Friday, July 6, 2007

A Mexican New Richest Man On Earth


MEXICO CITY (AFP) - Mexican telecom tycoon Carlos Slim Helu has overtaken Microsoft founder Bill Gates as the richest person on the planet, the Mexican financial website Sentido Comun reported.Sentido Comun said the Mexican billionaire's wealth had rocketed past Gates following the red-hot performance of his telecommunications firm, America Movil.

US-based Forbes magazine, renowned for its rankings of the world's wealthiest individuals, updated its listings in April to rank Slim as the second richest individual in the world, as he bested the legendary US investor Warren Buffett.

The Mexican financial website said Slim's lead over Gates amounted to billions of dollars.

"Thanks to a 26.5-percent rise in the shares of America Movil during the second quarter, Slim, who controls a 33-percent interest in Latin America's largest mobile phone company, is substantially richer than Gates," Sentido Comun said.

"The difference between their two fortunes is around nine billion dollars in favor of Slim," the financial website claimed.

It said it had based its calculations largely on the share price movements of companies controlled by Slim.

The website said soaring performances from Slim's other business interests had also helped propel him past Gates.

Aside from America Movil, Slim controls the INBURSA financial group and the Grupo Carso industrial firm with interests spanning retail stores, coffee shops and restaurants.

One reason for Slim's meteoric rise might be because he is also still working.

Gates stepped aside as Microsoft chief in 2000 to devote his energies to the philanthropic foundation he runs with his wife, Melinda.

Forbes in April had pegged Slim's wealth at a staggering 53.1 billion dollars, and said Gates was sitting on a 56-billion-dollar fortune.

Slim, the son of Lebanese immigrants, has had business in his blood from his early days when he helped out in his father's shop, "The Star of the Orient."

The 67-year-old started out in real estate and was already affluent enough when he graduated from university with an engineering degree to buy stakes in a stock brokerage and a bottling firm.

During the crippling Latin American economic crisis of the early 1980s, Slim snapped up and reformed a number of distressed businesses, banking massive profits for Grupo Carso.

Carso gained its name from the first three letters of Slim's name and the first two of his late wife's, Soumaya Gemayel.

Analysts say one of Slim's smartest and most lucrative deals occurred when he took control of Telefonos de Mexico (Telemex) in 1990 as the then government moved to privatize the sprawling monopoly.

Slim oversaw a 1.8-billion-dollar investment to take over Telemex, but he then overhauled the company and expanded its service as the telecom firm became the star of the Mexican stock exchange and more than returned Slim's initial investment.

The Mexican billionaire has also made some savvy stock picks.

In 1997, he bought about three percent of Apple Computer at 17 dollars a share shortly before the company launched its hit iMac computer. Twelve months later, Apple's shares topped 100 dollars.

Despite his vast riches, Slim reportedly shuns corporate jets and flashy offices and sported a plastic watch during the 1990s.

Widowed in 1999, Slim has boosted his philanthropic presence and overseen his three sons' careers within his business empire.

Like Gates, he has developed a strong profile on the philanthropic front.

Earlier this month he allied himself with the foundation of former US president Bill Clinton and with Canadian mining magnate Frank Giustra to launch an anti-poverty campaign in Latin America.

Fifty-three percent of Mexico's population of 104 million live in poverty, which is defined as living on less than two dollars a day, World Bank data show.
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4 comments:

Unknown said...

Proud to have a Lebanese Fellow getting all the way up there :-)
Carlos makes Lebanese people believe more in themselves and what they can do if they wanted to.
Good for you Carlos. Keep up the GREAT JOB!

Ernesto Miguel Flores said...

I would like to congradulate you sir on your tremendous success. I apologize for the writer obviously sounding discussted to see a Mexican man of your status become the "Richest Man on Earth.", it is obvious to see from the Title he gave his column. However, I would like to say that you are an enormous inspiration to us all. I may not be full blooded Mexican, but I am Hispanic, and I stand to say it proudly. As do you. I hope that you continue with your success and give back to those who have nothing. Be an example to other men and even the world, that when you have billions of dollars to spend on yourself, many great things can be accomplished just by being kind and sacrifising that Lamborgini, so that an entire city or town can eat well. I know that you will do great things.

Sincerely,
Ernesto Miguel Flores, (Age: 18, Sinton, Tx)

piofranc said...

According to the natural laws of the created universe,Whatever we sow,we shall reap.Nothing comes from nothing Mr.Slim,you probably have done many good things in your earlier life.I also read that you are into philantrophic activities right now like Mr.Gates,your predecessor,I hope that you perform them well and with wisdom and with love,and you will be assured that many good things will still come to you and all your love ones. Like you I have many dreams,among them to be the Richest man of Asia,if not the world,I want to achieve that because my family and i have lived through hard times,and I know the frustration related to that,like the needed medicine is too expensive,etcetera,I want to be very rich,not only for myself,but for my family and the others I can help allevate their sufferings.It may sound like a traditional politician's speech or a clergyman's homily in church,but I really want to make the earth as it is in heaven,To start with the grassroots is the way I think it will be best strategically,no one hungry coz no one will be missing even one meal,no one without a roof in his or her head coz every one has a home,the sick being cared for,affordable medical care and access to medicines they need will be there,education for those who want to educate themselves,I cannot offer the things i don't have,no one can,so i have to make myself very strong to help my love ones and the others who need help.Who can be the greatest mentor but you,Mr.Slim,the richest man in the world.When the time comes that the whole universe will be connected,beings mingling with each other from all over the universe,maybe,just maybe,we can make hisory,universal history,they may call it,That we made Earth so like heaven that it's light shoned forth troughout the Universe,My e-mail:piofranc@yahoo.com,I hope to hear from you sopon,somehow i will be praying.Francis

Come To Me said...

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