Thread: Gates loses richest ranking to Mexican tycoon

http://business.timesonline.co.uk/tol/b ... 023023.ece

A Mexican telecoms tycoon has toppled Bill Gates, the Microsoft co-founder, as the world’s richest man after amassing a $67.8 billion (£33.6 billion) fortune.

Sentido Común, a Mexican financial website, has calculated that Carlos Slim Helú, a 67-year-old turnaround specialist, is worth $8.6 billion more than Mr Gates.

The rocketing share price of América Móvil, one of Mr Slim’s telecoms companies, helped to push him into first place, according to Sentido Comun’s founder Eduardo Garcia.

Shares in América Móvil, Latin America’s biggest telecoms company, rose more than 26 per cent in the three months to June 30. Telmex, another of the tycoon’s telecoms companies, rose 11 per cent and Grupo Financiero Inbursa, his bank, jumped by more than 20 per cent. Microsoft stock went up almost 6 per cent.

The businessman overtook Warren Buffett, the legendary investor, as the world’s second-richest man in April, according to Forbes magazine.

It is the second time that Mr Gates has been reported to have lost his crown. Three years ago Veckans Affärer, a Swedish magazine, said that Ingvar Kamprad, the Ikea founder, had become the world’s richest man.

Unlike Mr Gates, who stepped away from the day-to-day running of Microsoft in 2000, Mr Slim remains actively involved in his companies. His sons, Carlos Slim Domit, Marco Antonio Slim Domit and Patrick Slim Domit, run businesses within the group.

Telmex operates 90 per cent of the telephone lines in Mexico. Another Slim business, Telcel, supplies almost 80 per cent of the country’s mobile phones. Mr Slim acquired Telmex for $1.8 billion in 1990.

Mr Slim also owns Grupo Carso, an industrial company, with interests in shops and restaurants, most of which he bought during the economic crisis that hit Latin America in the 1980s.

The son of a Lebanese immigrant shopkeeper, Mr Slim was widowed in 1999. The name Carso comes from the first three letters of his name and the first two of his late wife, Soumaya Gemayel.

This is how pathetic the situation is. Mexican tycoon is the world richest man, and Mexico is the nation that exports most of its people in the world!!!

What's wrong with this picture?!

At least Gates is philanthropic. How about this elite? What has he done to better the world or its peoples plight?

Wow, very telling. And 50% of their nation lives in poverty. Why don't the illegals take it to this guy and the oligarchs instead of getting in middle-class America's face?

Washington and corporate America see this in admiration........Soon America will have what Mexico has.

Fuedalism.

Originally Posted by fedupDeb

What's wrong with this picture?!

Ain't that the truth fedupdeb With that kind of money, he alone could totally turn Mexico around stop the insanity in the USA He sounds just down right greedy and probley agrees with the Mexican government, let all the bad ones out and give em enough money to cross over here and keep systematically killing us of one by one. What an a-hole {let alone take our jobs and ruin are economy,etc.ect]

At least Gates is philanthropic.

What would Bill Gates be worth if he had all the $$$$$$$$$$$$$$$$'s he's given to his foundation - to help others? Which apparently the "other guy" doesn't do!

Originally Posted by zeezil

At least Gates is philanthropic. How about this elite? What has he done to better the world or its peoples plight?

as far as I know slim supports the illegal aliens, but never published spanish in his COMP USA stores... odd.

Slim is also the son of an immigrant, normally looked down upon in Mexico. Philanthropy has nothing to do with it. The MEXICAN gov't needs to jump in with some anti-trust laws and break up this lil monopoly and institute some wealth redistribution programs.

Our $20 billions a year goes pretty much straight to slim.

Originally Posted by dragons5

Originally Posted by zeezil

At least Gates is philanthropic. How about this elite? What has he done to better the world or its peoples plight?

as far as I know slim supports the illegal aliens, but never published spanish in his COMP USA stores... odd.

Slim is also the son of an immigrant, normally looked down upon in Mexico. Philanthropy has nothing to do with it. The MEXICAN gov't needs to jump in with some anti-trust laws and break up this lil monopoly and institute some wealth redistribution programs.

Our $20 billions a year goes pretty much straight to slim.

That's what I was thinking.....This is pretty much the result of remittances -- reinvestment into Mexico by the illegals. The man dominates tele-communications in mex. You guys notice all of those international calling cards in liquor stores/gas stations? He makes money from the illegals phoning home.

If I'm not mistaken, this is the same acquisitive skinflint who admitted in an interview he chose not to invest in improving quality of life in Mexico, while simultaneously chastising US immigration policy. I'll have to see if I can find that article. It was truly contemptuous.

Originally Posted by zeezil

At least Gates is philanthropic. How about this elite? What has he done to better the world or its peoples plight?

Gates is nothing more than Transnational Poverty Pimp, like the rest of them example:Angelina Jolie, Oprah Winfrey exploit Poverty all over the world for media attention and to improve their self image for a buck, but do little or nothing to help poor americans, its absolutely sickening how the public falls for that crap.