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A Mexican telecoms tycoon has toppled Bill Gates, the Microsoft co-founder, as the world’s richest man after amassing a $67.8 billion (£33.6 billion) fortune.
Sentido Común, a Mexican financial website, has calculated that Carlos Slim Helú, a 67-year-old turnaround specialist, is worth $8.6 billion more than Mr Gates.
The rocketing share price of América Móvil, one of Mr Slim’s telecoms companies, helped to push him into first place, according to Sentido Comun’s founder Eduardo Garcia.
Shares in América Móvil, Latin America’s biggest telecoms company, rose more than 26 per cent in the three months to June 30. Telmex, another of the tycoon’s telecoms companies, rose 11 per cent and Grupo Financiero Inbursa, his bank, jumped by more than 20 per cent. Microsoft stock went up almost 6 per cent.
The businessman overtook Warren Buffett, the legendary investor, as the world’s second-richest man in April, according to Forbes magazine.
It is the second time that Mr Gates has been reported to have lost his crown. Three years ago Veckans Affärer, a Swedish magazine, said that Ingvar Kamprad, the Ikea founder, had become the world’s richest man.
Unlike Mr Gates, who stepped away from the day-to-day running of Microsoft in 2000, Mr Slim remains actively involved in his companies. His sons, Carlos Slim Domit, Marco Antonio Slim Domit and Patrick Slim Domit, run businesses within the group.
Telmex operates 90 per cent of the telephone lines in Mexico. Another Slim business, Telcel, supplies almost 80 per cent of the country’s mobile phones. Mr Slim acquired Telmex for $1.8 billion in 1990.
Mr Slim also owns Grupo Carso, an industrial company, with interests in shops and restaurants, most of which he bought during the economic crisis that hit Latin America in the 1980s.
The son of a Lebanese immigrant shopkeeper, Mr Slim was widowed in 1999. The name Carso comes from the first three letters of his name and the first two of his late wife, Soumaya Gemayel.
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Why are you all so bitter? would you say the same things and judge someone you DON'T even KNOW, if you had half his fortune? How come I don't see anyone complaining about Mr. Gates, or Mr. Trump, or King Fahd, or Ms Oprah Winfrey, or even Ms. Julia Roberts? What about the extreme fortunes spent by the government of the U.S.A to maintain wars in faraway countries?
One of the 5 richest men in the world is Indian and lives in India, also one of the poorest countries on earth, and is anyone thinking he should give away his fortune?
Contemplate on your own issues and the possibility that you may be judging and expressing yourselves like this as a result of your own pain and fears.
The also meditate on the right that we all have to be successful and becoming. And if you think you can be rich, then put your intent into action and become one too, but please, don't crucify anyone for being successful.
Rini Escobedo, Mexico city, Mexico
All the other rich people that DON'T get the headlines and have built their riches on the poor.
The US has more Billionaires and Millionaires than any other country and does anyone (especially) from the US look into their charitable donations. Take care of your own backyard before telling your neighbor how to take care of his.
Bill Gates has the largest Monopoly of software in the world. What's the differance between Bill Gates and Carlos Slim?
(American vs Mexican)
James Cammeron, Edmonton, Canada
People, try to be more objective. Carlos Slim is world's richest man at Mexico's expenses. Here half the population live with less than 5 US dollars a day and he is over 60 Billion?! Holding ruthless monopolies charging over prised services? He has most of mexican politicians in his pocket, and actually amassed his fortune in the 80s buying state run companies in exchange for future favors. It is a shame for my country to be under developed and have the richest man in the world at the same time. His money should be spent on infrastructure, education and health services.
Gabriel, Mexico City, Mexico
good job mr. slim about time a ""mexican steps up to the plate" .....lol.. to does hater"s out their try harder........
rob, houston, tx
DONT HATE!!! Because a Mexican is now the richest man on the planet. He is getting his paper and that's all that matters. I love the fact that a fellow Mexican has that much money and is still down to earth. Ha ha I love it!!!
Adriana, Colorado Springs, Colorado
Slim Helu has become the Worlds Richest Man because the Mexican government allows him to run monopolies.
Slim Helu may now be the wealthiest man on the planet because his companies enjoy unfair competitive advantages which are afforded to him and his sons by the political elites to whom they dole out sizable campaign contributions.
The companies that Slim Helu operates charge far above market rates for fixed line and mobile phones services while the introduction of any real competition is kept at bay by politicians who claim they are protecting Mexico's national interests.
It's a shame on Mexico and Slim Helu looks more like a Robber Baron than an astute business man.
Tony Herrera, Los Angeles, CA
do you ever show an honest amwer, well I sent one and wold like tp cpmgratir;ate Mr.Slim for he is a hard working simple man. i have sent my congraturlations and stil think that he could do betterm
Lilliam Alvarez Moor, san juan, puerto rico
I have one wish for all Mexicans and that is Mr. Carlos Slim will one day soon (before he dies) give away his wealth to the poor in Mexico. My prediction is that if the rich get filthy rich and the middle class and poor get poorer, you will witness a riot in Mexico. There are parallels in the past.
Another point, I wish to make is that for someone to hold a monopolistic position in any industry, he must have politicians in his books.
J Cheong, Los Angeles,
One of the reasons for emigration from Mexico to the US is the failure of Mexico to reform its economic system, where certain families control vast wealth fro generations, and the poor remain poor. The US is the only place for Mexican poor to escape the poverty.
The fact that one man controls 98% of the telephone wires and 80% of the wireless market, and then retail business, massive tracts of land is a symptom of this problem. The US immigration problem won't resolve itself until Mexico reforms this problem
David Himmelreich, Norwalk, CT, USA
is it really that important the he's MEXICAN?! or do you just find that a more degrading title? :>
Nemo, ciudad Juarez, Mexico
Did I hear right? Mexico is where you'll find one of the poorest people and here we have someone who have all this money. I hope he will be like Buffett who is charitable but somehow when someone gets this rich, it is rarely done in honesty. Without being ruthless, selfish, mean and even dishonest, one can rarely succeed in being this rich. Most of the time, it is at other people's expense and misery. Especially when it is a gambling business. It really is dirty money much like drug trafficking, arms dealing except that gambling is legal. Well, these people are slaves to their money instead of the other way round and they can never be at peace forever wondering who their real friends are or enemies for that matter. Thank God that He is fair and these people have 24 hours in a day, 7 days in a week and they pretty much dont live that long. Although money can buy you health insurance, it cant actually buy health. What is the point of gaining the world but losing your soul
Virginia, Brisbane, Australia