Carlos lim Helú borSn 28 January 1940) is a Mexican business magnate, investor, and philanthropist. From 2010 to 2013, he was ranked as the richest person in the world by Forbes magazine. As of December 2024, the Bloomberg Billionaires Index listed him as the 18th-richest person globally, with a net worth of US$85 billion, making him the wealthiest person in Latin America.
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| Born | 28 January 1940 Mexico City, Mexico |
| Education | National Autonomous University of Mexico (BS) |
| Occupations | Business magnate, Investor, Philanthropist |
| Known for |
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| Spouse | Soumaya Domit (m. 1967; died 1999) |
| Children | 6 |
| Relatives | Alfredo Harp Helú (cousin) Arturo Elías Ayub (son-in-law) |
Slim's wealth is primarily derived from his conglomerate, Grupo Carso, which has extensive holdings across various sectors of the Mexican economy, including telecommunications, education, health care, industrial manufacturing, transportation, real estate, mass media, mining, energy, entertainment, technology, retail, sports, and financial services. His most significant assets are in telecommunications, where he controls América Móvil, Latin America's largest mobile telecommunications firm, along with the Mexican carrier Telcel and internet service provider Telmex, which was privatized after his acquisition and maintained a dominant market position for years.
As of 2016, Slim was the largest single shareholder of non-voting shares in The New York Times Company, though he sold half of his shares in 2017. His corporate holdings account for approximately 40% of the listings on the Mexican Stock Exchange, with his net worth representing about 6% of Mexico's gross domestic product.
Early Life and Education
Carlos Slim Helú was born in Mexico City on 28 January 1940 to Julián Slim Haddad (born Khalil Salim Haddad Aglamaz) and Linda Helú Atta, both Maronite Christians of Lebanese descent. Slim developed an interest in business at an early age, receiving financial education from his father, who taught him accounting, financial statement analysis, and the importance of accurate financial records.
At the age of 11, Slim made his first investment in a government savings bond, which introduced him to the concept of compound interest. By the age of 12, he purchased shares in a Mexican bank, and by 15, he was a shareholder in Mexico's largest bank. At 17, he worked for his father's company, earning 200 pesos per week.
Slim studied civil engineering at the National Autonomous University of Mexico (UNAM), where he also taught algebra and linear programming. Despite his engineering focus, he developed an interest in economics and took related courses in Chile after completing his degree. Slim credits his mathematical background and expertise in linear programming as key factors in his success as an investor and entrepreneur.
Business Career
Carlos Slim Helú began his business career in the early 1960s, focusing on investments and acquisitions across multiple industries. His strategic approach combined value investing, financial discipline, and a focus on undervalued assets with long-term growth potential.
Early Investments and Expansion (1960s–1980s)
After graduating from the National Autonomous University of Mexico (UNAM) with a degree in civil engineering, Slim began investing in businesses across various sectors. His initial investments included construction, real estate, and mining companies. By 1965, he had established his holding company, Grupo Carso, named after the combination of his name and his wife's (Carlos and Soumaya).
During the 1970s and 1980s, Slim continued expanding his portfolio by acquiring controlling interests in numerous businesses, including retail, manufacturing, and food industries. His investment strategy often involved purchasing distressed companies at a low cost, turning them around through improved management and cost controls, and then profiting from their recovery.
Telmex Acquisition and Telecommunications Dominance (1990s)
Slim's most significant business move came in 1990 when he led a consortium to acquire Telmex (Teléfonos de México), Mexico's state-owned telephone company, during its privatization. Slim's Grupo Carso, along with foreign partners including France Télécom and Southwestern Bell Corporation, secured a controlling stake in Telmex.
After the acquisition, Telmex became a near-monopoly in the Mexican telecommunications market. Slim expanded its services and infrastructure, transforming it into a modern, efficient telecom provider. Over the years, Telmex's success and profitability formed the foundation of Slim's telecommunications empire.
