Mexican mogul Carlos Slim overtakes Gates, Buffet to become Forbes' richest man in the world
By Chris Dolmetsch and Crayton Harrison
Bloomberg
Mexico’s Carlos Slim beat Bill Gates and Warren Buffett for the top spot on Forbes magazine’s annual list of billionaires, becoming the first person from outside the United States to lead the rankings in 16 years.
The net worth of Slim, 70, who built a telecommunications empire after buying Mexico’s state-run phone monopoly two decades ago, rose $18.5 billion to $53.5 billion.
Gates, 54, chairman of Microsoft Corp., fell to second as his net worth increased $13 billion to $53 billion. Buffett, 79, chairman of Berkshire Hathaway Inc., was third with $47 billion, a rise of $10 billion.
Slim is the first person other than Gates, last year’s richest person, or Buffett to top the list since 1994, which was also the last time a billionaire from outside the U.S. led the ranking: Japanese real estate tycoon Yoshiaki Tsutsumi.
“We’ve been watching Slim for a while and kind of wondered when the stars would align and he would take over,” Forbes senior editor Luisa Kroll said in an interview today.
More than 80 percent of Slim’s holdings are held in five public stocks, she said. “His net worth really reflects how well those stocks are doing. Everything that he owns has done very, very well this year.”
Slim’s holdings in Mexico extend from retail, with the Sanborns department store chain, through banking and construction. Through his holding companies and investment vehicles, he holds stakes in U.S. companies including the New York Times Co., Saks Inc. and Bronco Drilling Co.
“His management of America Movil, which I believe is the principal reason for his wealth, has been exceptional,” said Jose Miguel Garaicochea at Banco Santander. “And when he has gone outside of Mexico, he has also done very well.”
