Carlos Slim’s net worth is $57.6 billion.
Carlos Slim (full name Carlos Slim Helú) is a Mexican business magnate and investor. He is the chairman and CEO of telecommunications company America Movil. That you may have known. However, you may be surprised to learn at what age he started investing.
Here are five interesting facts about Carlos Slim.
1. Carlos Slim’s Net Worth Is $57.6 Billion
Carlos Slim has a net worth of $57.6 billion, which makes him the fourth-richest person in the world and the richest person in Mexico at the age of 76. (Source: “The World’s Billionaires,” Forbes, last accessed March 8, 2016; http://www.forbes.com/profile/carlos-slim-helu/?list=billionaires.)
He was the second-richest person in the world in 2015, but shares of his pan-Latin American mobile phone operator, America Movil, were hammered in 2015 due to new telecom regulations, a weaker Mexican peso, and a sluggish economy in Brazil.
2. Carlos Slim Is Called the Warren Buffett of Mexico
Carlos Slim is sometimes called the “Warren Buffett of Mexico,” since he derived most of his fortune from his investments in a substantial number of Mexican companies through his holding company, Grupo Carso. In fact, he owns so many companies, that they account for about 40% of the listing on the Mexican Stock Exchange. (Source: “Uncle Slim: The World’s Richest Man;” https://d3n8a8pro7vhmx.cloudfront.net/polarisinstitute/pages/31/attachments/original/1411065473/CARLOS_SLIM_THE_WORLD%E2%80%99S_RICHEST_MAN.pdf?1411065473, last accessed March 8, 2016.)
His company has a hand in diverse businesses, such as Elemenita, one of the largest cement companies in Mexico, Sears Holdings Corp (NASDAQ:SHLD), and Saks Inc (NYSE:SKS). He even has a 17% stake in New York Times Co.
3. Carlos Slim Started Investing at 11
Slim’s first investment was at the age of 11, when he invested in a government savings bond. The investment taught him about the concept of compound interest and he started keeping a personal ledger of every financial and business transaction he made. (Source: “Mexico’s Richest Man,” Forbes, March 16, 2007.)
At 15, Slim bought stock in Mexico’s largest bank at the time and after earning a degree in engineering, Slim had made millions as a stockbroker from his private investments by his mid-20s. (Source: “Carlos Slim’s Worldwide Portfolio,” Ozy.com, August 6, 2015; http://www.ozy.com/provocateurs/carlos-slims-worldwide-portfolio/62341.)
4. His Wealth Comes from Telecommunications
Most of Slim’s wealth comes from his telecommunications companies. Through Grupo Carso as well as his personal shareholding, Slim is the owner of America Movil, formerly Telmex.
In the 1990s, the Mexican government privatized Telmex and Slim became one of its first investors. Slim paid $1.8 billion for a 20% stake in the company. (Source: “How Carlos Slim Built His Fortune,” Investopedia, October 31, 2014; http://www.investopedia.com/articles/investing/103114/how-carlos-slim-built-his-fortune.asp.)
By 2006, 90% of the phone lines in Mexico were operated by Telmex and by 2012, Slim’s mobile telephone company, America Movil, which he held through Grupo Carso, took over Telmex.
5. Carlos Slim Said Money Was Never His Goal
Slim has publicly stated that he’s not driven by money. He says he likes to buy undervalued companies and build them into successful companies. He also said he has a love for numbers.
“When you have a vocation for numbers you have many activities, and you will develop yourself professionally, and that’s why I studied engineering. I like investments, creation of investments and economic activities that come with investments,” Slim said. (Source: “What Motivates World’s Richest Man, Carlos Slim? ‘Not Money’,” CNBC, April 30, 2016.)
Carlos Slim’s Net Worth by Year
Data source: Forbes