmx_ExciseTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExciseTaxRate" xlink:to="fmx_ExciseTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExciseTaxRate_lbl" xml:lang="en-US">Excise Tax Rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExciseTaxRate_lbl" xml:lang="en-US">Excise Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_ExciseTaxRate_lbl" xml:lang="en-US">Excise tax rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ThresholdLimitOnDeductibleInterest" xlink:label="fmx_ThresholdLimitOnDeductibleInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ThresholdLimitOnDeductibleInterest" xlink:to="fmx_ThresholdLimitOnDeductibleInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ThresholdLimitOnDeductibleInterest_lbl" xml:lang="en-US">The amount of potential net interest expenses at group level that are deductible regardless of the ratio between net interest expenses and Adjusted Taxable Income, under the Mexican corporate tax regime.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ThresholdLimitOnDeductibleInterest_lbl" xml:lang="en-US">Threshold Limit On Deductible Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ThresholdLimitOnDeductibleInterest_lbl" xml:lang="en-US">Threshold limit on deductible interest</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm" xlink:label="fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm" xlink:to="fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm_lbl" xml:lang="en-US">Nondeductible interest exceeding limit carry forwards, expiration term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm_lbl" xml:lang="en-US">Nondeductible Interest Exceeding Limit Carryforwards Expiration Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NondeductibleInterestExceedingLimitCarryforwardsExpirationTerm_lbl" xml:lang="en-US">Expiration term of nondeductible interest exceeding limit</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExciseTaxPerLitre" xlink:label="fmx_ExciseTaxPerLitre" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExciseTaxPerLitre" xlink:to="fmx_ExciseTaxPerLitre_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExciseTaxPerLitre_lbl" xml:lang="en-US">The Mexican excise tax per litre on the the production, sale and import of beverages with added sugar and HFCS for flavoured beverages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExciseTaxPerLitre_lbl" xml:lang="en-US">Excise Tax Per Litre</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ExciseTaxPerLitre_lbl" xml:lang="en-US">Excise tax per litre</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MinimumAssumedIncomeTaxRate" xlink:label="fmx_MinimumAssumedIncomeTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MinimumAssumedIncomeTaxRate" xlink:to="fmx_MinimumAssumedIncomeTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MinimumAssumedIncomeTaxRate_lbl" xml:lang="en-US">Minimum assumed income tax rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MinimumAssumedIncomeTaxRate_lbl" xml:lang="en-US">Minimum assumed income tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MinimumAssumedIncomeTaxRate_lbl" xml:lang="en-US">Minimum assumed income tax rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CapitalizationRatio" xlink:label="fmx_CapitalizationRatio" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CapitalizationRatio" xlink:to="fmx_CapitalizationRatio_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CapitalizationRatio_lbl" xml:lang="en-US">The capitalization ratio used to calculate taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CapitalizationRatio_lbl" xml:lang="en-US">Capitalization Ratio</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable" xlink:label="fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable" xlink:to="fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable_lbl" xml:lang="en-US">The portion of the municipality sales tax that is credited against income tax payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable_lbl" xml:lang="en-US">Municipality Sales Tax, Portion Credited Against Income Tax Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MunicipalitySalesTaxPortionCreditedAgainstIncomeTaxPayable_lbl" xml:lang="en-US">Municipality sales tax, portion credited against income tax payable, as a percent</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DividendRate" xlink:label="fmx_DividendRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DividendRate" xlink:to="fmx_DividendRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DividendRate_lbl" xml:lang="en-US">Dividend Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DividendRate_lbl" xml:lang="en-US">Dividend Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DividendRate_lbl" xml:lang="en-US">Tax on dividends</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SalesTaxRate" xlink:label="fmx_SalesTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SalesTaxRate" xlink:to="fmx_SalesTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SalesTaxRate_lbl" xml:lang="en-US">The rate of sales tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SalesTaxRate_lbl" xml:lang="en-US">Sales Tax Rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SelectiveConsumptionTax" xlink:label="fmx_SelectiveConsumptionTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SelectiveConsumptionTax" xlink:to="fmx_SelectiveConsumptionTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SelectiveConsumptionTax_lbl" xml:lang="en-US">Represents the percentage of selective consumption tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SelectiveConsumptionTax_lbl" xml:lang="en-US">Selective Consumption Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_SelectiveConsumptionTax_lbl" xml:lang="en-US">Selective consumption tax</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ValueAddedTaxPercentage" xlink:label="fmx_ValueAddedTaxPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ValueAddedTaxPercentage" xlink:to="fmx_ValueAddedTaxPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ValueAddedTaxPercentage_lbl" xml:lang="en-US">Value added tax percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ValueAddedTaxPercentage_lbl" xml:lang="en-US">Value added tax percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ValueAddedTaxPercentage_lbl" xml:lang="en-US">Value-added tax</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExciseTaxCreditOnReturnableBottles" xlink:label="fmx_ExciseTaxCreditOnReturnableBottles" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExciseTaxCreditOnReturnableBottles" xlink:to="fmx_ExciseTaxCreditOnReturnableBottles_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExciseTaxCreditOnReturnableBottles_lbl" xml:lang="en-US">The amount of excise tax credit on returnable bottles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExciseTaxCreditOnReturnableBottles_lbl" xml:lang="en-US">Excise Tax Credit On Returnable Bottles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ExciseTaxCreditOnReturnableBottles_lbl" xml:lang="en-US">Excise tax credit</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MinimumAlternativeIncomeTax" xlink:label="fmx_MinimumAlternativeIncomeTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MinimumAlternativeIncomeTax" xlink:to="fmx_MinimumAlternativeIncomeTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MinimumAlternativeIncomeTax_lbl" xml:lang="en-US">The Minimum alternative income tax rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MinimumAlternativeIncomeTax_lbl" xml:lang="en-US">Minimum Alternative Income Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_MinimumAlternativeIncomeTax_lbl" xml:lang="en-US">Minimum alternative tax rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfCapitalGainTaxRate" xlink:label="fmx_PercentageOfCapitalGainTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfCapitalGainTaxRate" xlink:to="fmx_PercentageOfCapitalGainTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfCapitalGainTaxRate_lbl" xml:lang="en-US">Percentage of Capital Gain Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfCapitalGainTaxRate_lbl" xml:lang="en-US">Percentage of Capital Gain Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfCapitalGainTaxRate_lbl" xml:lang="en-US">Percentage of capital gains</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees" xlink:label="fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees" xlink:to="fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees_lbl" xml:lang="en-US">Percentage of withholding taxes on salaries of employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees_lbl" xml:lang="en-US">Percentage of withholding taxes on salaries of employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfWithholdingTaxesOnSalariesOfEmployees_lbl" xml:lang="en-US">Percentage of withholding taxes on salaries of employees</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees" xlink:label="fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees" xlink:to="fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees_lbl" xml:lang="en-US">Percentage of withholding taxes on compensations of employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees_lbl" xml:lang="en-US">Percentage of withholding taxes on compensations of employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfWithholdingTaxesOnCompensationsOfEmployees_lbl" xml:lang="en-US">Percentage of withholding taxes on compensations of