Who is Mexico's wealthiest citizen?
Consider what would happen if a single entity owned the grocery store, the cell phone provider, and the largest national construction firm. Almost anything could be purchased without ever enriching your competitors. That is essentially the situation in Mexico, where Carlos Slim Helu, one of the wealthiest people on the planet, lives.
According to Forbes, he amassed an estimated fortune of $85.2 billion in 2022.
Early Years Slim Carlos
Carlos Slim was born on January 28, 1940, in Mexico City. His parents were Julián Slim Haddad and Linda Hel Atta, both Lebanese Maronites. Carlos' father, Khalil Salim Haddad Aglamaz, was moved to Mexico in 1902 to evade conscription into the Ottoman army. After landing in Mexico, Carlos' father changed his name to Julián Slim Haddad.
In the late 1800s and early 1900s, the family was part of a small but prosperous community of Lebanese Christians who came to Mexico.
Julian Slim was a natural in a commercial region, opening a dry goods store in 1911 and growing it to over $100,000 in items just ten years later. He leveraged the profits from his firm to buy prime real estate in Mexico City for a pittance during the Mexican Revolution of 1910-1917. Julián's net worth exceeds one million pesos, because of his sound real estate investments and long-term success as a retailer and wholesaler Carlos Slim became interested in economics while studying civil engineering and went on to take a series of economics courses in Chile after graduating in 1961. He quickly went into finance, working as a stock trader in Mexico City for long, tiring days.
His trade had paid him about $400,000 by the time he was 25, or more than $3 million in today's money. He used the money to launch Inversora Bursátil, his own brokerage firm.
One of his biggest possibilities came during the early 1980s peso crisis, which coincided with a dramatic decline in oil prices. Slim bought a number of businesses at discount prices when the country's capital fled. Cigatam (the second-largest cigarette maker in the country), Reynolds Aluminum, General Tire, and the Sanborns retail chain are just a few examples.
A Broad Scope
Slim is involved in hundreds of other enterprises, primarily through his global conglomerate Grupo Carso SAB. Grupo Carso holds or has owned stakes in a variety of enterprises, including Elementia, Mexico's largest cement manufacturer, retail behemoths Sears and Saks Fifth Avenue, energy and construction (through CICSA), and automotive (via Grupo Condumex). He is a shareholder in The New York Times.
Slim's riches stems mostly from the telecommunications business. Slim owns América Movil, formerly Teléfonos de Mexico, or Telmex. Telmex, analogous to AT&T Inc. in the United States, was the country's old telephone monopoly (T). In the 1990s, the government privatised the company, and Slim, through Grupo Carso, was one of the first investors (the consortium's other members were France Télécom and Southwestern Bell Corporation). 2 The purchase price was $1.8 billion, with Grupo Carso contributing half in exchange for a 20% interest. Carlos Slim was the CEO of Grupo Carso, which had taken over Telmex.
By 2012, Slim's mobile phone company, América Movil, had acquired Telmex and transformed it into a privately held subsidiary. América Movil owns 70 percent of the mobile phone market in Mexico and 80 percent of the landline market through its subsidiary Telcel.
In May 2014, Slim opened Inbursa Aquarium, Latin America's largest aquarium. Slim purchased the Duke Seaman house on Fifth Avenue in New York City for $44 million in 2010. The 20,000-square-foot estate has 12 bedrooms, 14 bathrooms, and a doctor's office underground. In May 2015, he listed the house for $80 million, about double what he had spent. In April 2015, Slim paid US$87 million for the Marquette Building in Detroit and the PepsiCo Americas Beverages headquarters in Somers, New York. Slim also owns a mansion in New York City, at 10 West 56th Street, which he bought for $15.5 million in 2011.
In March 2015, Slim began considering Spain as a potential investment destination, in the country's faltering economy, buying cheap real estate at rock-bottom prices
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richest person in mexico, carlos slim, mexico city
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