Who is Carlos Slim and what is net worth of him? The Mexican business tycoon and philanthropist Carlos Slim is one of the wealthiest people in the world. He was ranked at the top in the list of the World’s Richest Person from 2010 to 2013. He ranked number six in the world’s top ten billionaires list in 2017. Slim is frequently compared to American billionaire Warren Buffett and called as Warren Buffett of Mexico. He was awarded the Entrepreneurial Merit Medal of Honor by Mexico’s Chamber of Commerce.
Carlos Slim was born on January 28, 1940, in Mexico City, Mexico, to Julian Slim Haddad and Linda Helú Atta. His parents were Lebanese immigrants and he is one of their six children. His father Julián Slim was a successful dry goods business owner. He lost his father at the age of 13 and continued to work in his father’s business until he was 17.
Slim was encouraged by his father to learn and understand finance, accounting, and management. At the age of 12, he surprised everyone by making his first share purchase in the Bank of Mexico. He became a shareholder in Bank of Mexico by the age of 15.
He got admission in the Autonomous National University of Mexico and started studying civil engineering where he began to teach mathematics and linear programming simultaneously. After majoring in civil engineering, he went to Chile for taking economics courses.
Slim had a marital relationship with Soumaya Domit in 1967 and together they had six children. His wife died in 1999 suffering from chronic renal cancer.
Carlos Slim Net Worth
Mexico’s richest man is worth an estimated $65 Billion. Slim is the chairman and CEO, Telmex and America Movil. He earned $4.5 billion more in 2017 than the year 2016. But according to the Forbes ‘Top Ten Billionaires Of 2017’ list, he moved down from four to six and for the first time in a decade, he has been out of the top five. He was in his career best with $73.0 billion in 2013.
Slim does not believe in owning too many fancy cars and luxurious houses around the globe. He owns a modest house in Lomas de Chapultepec, Mexico City. He is also the owner of the prestigious Duke Seamans Mansion located in Manhattan, New York. The 77-year-old businessman is said to own a Bentley Continental Flying Spur and a Mercedes 4×4.
Career: After graduation, Carlos Slim started his independent business career as a share trader in Mexico and soon after he established his own stock brokerage Inversora Bursstil. With this business, his capital had grown big and allowed him to start the company named Grupo Carso and he bought the soft drink brand Jarritos.
Although he started his career as a stockbroker, but his main focus was on real estate, construction, and mining business. He began to acquire businesses in those fields and also started to invest in numerous other companies. He expanded his business territory which includes auto parts, manufacturing of cables and wires, aluminium, copper and mineral extraction, cement, chemicals, tobacco, beverage, paper and packaging, tires, retail, hotels, airlines etc. He launched financial services named Grupo Financiero Inbursa which sells mutual funds, insurance, pension plans and invests the savings.
To consolidate all his holdings together under a parent company Slim formed Grupo Galas. He became the major shareholder in Mexico’s second largest cigarette producing company Cigarros la Tabacalera Mexicana.
In 1982 the oil-based Mexican economy faced a serious crisis and value of the Mexican Peso dropped. During those struggling periods, the government defaulted on its debts foreign investors started to withdraw their investments. At that moment Carlos Slim started investing in the Mexican branches of international companies and acquired many companies at depressed valuations. During this period he bought General Tire, Reynolds Aluminum, the Sanborn’s chain of stores and cafeterias and 50% share of ‘The Hershey Company’. As the economy recuperated, Slim made a capital gain. He purchased two financial companies and merged them with his previous financial company and formed ‘Seguros Inbursa’.
Slim’s Grupo Carso was floated as a public company worldwide in 1990 and he bought the landline telephone company ‘Telmex’ from the Mexican government. He started to sell handsets with prepaid phone cards instead of traditional landline service and this strategy made a grand success. He formed the mobile telephone company América Movil in the year 2000 and it took over the Telmex. Soon América Móvil became the largest wireless service provider in Latin America as well as the fourth largest mobile network operator in the world.
He invested US companies such as CompUSA, Office Depot, Barnes & Noble, OfficeMax, and Circuit City.
In 2005 he became a shareholder in a Mexican airline, Volaris and formed a Mexican construction and civil engineering company named IDEAL. In 2008 he invested $27 million in the New York Times and later became the largest shareholder of this company. He has expanded his business into the Central and Eastern European markets by acquiring company ‘Telekom Austria’. Slim is a partial owner of a Mexican soccer team León.
Slim has founded the Carlos Slim Foundation and the Telmex Foundation to look after the environment, education, arts, and health care in Latin America. He is associated with the Bill & Melinda Gates Foundation to support their anti-poverty projects. He sets up a bioscience laboratory to develop new seed varieties which will improve crop yields for poor farmers. He has opened a museum in Mexico City to preserve his country’s art and culture.
Slim was Honored by the Lebanon’s highest civilian award, ‘The National Order of the Cedar’ for his philanthropic efforts.
- After winning of Donald Trump as the US president Carlos Slim lost 10.5% of his wealth as his major shareholdings fell in value.
- Recently Slim called a press conference amid growing tensions between Mexico and US.
Carlos Slim, one of the world’s richest and most private businessmen who has made his entire empire by his own credibility. Despite being a multi-billionaire, he spends his daily life in a simple way and lived in a modest house and doesn’t believe in conspicuous consumption or to enjoy a lavish lifestyle. His entire life as well as down to the earth image is a good lesson for everyone.