employees</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfTaxRateThatExceedsEBITDA" xlink:label="fmx_PercentageOfTaxRateThatExceedsEBITDA" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfTaxRateThatExceedsEBITDA" xlink:to="fmx_PercentageOfTaxRateThatExceedsEBITDA_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfTaxRateThatExceedsEBITDA_lbl" xml:lang="en-US">Percentage of tax rate that exceeds EBITDA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfTaxRateThatExceedsEBITDA_lbl" xml:lang="en-US">Percentage of tax rate that exceeds EBITDA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfTaxRateThatExceedsEBITDA_lbl" xml:lang="en-US">Percentage of tax rate that exceeds EBITDA</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:label="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_lbl" xml:lang="en-US">Tax rate effect of adjustments for current tax of prior periods</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_lbl" xml:lang="en-US">Adjustments for previous tax years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US">Current tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US">Current tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:to="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xml:lang="en-US">Deferred tax expense (income) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xml:lang="en-US">Deferred tax expense (benefit):</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences_lbl" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences_lbl" xml:lang="en-US">Origination and reversal of temporary differences</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:label="ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:to="ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods_lbl" xml:lang="en-US">Deferred Tax Expense Recognition Application Of Tax Losses Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods_lbl" xml:lang="en-US">Utilization (recognition) of tax losses, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_lbl" xml:lang="en-US">Income Taxes Changes in Statutory Rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_lbl" xml:lang="en-US">Change in the statutory rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Deferred tax expense (income) recognised in profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Total deferred tax expense (benefit)</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PenaltiesOnIncomeTax" xlink:label="fmx_PenaltiesOnIncomeTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PenaltiesOnIncomeTax" xlink:to="fmx_PenaltiesOnIncomeTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PenaltiesOnIncomeTax_lbl" xml:lang="en-US">The amount of penalties on income tax during period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PenaltiesOnIncomeTax_lbl" xml:lang="en-US">Penalties On Income Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PenaltiesOnIncomeTax_lbl" xml:lang="en-US">Penalties on income tax</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeTaxRestatementEffects" xlink:label="fmx_IncomeTaxRestatementEffects" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeTaxRestatementEffects" xlink:to="fmx_IncomeTaxRestatementEffects_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeTaxRestatementEffects_lbl" xml:lang="en-US">The amount of restatement effects on income tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeTaxRestatementEffects_lbl" xml:lang="en-US">Income Tax, Restatement Effects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncomeTaxRestatementEffects_lbl" xml:lang="en-US">Restatement effects on income tax</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CtaMember" xlink:label="fmx_CtaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CtaMember" xlink:to="fmx_CtaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CtaMember_lbl" xml:lang="en-US">It pertains to CTA derivative financial instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CtaMember_lbl" xml:lang="en-US">CTA</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MarketToMarketMember" xlink:label="fmx_MarketToMarketMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MarketToMarketMember" xlink:to="fmx_MarketToMarketMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MarketToMarketMember_lbl" xml:lang="en-US">Its pertain to the MTM.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MarketToMarketMember_lbl" xml:lang="en-US">MTM</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:to="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax relating to exchange differences on translation included in other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Exchange differences on translation of foreign operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:to="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax relating to remeasurements of defined benefit plans included in other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Remeasurements of the net defined benefit liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLoss" xlink:label="ifrs-full_IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLoss" xlink:to="ifrs-full_IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLoss_lbl" xml:lang="en-US">Income tax relating to share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLoss_lbl" xml:lang="en-US">Share of the other comprehensive income of equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:to="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax relating to components of other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Total income tax expense (benefit) recognized in OCI</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects" xlink:label="fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects" xlink:to="fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects_lbl" xml:lang="en-US">Percentage of tax effect from difference between book and tax inflationary values and translation effects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects_lbl" xml:lang="en-US">Percentage of tax effect from difference between book and tax inflationary values and translation effects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_PercentageOfTaxEffectFromDifferenceBetweenBookAndTaxInflationaryValuesAndTranslationEffects_lbl" xml:lang="en-US">Difference between book and tax inflationary values and translation effects</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxRateEffectOfAnnualInflationTaxAdjustment" xlink:label="fmx_TaxRateEffectOfAnnualInflationTaxAdjustment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxRateEffectOfAnnualInflationTaxAdjustment" xlink:to="fmx_TaxRateEffectOfAnnualInflationTaxAdjustment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxRateEffectOfAnnualInflationTaxAdjustment_lbl" xml:lang="en-US">Tax rate effect of annual inflation tax adjustment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxRateEffectOfAnnualInflationTaxAdjustment_lbl" xml:lang="en-US">Tax rate effect of annual inflation tax adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TaxRateEffectOfAnnualInflationTaxAdjustment_lbl" xml:lang="en-US">Annual inflation tax adjustment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:to="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl" xml:lang="en-US">Percentage Of Differences Between Statutory Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectFromChangeInTaxRate_lbl" xml:lang="en-US">Difference between statutory income tax rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:label="ifrs-full_TaxRateEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:to="ifrs-full_TaxRateEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_lbl" xml:lang="en-US">Percentage of Non Deductible Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_lbl" xml:lang="en-US">Non-deductible expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectOfRevenuesExemptFromTaxation" xlink:label="ifrs-full_TaxRateEffectOfRevenuesExemptFromTaxation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectOfRevenuesExemptFromTaxation" xlink:to="ifrs-full_TaxRateEffectOfRevenuesExemptFromTaxation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectOfRevenuesExemptFromTaxation_lbl" xml:lang="en-US">Tax rate effect of revenues exempt from taxation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TaxRateEffectOfRevenuesExemptFromTaxation_lbl" xml:lang="en-US">Taxable (non-taxable) income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US">Percentage of Other Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxRateEffectOfImpairments" xlink:label="fmx_TaxRateEffectOfImpairments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxRateEffectOfImpairments" xlink:to="fmx_TaxRateEffectOfImpairments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxRateEffectOfImpairments_lbl" xml:lang="en-US">The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from impairments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxRateEffectOfImpairments_lbl" xml:lang="en-US">Tax Rate Effect Of Impairments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TaxRateEffectOfImpairments_lbl" xml:lang="en-US">Impairments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxRateEffectOfIncomeTaxCredit" xlink:label="fmx_TaxRateEffectOfIncomeTaxCredit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxRateEffectOfIncomeTaxCredit" xlink:to="fmx_TaxRateEffectOfIncomeTaxCredit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxRateEffectOfIncomeTaxCredit_lbl" xml:lang="en-US">The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from