Second Richest Man in the World, Carlos Slim

Carlos Slim Overtakes Warren Buffett as Second Richest Man in the World

T. H. Pankey, Yahoo! Contributor Network
Apr 13, 2007 "Share your voice on Yahoo! websites. Start Here."

"Our concept is more to accomplish and solve things, rather than giving-that is not going around like Santa Claus," said Carlos Slim when referring to the differences between himself and Warren Buffett after being asked what it meant to him to now be the second richest man in the world. He went on to say that "poverty isn't solved with donations."

You may recall last year Warren Buffett had publicly pledged to give to the Bill & Melinda Gates Foundation $1.5 billion dollars a year. Mexican telecom magnate Carlos Slim Helu' makes it clear he is more for the hands-on approach as to how a businessman ought to conduct himself in the world. The telecom tycoon, according to Forbes has made most of his fortune in Mexico, where per capita income is $7310, according to World bank statistics for the country.

In it's country brief, World Bank goes on to describe Mexico as an advanced middle income country with strong ownership of its development strategy. Official responsiveness to poverty concerns have contributed to rising income levels, but poverty rates remain high. As well as income inequality. According to world bank estimates over 45% of Mexico's National population lives in moderate poverty. For extreme poverty the total was 18%.

Carlos Slim's primary holdings America Movil, a wireless operator, and Carso Global Telecom, which controls Telmex, which in turn is 90% of Mexico's land-line market, were both up substantially in shares value. His rise in fortune amassed has come quickly in the last year and a half, amassing $23 billion in that time alone. Many are criticizing him pointing out that he is making his fortune as a monopoly holder on the Mexican land-line telephone market, and doing so whilst income inequality is a serious national problem.

Forbes reports that since they locked in net worths for the annual world's billionaires rankings two months ago, Carlos Slim Helu' has overtaken value investor Warren Buffett for the second spot of richest man in the world, and is very close to over taking Bill Gates for the first spot on the list. Carlos Slim has added $4 billion to his net worth since the Forbes annual rankings came out. His net worth is now at $53.1 billion, while Warren Buffett's is at $52.4 billion, and Bill Gates' net worth is $56.0 billion. Bill Gates has been the world's richest man for 13 years in a row.

It's of interest to note that Carlos Slim infused his long-time neglected foundation last year with $1.8 billion dollars. And as for those "donations" he chastised his American counterparts, recently he's pledged $10 billion dollars to health and education programs over the next four years.

According to the Conservative Voice, all of Carlos Slim's enterprises combined only employ 250,000 Mexicans. Compared to Wal-mart de Mexico 's 1.7 million employed Mexicans, he has a long way to go in proclaiming he's "building businesses for society rather than going around like Santa Claus."

In 1990 Mexican President Carlos Salinas 'privatized' the public telephone monopoly Telmex by selling it to Carol Slim. Sounds like somebody received a pretty-nice gift from Santa Claus that year. His company still controls over 90% of the Mexican land-line market some 17 years later. His cell phone company controls over 75% of the Mexican market. And his cell phone company America Movil, is Latin America's biggest provider.

However Carlos slim has amassed his fortune doesn't negate the fact that he is now the world's second richest man, according to Forbes.

Published by T. H. Pankey - Featured Contributor in Movies

Lifetime lover of lemonade, iced tea, cafe au lait, and especially food had in New Orleans and New York, T. H. Pankey has worked in a number of restaurants--including one of the oldest and finest dining esta... View profile

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Second Richest Man in the World, Carlos Slim

Carlos Slim Overtakes Warren Buffett as Second Richest Man in the World

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