ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Personal Finance»
  • Income & Making Money

The Richest Man in the World: Carlos Slim

Updated on September 16, 2015

The richest man in the world is in Mexico

Carlos' fortune began with a $12 share in a bank in mexico when he was still a child.
Carlos' fortune began with a $12 share in a bank in mexico when he was still a child. | Source

There are more than a couple of headaches with being the richest man in the world.

The richest man in the world is also the world’s wealthiest person of Hispanic origins. Mr. Carlos Slim of Mexico fits the bill. He is also the business man behind the suit and tie. Slim has amassed a fortune of more than Bill Gates or Warren Buffet's bank accounts. A combination of all of his assets is worth an estimated $74 billion as of March of 2011.

A few lesser known facts about this business entity is that he is not actually from the South American continent. Carlos is of Lebanese decent even though he is a citizen of Mexico. Born and raised in Mexico this billionaire business mogul and philanthropist holds his wealthiest person alive title for more than two years running. What throws him into the spot light under this heading is technology. Specifically cell phones.

Cell phones make a billionaire even richer

American Movil is the company for this particular mogul. The company is seated in power as one of the biggest phone carriers in Latin America. The carrier accounted for approximately $49 billion of Carlos Slim’s riches in 2010. Along with American Movil the business has widespread assets in corporations such as Telmex, Grupo Carso SAB and other business interest located around the entire globe. Although income is not an issue for this individual at this time, the man began his journey in the world with beginnings anything but humble.

Getting started in the world

Born in Mexico City, January 28, 1940 to parents of Lebanese decendants, Carlos Slim learned basic business practice talents and abilities from his father Julian Slim. After studying engineering at the National Autonomous University of Mexico, he taught at the same University after graduating. Obviously engineering was among the classes he instructed, he also included algebra as well as linear programming. Early in his career, Carlos was destined for greatness.

Beginning the journey with less than $20

Slim purchased $12, yes dollars, worth of shares in a Mexican bank when he was only 12 years old. By 1966 Slim had already made a fortune worth $40 million. The early days of the mogul career touched on real estate along with mining interest. From 1966 to 1972 he had acquired seven different business ventures in these areas. Only 10 years later he had expanding to printing interests and over 60% of his business was invested. 1980 saw Slim expand yet again to form a company for interest in industry, construction, mining, retail, food and tobacco under the company name Grupo Galas.

The Mexican economy saw a hit to the oil industry which was crippling financially to tons of business prospects. The rest of the world did as well in a domino effect. All economies seem to touch one another in the current day and age of business entities. The result saw the banking systems collapse in Mexico and the peso devastatingly devalued.

Imagine the hit to a fortune which lies as a majority in the state of this particular currency. He was certainly down, but never out. This didn’t stop Carlos Slim from investing heavily to regain his losses. This action continues until 1985.

Investments before the phone industry

Slims early investments included buying some of the largest Mexican companies stock. This listing included companies such as General Popo ( General Tires in Mexico) and Reynolds Aluminio, the Bimex hotels and Sanborns one of the largest general retailers in the country. 1986 didn’t slow him down when he added chemical business ventures, Quimica Floor and several more various companies on his road to being the richest man in the world.

Slims fortune has continued to grow and amass despite the rough bump in the road of the 1980s. While everyone else in the business seems to have taken a enormous bump in fortune, his didnt even dip into double digits.

An industry favorite among peers

He has been the vice president of the Mexican Stock Exchange and the Mexican Association of Brokerage Houses. He broke ground in America as the first president elected to the Latin-American Committee of the New York Stock Exchange.

There are also critics

Criticism has followed Slims trek up the corporate and wealth ladder. Many citizens of Mexico voice that he has grown an enormous fortune in a country where poverty is the norm and the average annual income is stagnant at $14,500. His wallet is able to support more philanthropy in this field.

He has also been named a monopolist with control of over 90% of Mexico’s landline telephone marketplace under his company Telmex. The company is owned by his family at a share of a little over 40% and charges some of the most expensive fees in the world according to the Organization for Economic Cooperation and Development.

Economist in Mexico point out that Slim’s control of the Mexican market on several business fronts has prevented smaller companies from growing and providing more employment opportunities which leads to job shortage and forcing many countrymen to cross the border into America for work and other resources.

Philanthropic interests

Carlos Slim is a philanthropist who has established several nonprofit organizations which promote health and well being for all citizens of the country. Others include sports and educational opportunities for many citizens of Mexico. Donating billions of dollars each year to sporting events, health services and education under a number of his organizations, Slim has continued his philanthropist efforts to extend across his country year after year.

Updated information for Carlos Slim.

Well known to American financial circles

This particular person has been identified for his business exploits again and again with America's largest financial publications. This includes stories over the years in more than a few of the most well known. Fortune magazine and the Wall Street Journal made him a center stage piece. Forbes has interviewed the man seven times over the course of his career.

Amazon comes at the business mind with an investment manual for Dummies

© 2011 smcopywrite


    0 of 8192 characters used
    Post Comment

    • WillStarr profile image

      WillStarr 6 years ago from Phoenix, Arizona

      Amazing man, and interesting article!