income tax credits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxRateEffectOfIncomeTaxCredit_lbl" xml:lang="en-US">Tax Rate Effect Of Income Tax Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TaxRateEffectOfIncomeTaxCredit_lbl" xml:lang="en-US">Income tax credits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxRateEffectOfTaxLosses" xlink:label="ifrs-full_TaxRateEffectOfTaxLosses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectOfTaxLosses" xlink:to="ifrs-full_TaxRateEffectOfTaxLosses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectOfTaxLosses_lbl" xml:lang="en-US">Tax rate effect of tax losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectOfTaxLosses_lbl" xml:lang="en-US">Tax Loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="ifrs-full_AverageEffectiveTaxRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US">Percentage of Domestic Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US">Consolidated Effective income tax rate</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_Recognizeddeferredtaxasset" xlink:label="fmx_Recognizeddeferredtaxasset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_Recognizeddeferredtaxasset" xlink:to="fmx_Recognizeddeferredtaxasset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_Recognizeddeferredtaxasset_lbl" xml:lang="en-US">Recognized deferred tax asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_Recognizeddeferredtaxasset_lbl" xml:lang="en-US">RecognizedDeferredTaxAsset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_Recognizeddeferredtaxasset_lbl" xml:lang="en-US">Recognized deferred tax asset</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects" xlink:label="fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects" xlink:to="fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects_lbl" xml:lang="en-US">The percentage of effective income tax rate without extraordinary effects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects_lbl" xml:lang="en-US">Effective Income Tax Without Extraordinary Effects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_EffectiveIncomeTaxWithoutExtraordinaryEffects_lbl" xml:lang="en-US">Effective income tax rate without extraordinary effects</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AllowanceForCreditLossesMember" xlink:label="ifrs-full_AllowanceForCreditLossesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceForCreditLossesMember" xlink:to="ifrs-full_AllowanceForCreditLossesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllowanceForCreditLossesMember_lbl" xml:lang="en-US">Allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsOtherCurrentAssetsMember" xlink:label="fmx_IfrsOtherCurrentAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsOtherCurrentAssetsMember" xlink:to="fmx_IfrsOtherCurrentAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsOtherCurrentAssetsMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing other current assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsOtherCurrentAssetsMember_lbl" xml:lang="en-US">Other current assets.</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RightOfUseFromLeasesMember" xlink:label="fmx_RightOfUseFromLeasesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RightOfUseFromLeasesMember" xlink:to="fmx_RightOfUseFromLeasesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RightOfUseFromLeasesMember_lbl" xml:lang="en-US">Right of use from leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RightOfUseFromLeasesMember_lbl" xml:lang="en-US">Right of use Assets from leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InvestmentsAccountedForUsingEquityMethodMember" xlink:label="ifrs-full_InvestmentsAccountedForUsingEquityMethodMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsAccountedForUsingEquityMethodMember" xlink:to="ifrs-full_InvestmentsAccountedForUsingEquityMethodMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsAccountedForUsingEquityMethodMember_lbl" xml:lang="en-US">Investments in equity accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherAssetsMember" xlink:label="ifrs-full_OtherAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssetsMember" xlink:to="ifrs-full_OtherAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAssetsMember_lbl" xml:lang="en-US">Other assets [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FiniteUsefulLivedIntangibleAssetsMember" xlink:label="fmx_FiniteUsefulLivedIntangibleAssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FiniteUsefulLivedIntangibleAssetsMember" xlink:to="fmx_FiniteUsefulLivedIntangibleAssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FiniteUsefulLivedIntangibleAssetsMember_lbl" xml:lang="en-US">Finite useful lived intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FiniteUsefulLivedIntangibleAssetsMember_lbl" xml:lang="en-US">Finite useful lived intangible assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IndefiniteLivedIntangibleAssets1Member" xlink:label="fmx_IndefiniteLivedIntangibleAssets1Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IndefiniteLivedIntangibleAssets1Member" xlink:to="fmx_IndefiniteLivedIntangibleAssets1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IndefiniteLivedIntangibleAssets1Member_lbl" xml:lang="en-US">Indefinite lived intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IndefiniteLivedIntangibleAssets1Member_lbl" xml:lang="en-US">Indefinite lived intangible assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PostEmploymentAndOtherLongTermEmployeeBenefitsMember" xlink:label="fmx_PostEmploymentAndOtherLongTermEmployeeBenefitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PostEmploymentAndOtherLongTermEmployeeBenefitsMember" xlink:to="fmx_PostEmploymentAndOtherLongTermEmployeeBenefitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PostEmploymentAndOtherLongTermEmployeeBenefitsMember_lbl" xml:lang="en-US">Post employment and other long term employee benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PostEmploymentAndOtherLongTermEmployeeBenefitsMember_lbl" xml:lang="en-US">Post-employment and other long-term employee benefits</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DerivativeFinancialInstrumentsMember" xlink:label="fmx_DerivativeFinancialInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DerivativeFinancialInstrumentsMember" xlink:to="fmx_DerivativeFinancialInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DerivativeFinancialInstrumentsMember_lbl" xml:lang="en-US">Information pertaining to derivative financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DerivativeFinancialInstrumentsMember_lbl" xml:lang="en-US">Derivative Financial Instruments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TemporaryNonDeductibleProvisionMember" xlink:label="fmx_TemporaryNonDeductibleProvisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TemporaryNonDeductibleProvisionMember" xlink:to="fmx_TemporaryNonDeductibleProvisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TemporaryNonDeductibleProvisionMember_lbl" xml:lang="en-US">Temporary non deductible provision.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TemporaryNonDeductibleProvisionMember_lbl" xml:lang="en-US">Temporary non-deductible provision</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_EmployeeProfitSharingPayableMember" xlink:label="fmx_EmployeeProfitSharingPayableMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_EmployeeProfitSharingPayableMember" xlink:to="fmx_EmployeeProfitSharingPayableMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_EmployeeProfitSharingPayableMember_lbl" xml:lang="en-US">Employee profit sharing payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_EmployeeProfitSharingPayableMember_lbl" xml:lang="en-US">Employee profit sharing payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UnusedTaxLossesMember" xlink:label="ifrs-full_UnusedTaxLossesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxLossesMember" xlink:to="ifrs-full_UnusedTaxLossesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedTaxLossesMember_lbl" xml:lang="en-US">Tax loss carry forwards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UnusedTaxCreditsMember" xlink:label="ifrs-full_UnusedTaxCreditsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxCreditsMember" xlink:to="ifrs-full_UnusedTaxCreditsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xml:lang="en-US">Tax credits to recover</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UnrealisedForeignExchangeGainsLossesMember" xlink:label="ifrs-full_UnrealisedForeignExchangeGainsLossesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnrealisedForeignExchangeGainsLossesMember" xlink:to="ifrs-full_UnrealisedForeignExchangeGainsLossesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnrealisedForeignExchangeGainsLossesMember_lbl" xml:lang="en-US">Exchange differences on translation of foreign operations in OCI</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsOtherLiabilitiesMember" xlink:label="fmx_IfrsOtherLiabilitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsOtherLiabilitiesMember" xlink:to="fmx_IfrsOtherLiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US">Other liabilities</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FinanceLeasesMember" xlink:label="fmx_FinanceLeasesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FinanceLeasesMember" xlink:to="fmx_FinanceLeasesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FinanceLeasesMember_lbl" xml:lang="en-US">It