In 2000, Slim consolidated his telecom holdings under América Móvil, which grew to become the largest mobile network operator in Latin America, with operations in over 18 countries. Telmex and Telcel, both part of América Móvil, dominated Mexico's fixed-line and mobile markets for years.
Diversification and International Expansion (2000s–2010s)
Slim continued expanding his business empire beyond telecommunications. His conglomerate, Grupo Carso, includes significant holdings in industries such as:
- Retail: Ownership of department store chains like Sanborns.
- Financial Services: Investments in Inbursa, a leading financial group in Mexico.
- Mining and Energy: Investments in natural resources and infrastructure projects.
- Media: Acquired a significant stake in The New York Times Company in 2008, becoming its largest shareholder in 2016 before reducing his stake in 2017.
Slim also expanded his telecommunications empire globally through América Móvil, acquiring stakes in international carriers, including KPN (Netherlands) and Telekom Austria.
Wealth and Influence
From 2010 to 2013, Slim was ranked as the world's richest person by Forbes, largely due to his telecommunications dominance. His net worth peaked at over $70 billion, but market fluctuations and regulatory reforms in Mexico led to a decline in his ranking.
As of December 2024, Slim was ranked the 18th-richest person in the world, with a net worth of $85 billion. His wealth is estimated to account for around 6% of Mexico's GDP.
Philanthropy and Legacy
Carlos Slim is also known for his philanthropic efforts, particularly through the Carlos Slim Foundation, which focuses on education, health care, cultural preservation, and poverty alleviation in Latin America. His contributions to public infrastructure projects, including museums and cultural centers like the Museo Soumaya, reflect his commitment to national development.
Slim remains a key figure in the Mexican business landscape, with his influence spanning multiple sectors and a lasting legacy in the telecommunications industry.
Philanthropy
Carlos Slim has indeed engaged in significant philanthropic efforts, though his approach differs from that of Bill Gates and Warren Buffett. While he has not committed to giving away the majority of his wealth, he has still contributed substantially through the Carlos Slim Foundation, which received around $4 billion as of 2011. His philanthropic philosophy emphasizes active participation in solving societal challenges, rather than just donating wealth.
In 2019, Forbes recognized his philanthropic contributions by naming him among the world's most generous philanthropists outside the United States, highlighting his global impact.
Awards
Carlos Slim has received numerous awards and honors throughout his career, reflecting his entrepreneurial success, philanthropy, and contributions to culture and society. Some of his notable awards include:
- Entrepreneurial Merit Medal of Honor (1985) – Awarded by Mexico's Chamber of Commerce.
- Commander in the Belgian Order of Leopold II – Recognition for his contributions to business and society.
- Golden Plate Award (1994) – From the American Academy of Achievement.
- CEO of the Year (2003) – Awarded by Latin Trade magazine.
- CEO of the Decade (2004) – Also awarded by Latin Trade magazine.
- National Sports Prize of Mexico (2007) – Awarded to Fundación Telmex for sports promotion.
- The National Order of the Cedar (2008) – Awarded by the Lebanese government for his philanthropy.
- Sorolla Medal (2011) – From the Hispanic Society of America for contributions to arts and culture.
- Honorary Doctorate in Public Service (2012) – Awarded by George Washington University.
- Queen Sofía Spanish Institute Sophia Award for Excellence (2020) – Recognized for his achievements and contributions to the Hispanic community.
References
- Carlos Slim Helu & Family (no date) Forbes. Available at: https://www.forbes.com/profile/carlos-slim-helu/ (Accessed: 09 January 2025).
- Carlos Slim Helú (no date) Media Ownership Monitor. Available at: https://mexico.mom-gmr.org/en/owner/individual-owners/detail/owner//carlos-slim-helu-2/ (Accessed: 09 January 2025).
- Emspak, J. (no date) How Carlos Slim built his Fortune, Investopedia. Available at: https://www.investopedia.com/articles/investing/103114/how-carlos-slim-built-his-fortune.asp (Accessed: 09 January 2025).
