Mexican telecom mogul Carlos Slim’s fortune has handed the $100 billion mark for the primary time, a dozen years after he was topped the wealthiest particular person on the planet.
Whereas the 83-year-old magnate has made few main overhauls of his portfolio lately, he’s driving the “super peso,” which has seen the Mexican foreign money surge about 14% in opposition to the US greenback this 12 months.
Slim has added about $27 billion to his fortune in 2023 — together with $3 billion on Thursday — to extend his lead because the richest Latin American, in response to the Bloomberg Billionaires Index. Total, he’s slipped within the world rating to eleventh as know-how founders have largely taken excessive spots.
The majority of Slim’s $101.5 billion fortune comes from telecommunications firm America Movil SAB, which collects virtually 40% of its income in Mexican pesos and likewise has publicity to the euro from its operations in Austria. Shares of Slim’s Grupo Carso SAB, which does all the things from development to working eating places and outlets, have soared 109% this 12 months and are the very best performing in Mexico’s benchmark index.
Slim’s companies this 12 months made one in every of their greatest bets but on crude manufacturing in Mexico by shopping for in to the mega oil discipline undertaking Zama. His Spanish development agency FCC raised €965 million ($1.1 billion) promoting a 25% stake in a unit to Canadian pension operator CPPIB and is reported to be trying to purchase a majority stake in actual property agency Metrovacesa. In November, America Movil boosted its majority stake in Telekom Austria AG to 58%.
Arturo Elias Ayub, Slim’s spokesman and son-in-law, declined to remark.
Weekly Dinner
Even after transferring some stakes in his firms to his six youngsters, Slim stays energetic on a day-to-day foundation and retains the vast majority of decision-making duties, in response to folks aware of his schedule.
Slim nonetheless gathers his prolonged household for a weekly dinner at his Mexico Metropolis home. His sons, who have been positioned in key roles within the group of firms, hold a low profile and haven’t branched out to make their very own investments, the folks mentioned, asking to not be recognized discussing personal issues.
Now, the third era is rising within the ranks and have begun to take board and govt seats.
Granddaughter Vanessa Hajj Slim sits on the board of America Movil and Grupo Carso. Her brother Rodrigo heads Sanborns Hermanos and one other sibling Daniel sits on the board of Minera Frisco SAB together with cousin Diego Slim.
Slim, whose Lebanese dad and mom emigrated to Mexico in 1902, made a profession out of creating bullish bets on the nation at moments of deep crises. He was one of many greatest beneficiaries of a wide-ranging privatization drive within the late Eighties and Nineties, scooping up Telmex and rising it into the behemoth of America Movil, which operates in 22 nations and posted income of $42 billion final 12 months.