pertain to Finance leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FinanceLeasesMember_lbl" xml:lang="en-US">Finance leases</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LiabilitiesOfAmortizationOfGoodwillOfBusinessAcquisitionMember" xlink:label="fmx_LiabilitiesOfAmortizationOfGoodwillOfBusinessAcquisitionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LiabilitiesOfAmortizationOfGoodwillOfBusinessAcquisitionMember" xlink:to="fmx_LiabilitiesOfAmortizationOfGoodwillOfBusinessAcquisitionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LiabilitiesOfAmortizationOfGoodwillOfBusinessAcquisitionMember_lbl" xml:lang="en-US">it pertains to the liabilities of amortization of goodwill of business acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LiabilitiesOfAmortizationOfGoodwillOfBusinessAcquisitionMember_lbl" xml:lang="en-US">Liabilities of amortization of goodwill of business acquisition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Other comprehensive income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Deferred tax liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Balance at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Balance at the beginning of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Deferred tax (liability)/asset, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="ifrs-full_DeferredTaxExpenseIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xml:lang="en-US">Deferred tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xml:lang="en-US">Deferred income tax related to consolidated statement of income</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees" xlink:label="fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees" xlink:to="fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Deferred tax income net recorded in share of the profit of equity accounted investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Deferred Tax Expense Income Net Recorded In Share Of Profit Of Equity Accounted Investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DeferredTaxExpenseIncomeNetRecordedInShareOfProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Deferred tax income net recorded in share of the profit of equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxRecoveryPeriod" xlink:label="fmx_DeferredTaxRecoveryPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxRecoveryPeriod" xlink:to="fmx_DeferredTaxRecoveryPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxRecoveryPeriod_lbl" xml:lang="en-US">Deferred tax recovery period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxRecoveryPeriod_lbl" xml:lang="en-US">Deferred tax recovery period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DeferredTaxRecoveryPeriod_lbl" xml:lang="en-US">Deferred tax recovery period</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExchangeDifferencesOnTranslationOfForeignOperationsMember" xlink:label="fmx_ExchangeDifferencesOnTranslationOfForeignOperationsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExchangeDifferencesOnTranslationOfForeignOperationsMember" xlink:to="fmx_ExchangeDifferencesOnTranslationOfForeignOperationsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExchangeDifferencesOnTranslationOfForeignOperationsMember_lbl" xml:lang="en-US">This member stands for Exchange differences on translation of foreign operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExchangeDifferencesOnTranslationOfForeignOperationsMember_lbl" xml:lang="en-US">Exchange differences on translation of foreign operations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GainOnHedgeOfNetInvestmentsInForeignOperationsMember" xlink:label="fmx_GainOnHedgeOfNetInvestmentsInForeignOperationsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GainOnHedgeOfNetInvestmentsInForeignOperationsMember" xlink:to="fmx_GainOnHedgeOfNetInvestmentsInForeignOperationsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GainOnHedgeOfNetInvestmentsInForeignOperationsMember_lbl" xml:lang="en-US">This member stands for Gain on hedge of net investments in foreign operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GainOnHedgeOfNetInvestmentsInForeignOperationsMember_lbl" xml:lang="en-US">Gain on hedge of net investments in foreign operations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ShareOfAssociatedCompaniesAndJointVenturesMember" xlink:label="fmx_ShareOfAssociatedCompaniesAndJointVenturesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ShareOfAssociatedCompaniesAndJointVenturesMember" xlink:to="fmx_ShareOfAssociatedCompaniesAndJointVenturesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ShareOfAssociatedCompaniesAndJointVenturesMember_lbl" xml:lang="en-US">This member stands for share of other comprehensive income of associated companies and joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ShareOfAssociatedCompaniesAndJointVenturesMember_lbl" xml:lang="en-US">Share of other comprehensive income of associated companies and joint ventures</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxAssetsRelatingToProvisions" xlink:label="fmx_DeferredTaxAssetsRelatingToProvisions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxAssetsRelatingToProvisions" xlink:to="fmx_DeferredTaxAssetsRelatingToProvisions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxAssetsRelatingToProvisions_lbl" xml:lang="en-US">Deferred tax assets relating to provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxAssetsRelatingToProvisions_lbl" xml:lang="en-US">Deferred tax assets relating to provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DeferredTaxAssetsRelatingToProvisions_lbl" xml:lang="en-US">Deferred tax provision for the period</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees" xlink:label="fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees" xlink:to="fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Deferred tax income net recorded in share of the profits of equity accounted investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Deferred tax income net recorded in share of the profit of equity accounted investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_DeferredTaxIncomeNetRecordedInShareOfTheProfitOfEquityAccountedInvestees_lbl" xml:lang="en-US">Deferred tax income net recorded in share of the profit of equity method accounted investees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Deferred Income Tax Asset Acquisition of Subsidiaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Acquisition of subsidiaries</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments" xlink:label="fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments" xlink:to="fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments_lbl" xml:lang="en-US">Income tax relating unrealized gain (loss) on derivative financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments_lbl" xml:lang="en-US">Income tax relating Unrealized Gain (Loss) on Derivative Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_IncomeTaxRelatingUnrealizedGainLossOnDerivativeFinancialInstruments_lbl" xml:lang="en-US">Unrealized (gain) on cash flow hedges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Deferred Tax Assets, Unrealized Exchange (Gains) Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Exchange differences on translation of foreign operations</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability" xlink:label="fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability" xlink:to="fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability_lbl" xml:lang="en-US">Effect on deferred taxes of remeasurements of the net defined employee benefit liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability_lbl" xml:lang="en-US">Remeasurement Of Net Defined Employee Benefit Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RemeasurementOfNetDefinedEmployeeBenefitLiability_lbl" xml:lang="en-US">Remeasurements of the net defined benefit liability</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_RetainedEarningsOfEquityAccountedInvestees" xlink:label="fmx_RetainedEarningsOfEquityAccountedInvestees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_RetainedEarningsOfEquityAccountedInvestees" xlink:to="fmx_RetainedEarningsOfEquityAccountedInvestees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_RetainedEarningsOfEquityAccountedInvestees_lbl" xml:lang="en-US">Effect on deferred taxes of retained earnings of equity accounted investees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_RetainedEarningsOfEquityAccountedInvestees_lbl" xml:lang="en-US">Retained earnings of equity accounted investees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_RetainedEarningsOfEquityAccountedInvestees_lbl" xml:lang="en-US">Retained earnings of equity accounted investees</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustmentsForMonetaryPositionGainLossNet" xlink:label="fmx_AdjustmentsForMonetaryPositionGainLossNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustmentsForMonetaryPositionGainLossNet" xlink:to="fmx_AdjustmentsForMonetaryPositionGainLossNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustmentsForMonetaryPositionGainLossNet_lbl" xml:lang="en-US">Effect on deferred taxes of adjustments for monetary position gain loss net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustmentsForMonetaryPositionGainLossNet_lbl" xml:lang="en-US">Adjustments