Page 1 of 2 12 LastLast
Results 1 to 9 of 10

Thread: Mexico?s Slim passes Buffett on richest list

Hybrid View

  1. #1

    Default Mexico?s Slim passes Buffett on richest list

    For seven years Warren Buffett, the so-called Oracle of Omaha, ranked just behind his good friend and bridge partner Bill Gates as the world's second-richest man. That era is over, at least temporarily.

    On March 29, Mexican telecom titan Carlos Slim Hel? quietly slipped past the value investor. As of market close Tuesday, Slim is worth $53.1 billion, compared with Buffett's $52.4 billion. He is also breathtakingly close to passing Gates, currently worth $56.0 billion. Gates, who co-founded Microsoft in 1975, has been the world?s richest man for a record 13 years.

    Slim added $4 billion to his fortune in the two months since we locked in net worths for our annual billionaires rankings. His second-largest holding, Carso Global Telecom, which controls ubiquitous fixed-line operator Telmex, has jumped 15 percent in that time.

    His biggest holding, wireless operator America Movil, is up 4 percent since it announced earlier this month that it was in talks to buy a third of Olimpia, the holding company that controls Telecom Italia. By contrast, Buffett's Berkshire Hathaway shares have slipped slightly.

    Slim's latest gains continue an amazing run for the 67-year-old tycoon. He has added $23 billion to his fortune over the last 14 months. The surge has been fueled largely by a strong Mexican economy and a stock market that jumped 49 percent in 2006.

    The Mexican magnate's rising fortune has caused a good deal of controversy because it has been amassed in a nation where per capita income is less than $6,800 a year and half the population lives in poverty.

    Critics claim he is a monopolist, pointing to Telmex?s control of 90 percent of the Mexican landline telephone market. Slim's wealth is the equivalent of roughly 7 percent of Mexico's annual economic output. If Gates had a similar proportion in the U.S., he'd be worth $874 billion.

    Slim says he is unfazed by the criticism. "When you live for others' opinions, you are dead. I don't want to live thinking about how I'll be remembered,? he said earlier this year. He also claims indifference about his ranking and says he has no interest in becoming the world's richest person.

  2. #2

    Default

    Hey, monopoly or not- thats impressive. They can talk all they want about how he lives in a country with high poverty, but would they be happier if he moved to the US to get away from it, he lives in, and gives back to the country he is from.

  3. #3
    Olympic Champ
    Join Date
    Mar 2007
    Location
    On the forums
    Posts
    8,345

    Default

    I thought they had only poor fruit pickers in Mexico??????

  4. #4

    Default

    Quote Originally Posted by Big View Post
    I thought they had only poor fruit pickers in Mexico??????
    Mexico and most of the countries to the south of it have no middle class: either you're very rich or you're very poor.

  5. #5

    Default

    I'm sure this fact breaks ol' Warren's heart too...wonder how he'll sleep tonight.

  6. #6

    Default

    The guy that owns Costco is Mexican too (rich as all get out)... could even be the same guy I guess, never really researched it.

  7. #7
    Olympic Champ
    Join Date
    Apr 2007
    Location
    It's a long way from East Colorado
    Posts
    3,740

    Default

    How could a Slim pass a Buffett, without stopping for a spell?

  8. #8
    Olympic Champ
    Join Date
    Mar 2007
    Location
    On the forums
    Posts
    8,345

    Default

    What can you do with $50 billion that you can't do with $10 billion?

  9. #9
    Olympic Champ ISU2008's Avatar
    Join Date
    Mar 2007
    Location
    Cedar Rapids
    Posts
    3,305

    Default

    Quote Originally Posted by Big View Post
    What can you do with $50 billion that you can't do with $10 billion?
    five times as much
    You do the math..... I'll do the alfredo!! HAHAHAHAHAHAHA!!

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •