Mexican guy surpasses Gates in money

Zikiel

 I thought that this article was interesting. Sounds like Gates is gonna have to get out his assasain brigade..

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Mexican tycoon passes Bill Gates as planet's richest person

Wed Jul 4, 5:13 AM ET

 

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.

Briansho

GOOOOOAAAAAAAAALLLLLLLLLLLLLLLLLLLLLLLLLL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

defenestrate

Maybe he can dish out some of that money to help the millions of poor people there.

Zikiel

If he doesn't he'll look like a total douche in comparision, Gates has donated loads to charities and such.

Cabe2323

I really doubt Bill Gates cares.  He turned over the running of his company a while ago and has stated that he was going to get out of the business all together and concentrate on charity. 

Same thing with Warren Buffet.  The real reason that this guy surpassed both Buffet and Gates is because they have already retired and started giving thier money away.  Both Gates and Buffet have stated that they will give away their entire fortunes.

Rikimaru_X

Looks like the others beat me to the punch about Bill Gates giving away money. I don't think Gates cares anyway. I remember his donation during the war began he was dropped down before anyway. I don't see this "Mexican guy" even getting anywhere towards status or notice without throwing away a billion or too to help out organizations and other people.

pyrofreak

This guy has already stated that he doesn't believe the way to helping the world's poor is through the donation of money.

 

Read it in Forbes' article I think.

tunabun

Originally posted by pyrofreak


This guy has already stated that he doesn't believe the way to helping the world's poor is through the donation of money.
 
Read it in Forbes' article I think.

That's cause it's not.

 

Infrastructure is. 

Cabe2323

Hmm and how do you plan to build that infrastructure without donations from the wealthy?  

tunabun

Originally posted by Cabe2323


Hmm and how do you plan to build that infrastructure without donations from the wealthy?  

A "Donation" from the wealthy is RARELY ever used in the proper manner because those in charge of dispersing it more often than not have many obstacles in place to use it properly;  namely, the reigning government, hostile forces, , a terrible plan of action, and their own unqualified individuals within the organization itself.

This is why donations are really not the answer but rather a proactive building of infrastructure, such as the building of medical facilities, educational systems, clean water action groups etc, but through a self created organization.

If I had that kind of money I would never trust the present organizations to take care of it properly.

CharslesT

Mexico is one of the worst countries in the world.  With its oil wealth, it should be like the United Arab Emirates or Norway.  Instead, corruption and greed dominates. 

 

 

The foreign policy of Mexico is to take its poor and EXPORT them, as if they were like cheap labor, to the USA.  This way Mexico does not have the burden of feeding, educating, providing social services to them.

 

 

If you want to see how not to run a country, if you want to see wealth divide and greed and corruption:  MEXICO.

tunabun

 

 

Originally posted by CharslesT


Mexico is one of the worst countries in the world.  With its oil wealth, it should be like the United Arab Emirates or Norway.  Instead, corruption and greed dominates. 
 
 
The foreign policy of Mexico is to take its poor and EXPORT them, as if they were like cheap labor, to the USA.  This way Mexico does not have the burden of feeding, educating, providing social services to them.
 
 
If you want to see how not to run a country, if you want to see wealth divide and greed and corruption:  MEXICO.

ROFL, the history of North America has a great deal to do with who has and who has not.  Control can make a great deal of difference when it comes to the growth of a nation.  Especially if a great deal of that control is international.



Canada won both defences against the USA.

Mexico lost both defences against the USA.

The USA has a great deal of control in MANY countries of the world, this control works differently for different countries, and while no one could ever argue about the corruption in Mexico (although a moot point as all governments are almost wholey corrupt), the reasons for this corruption, why it is still ongoing, and why many Mexicans, over 50%, are still in great poverty, is FAR from the simplistic view of a corrupt monogovernmental operation, it is much, much, deeper than that.

Draenor

Originally posted by pyrofreak


This guy has already stated that he doesn't believe the way to helping the world's poor is through the donation of money.
 
Read it in Forbes' article I think.

So what does HE think is the best way of helping the poor?  I'm just curious, I don't think that anyone should feel obligated to give to charities...a heart that gives a penny cheerfully is better than on that gives a million dollars reluctantly.

JonnyHelfire

Mexico isn't one of the worst countries, look at its neighboring countries for example. And Brazil is worse than Mexico believe it or not. In terms of poverty that is.

Jimmy_Scythe

Interesting but pointless.

BTW, you folks need to read up on the North American Union. I wonder how much this guy will be worth in Ameros....