for monetary position gain loss net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdjustmentsForMonetaryPositionGainLossNet_lbl" xml:lang="en-US">Restatement effect of the period and beginning balances associated with hyperinflationary economies</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaterThanNineYearsMember" xlink:label="fmx_LaterThanNineYearsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaterThanNineYearsMember" xlink:to="fmx_LaterThanNineYearsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaterThanNineYearsMember_lbl" xml:lang="en-US">Information pertaining to a time band of later than nine years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaterThanNineYearsMember_lbl" xml:lang="en-US">Tenth 12 months and thereafter</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LaterThanNineYearsMember_lbl" xml:lang="en-US">2031 and thereafter</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IndefiniteTimeBandMember" xlink:label="fmx_IndefiniteTimeBandMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IndefiniteTimeBandMember" xlink:to="fmx_IndefiniteTimeBandMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IndefiniteTimeBandMember_lbl" xml:lang="en-US">Information pertaining to time band that is undetermined, such as for disclosures with no expiration date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IndefiniteTimeBandMember_lbl" xml:lang="en-US">No expiration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IndefiniteTimeBandMember_lbl" xml:lang="en-US">No expiration (Brazil and Colombia)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:to="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_lbl" xml:lang="en-US">Unused tax losses for which no deferred tax asset recognised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_lbl" xml:lang="en-US">Tax loss carryforwards, ending</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_lbl" xml:lang="en-US">Tax loss carryforwards, beginning</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AdjustmentInDeferredIncomeTaxAssets" xlink:label="fmx_AdjustmentInDeferredIncomeTaxAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AdjustmentInDeferredIncomeTaxAssets" xlink:to="fmx_AdjustmentInDeferredIncomeTaxAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AdjustmentInDeferredIncomeTaxAssets_lbl" xml:lang="en-US">The amount of adjustments in deferred income tax assets during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AdjustmentInDeferredIncomeTaxAssets_lbl" xml:lang="en-US">Adjustment In Deferred Income Tax Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_AdjustmentInDeferredIncomeTaxAssets_lbl" xml:lang="en-US">Adjustments in deferred income tax assets</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NetOperatingLossUsageLimit" xlink:label="fmx_NetOperatingLossUsageLimit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NetOperatingLossUsageLimit" xlink:to="fmx_NetOperatingLossUsageLimit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NetOperatingLossUsageLimit_lbl" xml:lang="en-US">Net operating loss usage limit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NetOperatingLossUsageLimit_lbl" xml:lang="en-US">Net operating loss usage limit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_NetOperatingLossUsageLimit_lbl" xml:lang="en-US">NOLs usage limit</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxLossCarryforwardsDerecognizedDuringPeriod" xlink:label="fmx_TaxLossCarryforwardsDerecognizedDuringPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxLossCarryforwardsDerecognizedDuringPeriod" xlink:to="fmx_TaxLossCarryforwardsDerecognizedDuringPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxLossCarryforwardsDerecognizedDuringPeriod_lbl" xml:lang="en-US">The amount of tax loss carryforwards derecognized during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxLossCarryforwardsDerecognizedDuringPeriod_lbl" xml:lang="en-US">Tax Loss Carryforwards Derecognized During The Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_TaxLossCarryforwardsDerecognizedDuringPeriod_lbl" xml:lang="en-US">Derecognized</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions" xlink:to="fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions_lbl" xml:lang="en-US">Deferred tax assets operating loss carry forwards additions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions_lbl" xml:lang="en-US">Deferred Tax Assets Operating Loss Carry Forwards Additions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsAdditions_lbl" xml:lang="en-US">Additions</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses" xlink:to="fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses_lbl" xml:lang="en-US">Deferred tax assets operating loss carry forwards usage of tax losses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses_lbl" xml:lang="en-US">Deferred Tax Assets Operating Loss Carry Forwards Usage Of Tax Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsUsageOfTaxLosses_lbl" xml:lang="en-US">Usage of tax losses</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation" xlink:to="fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation_lbl" xml:lang="en-US">Deferred tax assets operating loss carry forwards foreign currency translation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation_lbl" xml:lang="en-US">Deferred Tax Assets Operating Loss Carry Forwards Foreign Currency Translation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_DeferredTaxAssetsOperatingLossCarryForwardsForeignCurrencyTranslation_lbl" xml:lang="en-US">Translation effect of beginning balances</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxesWithheldOnDividendsPaidToShareholders" xlink:label="fmx_TaxesWithheldOnDividendsPaidToShareholders" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxesWithheldOnDividendsPaidToShareholders" xlink:to="fmx_TaxesWithheldOnDividendsPaidToShareholders_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxesWithheldOnDividendsPaidToShareholders_lbl" xml:lang="en-US">The amount of taxes withheld on dividends paid to shareholders during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxesWithheldOnDividendsPaidToShareholders_lbl" xml:lang="en-US">Taxes Withheld On Dividends Paid To Shareholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TaxesWithheldOnDividendsPaidToShareholders_lbl" xml:lang="en-US">Taxes withheld on payment of dividends</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:label="ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" xlink:to="ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures_lbl" xml:lang="en-US">Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures_lbl" xml:lang="en-US">Temporary differences for which tax liability not recognized</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CurrentSundryCreditors" xlink:label="fmx_CurrentSundryCreditors" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CurrentSundryCreditors" xlink:to="fmx_CurrentSundryCreditors_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CurrentSundryCreditors_lbl" xml:lang="en-US">Current sundry creditors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CurrentSundryCreditors_lbl" xml:lang="en-US">Current sundry creditors</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_CurrentSundryCreditors_lbl" xml:lang="en-US">Sundry creditors</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Current derivative financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Derivative financial instruments (see Note 21)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentFinancialLiabilitiesAtAmortisedCost" xlink:label="ifrs-full_CurrentFinancialLiabilitiesAtAmortisedCost" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialLiabilitiesAtAmortisedCost" xlink:to="ifrs-full_CurrentFinancialLiabilitiesAtAmortisedCost_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US">Current financial liabilities at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentFinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Provisions" xlink:label="ifrs-full_Provisions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Balance at end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Balance at beginning of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Taxes payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Payable taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US">Others Provisions And Other Long Term Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US">Others</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:to="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of financial liabilities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of financial liabilities [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Non-current derivative financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Derivative financial instruments (see Note 21)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentDepositsFromCustomers" xlink:label="ifrs-full_NoncurrentDepositsFromCustomers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentDepositsFromCustomers" xlink:to="ifrs-full_NoncurrentDepositsFromCustomers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentDepositsFromCustomers_lbl" xml:lang="en-US">Non-current deposits from customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentDepositsFromCustomers_lbl" xml:lang="en-US">Security deposits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ifrs-full_ClassesOfProvisionsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfProvisionsAxis" xlink:to="ifrs-full_ClassesOfProvisionsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfProvisionsAxis_lbl" xml:lang="en-US">Classes of other provisions [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherProvisionsMember" xlink:label="ifrs-full_OtherProvisionsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisionsMember" xlink:to="ifrs-full_OtherProvisionsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherProvisionsMember_lbl" xml:lang="en-US">Other provisions [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:to="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xml:lang="en-US">Indirect taxes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LaborMember" xlink:label="fmx_LaborMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LaborMember" xlink:to="fmx_LaborMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LaborMember_lbl" xml:lang="en-US">Labor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LaborMember_lbl" xml:lang="en-US">Labor</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LegalProceedingsProvisionMember" xlink:label="ifrs-full_LegalProceedingsProvisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LegalProceedingsProvisionMember" xlink:to="ifrs-full_LegalProceedingsProvisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LegalProceedingsProvisionMember_lbl" xml:lang="en-US">Legal</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_SpaipaSaIndustriaBrasileiraDeBebidasMember" xlink:label="fmx_SpaipaSaIndustriaBrasileiraDeBebidasMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_SpaipaSaIndustriaBrasileiraDeBebidasMember" xlink:to="fmx_SpaipaSaIndustriaBrasileiraDeBebidasMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_SpaipaSaIndustriaBrasileiraDeBebidasMember_lbl" xml:lang="en-US">Represents information pertaining to Spaipa S.A. Industria Brasileira de Bebidas.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_SpaipaSaIndustriaBrasileiraDeBebidasMember_lbl" xml:lang="en-US">Spaipa SA Industria Brasileira de Bebidas [Member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges" xlink:label="fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges" xlink:to="fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges_lbl" xml:lang="en-US">Increase (decrease) in existing provisions from penalties and other charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges_lbl" xml:lang="en-US">Increase (decrease) in existing provisions from penalties and other charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IncreaseDecreaseInExistingProvisionsFromPenaltiesAndOtherCharges_lbl" xml:lang="en-US">Penalties and other charges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionalProvisionsOtherProvisions" xlink:label="ifrs-full_AdditionalProvisionsOtherProvisions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalProvisionsOtherProvisions" xlink:to="ifrs-full_AdditionalProvisionsOtherProvisions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalProvisionsOtherProvisions_lbl" xml:lang="en-US">Increase (decrease) in provisions from new contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionalProvisionsOtherProvisions_lbl" xml:lang="en-US">New contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInExistingLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:label="ifrs-full_IncreaseDecreaseInExistingLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInExistingLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination" xlink:to="ifrs-full_IncreaseDecreaseInExistingLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInExistingLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl" xml:lang="en-US">Increase in existing liabilities, contingent liabilities recognised in business combination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseInExistingLiabilitiesContingentLiabilitiesRecognisedInBusinessCombination_lbl" xml:lang="en-US">Contingencies added in business combination</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_UnusedProvisionReversedOtherProvisions" xlink:label="ifrs-full_UnusedProvisionReversedOtherProvisions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedProvisionReversedOtherProvisions" xlink:to="ifrs-full_UnusedProvisionReversedOtherProvisions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedProvisionReversedOtherProvisions_lbl" xml:lang="en-US">Decrease in Provisions Through Cancellation And Expiration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_UnusedProvisionReversedOtherProvisions_lbl" xml:lang="en-US">Cancellation and expiration</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProvisionUsedOtherProvisions" xlink:label="ifrs-full_ProvisionUsedOtherProvisions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionUsedOtherProvisions" xlink:to="ifrs-full_ProvisionUsedOtherProvisions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionUsedOtherProvisions_lbl" xml:lang="en-US">Decrease in provisions resulting from payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ProvisionUsedOtherProvisions_lbl" xml:lang="en-US">Payments</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems" xlink:label="fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems" xlink:to="fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems_lbl" xml:lang="en-US">Decrease in provisions resulting from reversal of indemnifiable items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems_lbl" xml:lang="en-US">Decrease In Provisions Resulting From Reversal Of Indemnifiable Items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="fmx_DecreaseInProvisionsResultingFromReversalOfIndemnifiableItems_lbl" xml:lang="en-US">Reversal of indemnifiable items</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_lbl" xml:lang="en-US">Increase (decrease) in provision from effects of changes in foreign exchange rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_lbl" xml:lang="en-US">Effects of changes in foreign exchange rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:to="ifrs-full_ItemsOfContingentLiabilitiesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesAxis_lbl" xml:lang="en-US">Items of contingent liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:to="ifrs-full_ItemsOfContingentLiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesMember_lbl" xml:lang="en-US">Items of contingent liabilities [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OtherTaxAuthorityMember" xlink:label="fmx_OtherTaxAuthorityMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OtherTaxAuthorityMember" xlink:to="fmx_OtherTaxAuthorityMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OtherTaxAuthorityMember_lbl" xml:lang="en-US">Other tax authority.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OtherTaxAuthorityMember_lbl" xml:lang="en-US">ICMS</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxCreditsMember" xlink:label="fmx_TaxCreditsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxCreditsMember" xlink:to="fmx_TaxCreditsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxCreditsMember_lbl" xml:lang="en-US">Tax credits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxCreditsMember_lbl" xml:lang="en-US">Tax credits</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FederalTaxesMember" xlink:label="fmx_FederalTaxesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FederalTaxesMember" xlink:to="fmx_FederalTaxesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FederalTaxesMember_lbl" xml:lang="en-US">Federal taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FederalTaxesMember_lbl" xml:lang="en-US">Federal taxes</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AmortizationOfGoodwillMember" xlink:label="fmx_AmortizationOfGoodwillMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AmortizationOfGoodwillMember" xlink:to="fmx_AmortizationOfGoodwillMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AmortizationOfGoodwillMember_lbl" xml:lang="en-US">Amortization of goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AmortizationOfGoodwillMember_lbl" xml:lang="en-US">Amortization of Goodwill</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LiabilityOverOperationsOfThirdPartyMember" xlink:label="fmx_LiabilityOverOperationsOfThirdPartyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LiabilityOverOperationsOfThirdPartyMember" xlink:to="fmx_LiabilityOverOperationsOfThirdPartyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LiabilityOverOperationsOfThirdPartyMember_lbl" xml:lang="en-US">Liability over the operations of a third party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LiabilityOverOperationsOfThirdPartyMember_lbl" xml:lang="en-US">Liability Over The Operations of Third Party</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IfrsLossContingencyDamagesSoughtValue" xlink:label="fmx_IfrsLossContingencyDamagesSoughtValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IfrsLossContingencyDamagesSoughtValue" xlink:to="fmx_IfrsLossContingencyDamagesSoughtValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IfrsLossContingencyDamagesSoughtValue_lbl" xml:lang="en-US">The value (monetary amount) of the award the plaintiff seeks in the legal matter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IfrsLossContingencyDamagesSoughtValue_lbl" xml:lang="en-US">IFRS Loss Contingency, Damages Sought, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_IfrsLossContingencyDamagesSoughtValue_lbl" xml:lang="en-US">Aggregate amount claimed against company</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TaxContingenciesAmount" xlink:label="fmx_TaxContingenciesAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TaxContingenciesAmount" xlink:to="fmx_TaxContingenciesAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TaxContingenciesAmount_lbl" xml:lang="en-US">Tax contingencies amount.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TaxContingenciesAmount_lbl" xml:lang="en-US">Tax contingencies amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_TaxContingenciesAmount_lbl" xml:lang="en-US">Tax contingencies amount</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LitigationSettlementAmount" xlink:label="fmx_LitigationSettlementAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LitigationSettlementAmount" xlink:to="fmx_LitigationSettlementAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LitigationSettlementAmount_lbl" xml:lang="en-US">Litigation settlement amount.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LitigationSettlementAmount_lbl" xml:lang="en-US">Litigation Settlement Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_LitigationSettlementAmount_lbl" xml:lang="en-US">Litigation amount</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit" xlink:label="fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit" xlink:to="fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit_lbl" xml:lang="en-US">Amount of extraordinary  benefit from revision of decision to suspend tax credits  recorded in cost of goods sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit_lbl" xml:lang="en-US">Extraordinary Benefit From Revision of Suspended Tax Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_ExtraordinaryBenefitFromRevisionOfSuspendedTaxCredit_lbl" xml:lang="en-US">Amount extraordinary benefit from revision of suspended tax credit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Capital commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Capital Commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsAbstract_lbl" xml:lang="en-US">Disclosure of operating segments [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xml:lang="en-US">Disclosure of operating segments [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xml:lang="en-US">Disclosure of operating segments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="ifrs-full_SegmentConsolidationItemsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentConsolidationItemsAxis" xlink:to="ifrs-full_SegmentConsolidationItemsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentConsolidationItemsAxis_lbl" xml:lang="en-US">Segment consolidation items [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:to="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xml:lang="en-US">Entity's total for segment consolidation items [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MaterialReconcilingItemsMember" xlink:label="ifrs-full_MaterialReconcilingItemsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaterialReconcilingItemsMember" xlink:to="ifrs-full_MaterialReconcilingItemsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaterialReconcilingItemsMember_lbl" xml:lang="en-US">Consolidation adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OperatingSegmentsMember" xlink:label="ifrs-full_OperatingSegmentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingSegmentsMember" xlink:to="ifrs-full_OperatingSegmentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingSegmentsMember_lbl" xml:lang="en-US">Operating segments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SegmentsAxis" xlink:label="ifrs-full_SegmentsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsAxis" xlink:to="ifrs-full_SegmentsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsAxis_lbl" xml:lang="en-US">Segments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SegmentsMember" xlink:label="ifrs-full_SegmentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsMember" xlink:to="ifrs-full_SegmentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsMember_lbl" xml:lang="en-US">Segments [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FEMSAFuelRetailDivisionMember" xlink:label="fmx_FEMSAFuelRetailDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FEMSAFuelRetailDivisionMember" xlink:to="fmx_FEMSAFuelRetailDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FEMSAFuelRetailDivisionMember_lbl" xml:lang="en-US">FEMSA fuel retail division.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FEMSAFuelRetailDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio Fuel Retail Division</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FEMSAHealthRetailDivisionMember" xlink:label="fmx_FEMSAHealthRetailDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FEMSAHealthRetailDivisionMember" xlink:to="fmx_FEMSAHealthRetailDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FEMSAHealthRetailDivisionMember_lbl" xml:lang="en-US">FEMSA health retail division.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FEMSAHealthRetailDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio Health Retail Division</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FEMSAProximityDivisionMember" xlink:label="fmx_FEMSAProximityDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FEMSAProximityDivisionMember" xlink:to="fmx_FEMSAProximityDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FEMSAProximityDivisionMember_lbl" xml:lang="en-US">FEMSA Proximity Division.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FEMSAProximityDivisionMember_lbl" xml:lang="en-US">FEMSA comercio proximity division</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_HeinekenInvestmentMember" xlink:label="fmx_HeinekenInvestmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_HeinekenInvestmentMember" xlink:to="fmx_HeinekenInvestmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_HeinekenInvestmentMember_lbl" xml:lang="en-US">Heineken investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_HeinekenInvestmentMember_lbl" xml:lang="en-US">Heineken investment</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_LogisticsAndDistributionMember" xlink:label="fmx_LogisticsAndDistributionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_LogisticsAndDistributionMember" xlink:to="fmx_LogisticsAndDistributionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_LogisticsAndDistributionMember_lbl" xml:lang="en-US">Logistics and distribution division.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_LogisticsAndDistributionMember_lbl" xml:lang="en-US">Logistics And Distribution</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US">Disclosure of operating segments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US">Disclosure of operating segments [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_IntercompanyRevenues" xlink:label="fmx_IntercompanyRevenues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_IntercompanyRevenues" xlink:to="fmx_IntercompanyRevenues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_IntercompanyRevenues_lbl" xml:lang="en-US">The amount of intercompany revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_IntercompanyRevenues_lbl" xml:lang="en-US">Intercompany Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFinanceIncomeCost" xlink:label="ifrs-full_OtherFinanceIncomeCost" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinanceIncomeCost" xlink:to="ifrs-full_OtherFinanceIncomeCost_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinanceIncomeCost_lbl" xml:lang="en-US">Other finance income (cost)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherFinanceIncomeCost_lbl" xml:lang="en-US">Other net finance loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherMaterialNoncashItems" xlink:label="ifrs-full_OtherMaterialNoncashItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherMaterialNoncashItems" xlink:to="ifrs-full_OtherMaterialNoncashItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherMaterialNoncashItems_lbl" xml:lang="en-US">Other material non-cash items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherMaterialNoncashItems_lbl" xml:lang="en-US">Non-cash items other than depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InvestmentsInFixedAssets" xlink:label="fmx_InvestmentsInFixedAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InvestmentsInFixedAssets" xlink:to="fmx_InvestmentsInFixedAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InvestmentsInFixedAssets_lbl" xml:lang="en-US">Investments in fixed assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InvestmentsInFixedAssets_lbl" xml:lang="en-US">Investments In Fixed Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="fmx_InvestmentsInFixedAssets_lbl" xml:lang="en-US">Investments in fixed assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:label="ifrs-full_DisclosureOfGeographicalAreasAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:to="ifrs-full_DisclosureOfGeographicalAreasAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasAbstract_lbl" xml:lang="en-US">Disclosure of geographical areas [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeographicalAreasTable" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" xml:lang="en-US">Disclosure of geographical areas [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" xml:lang="en-US">Disclosure of geographical areas [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_MexicoAndCentralAmericaMember" xlink:label="fmx_MexicoAndCentralAmericaMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_MexicoAndCentralAmericaMember" xlink:to="fmx_MexicoAndCentralAmericaMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_MexicoAndCentralAmericaMember_lbl" xml:lang="en-US">Mexico and Central America.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_MexicoAndCentralAmericaMember_lbl" xml:lang="en-US">Mexico and Central America [member]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_EuropeMember" xlink:label="srt_EuropeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_EuropeMember" xlink:to="srt_EuropeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_EuropeMember_lbl" xml:lang="en-US">Europe</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:to="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xml:lang="en-US">Disclosure of geographical areas [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xml:lang="en-US">Disclosure of geographical areas [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" xlink:label="ifrs-full_NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" xlink:to="ifrs-full_NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_lbl" xml:lang="en-US">Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_lbl" xml:lang="en-US">Total Non Current Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_GoodsOfferedForSaleMember" xlink:label="fmx_GoodsOfferedForSaleMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_GoodsOfferedForSaleMember" xlink:to="fmx_GoodsOfferedForSaleMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_GoodsOfferedForSaleMember_lbl" xml:lang="en-US">Information pertaining to goods offered for sale.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_GoodsOfferedForSaleMember_lbl" xml:lang="en-US">Goods Offered For Sale</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ServicesProvidedToCustomersMember" xlink:label="fmx_ServicesProvidedToCustomersMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ServicesProvidedToCustomersMember" xlink:to="fmx_ServicesProvidedToCustomersMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ServicesProvidedToCustomersMember_lbl" xml:lang="en-US">Information pertaining to services provided to customers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ServicesProvidedToCustomersMember_lbl" xml:lang="en-US">Services Provided To Customers</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_FemsaComercioProximityDivisionMember" xlink:label="fmx_FemsaComercioProximityDivisionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_FemsaComercioProximityDivisionMember" xlink:to="fmx_FemsaComercioProximityDivisionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_FemsaComercioProximityDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio Proximity Division [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_FemsaComercioProximityDivisionMember_lbl" xml:lang="en-US">FEMSA Comercio Proximity Division</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations" xlink:label="ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations" xlink:to="ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations_lbl" xml:lang="en-US">Transaction price allocated to remaining performance obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransactionPriceAllocatedToRemainingPerformanceObligations_lbl" xml:lang="en-US">Transaction price allocated to remaining performance obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_lbl" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_lbl" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [table]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_CviRefrigerantesLtdMember" xlink:label="fmx_CviRefrigerantesLtdMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_CviRefrigerantesLtdMember" xlink:to="fmx_CviRefrigerantesLtdMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_CviRefrigerantesLtdMember_lbl" xml:lang="en-US">Information pertaining to acquisitions of CVI Refrigerantes Ltd (CVI).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_CviRefrigerantesLtdMember_lbl" xml:lang="en-US">CVI</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_OkMarketMember" xlink:label="fmx_OkMarketMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_OkMarketMember" xlink:to="fmx_OkMarketMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_OkMarketMember_lbl" xml:lang="en-US">Information pertaining to acquisitions of OK Market.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_OkMarketMember_lbl" xml:lang="en-US">OK Market</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US">Counterparties [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CounterpartiesMember" xlink:label="ifrs-full_CounterpartiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesMember" xlink:to="ifrs-full_CounterpartiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US">Counterparties [member]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_AlplaMxicoS.a.DeC.v.Member" xlink:label="fmx_AlplaMxicoS.a.DeC.v.Member" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_AlplaMxicoS.a.DeC.v.Member" xlink:to="fmx_AlplaMxicoS.a.DeC.v.Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_AlplaMxicoS.a.DeC.v.Member_lbl" xml:lang="en-US">Represents the information pertaining to ALPLA Mxico, S.A. de C.V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_AlplaMxicoS.a.DeC.v.Member_lbl" xml:lang="en-US">ALPLA Mxico, S.A. de C.V.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [line items]</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_InvestmentInPlantConstruction" xlink:label="fmx_InvestmentInPlantConstruction" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_InvestmentInPlantConstruction" xlink:to="fmx_InvestmentInPlantConstruction_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_InvestmentInPlantConstruction_lbl" xml:lang="en-US">Amount of total investment in plant construction by other party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_InvestmentInPlantConstruction_lbl" xml:lang="en-US">Investment In Plant Construction</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PlantCapacityPostConsumptionPetBottlesPerYear" xlink:label="fmx_PlantCapacityPostConsumptionPetBottlesPerYear" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PlantCapacityPostConsumptionPetBottlesPerYear" xlink:to="fmx_PlantCapacityPostConsumptionPetBottlesPerYear_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PlantCapacityPostConsumptionPetBottlesPerYear_lbl" xml:lang="en-US">Capacity of plant of post consumption PET bottles per year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PlantCapacityPostConsumptionPetBottlesPerYear_lbl" xml:lang="en-US">PET bottles plant capacity per year</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_PlantCapacityFoodGradeRecyclingOfMaterialPerYear" xlink:label="fmx_PlantCapacityFoodGradeRecyclingOfMaterialPerYear" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_PlantCapacityFoodGradeRecyclingOfMaterialPerYear" xlink:to="fmx_PlantCapacityFoodGradeRecyclingOfMaterialPerYear_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_PlantCapacityFoodGradeRecyclingOfMaterialPerYear_lbl" xml:lang="en-US">Capacity of plant of food grade recycling of material per year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_PlantCapacityFoodGradeRecyclingOfMaterialPerYear_lbl" xml:lang="en-US">Food grade recycled material plant capacity</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_NumberOfBusinessLocationsAcquired" xlink:label="fmx_NumberOfBusinessLocationsAcquired" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_NumberOfBusinessLocationsAcquired" xlink:to="fmx_NumberOfBusinessLocationsAcquired_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_NumberOfBusinessLocationsAcquired_lbl" xml:lang="en-US">Number of business locations acquired.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_NumberOfBusinessLocationsAcquired_lbl" xml:lang="en-US">Number of business locations acquired</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_TotalNumberOfBusinessLocationsPostAcquisition" xlink:label="fmx_TotalNumberOfBusinessLocationsPostAcquisition" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_TotalNumberOfBusinessLocationsPostAcquisition" xlink:to="fmx_TotalNumberOfBusinessLocationsPostAcquisition_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_TotalNumberOfBusinessLocationsPostAcquisition_lbl" xml:lang="en-US">Total number of business locations post acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_TotalNumberOfBusinessLocationsPostAcquisition_lbl" xml:lang="en-US">Total number of business locations post acquisition</label>
    <loc xlink:type="locator" xlink:href="tmb-20211231.xsd#fmx_ProposedCashOrdinaryDividend" xlink:label="fmx_ProposedCashOrdinaryDividend" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fmx_ProposedCashOrdinaryDividend" xlink:to="fmx_ProposedCashOrdinaryDividend_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="fmx_ProposedCashOrdinaryDividend_lbl" xml:lang="en-US">Proposed payment of a cash ordinary dividend.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fmx_ProposedCashOrdinaryDividend_lbl" xml:lang="en-US">Proposed Cash Ordinary Dividend</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="fmx_ProposedCashOrdinaryDividend_lbl" xml:lang="en-US">Proposed payment of cash ordinary dividend</label>
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