Carlos Slim facts for kids
Quick facts for kids
Carlos Slim Helú
|
|
|---|---|
_(cropped).jpg)
Slim in 2018
|
|
| Born | 28 January 1940 Mexico City, Mexico
|
| Education | National Autonomous University of Mexico (BS) |
| Occupation | Business magnate, Investor, Philanthropist |
| Known for |
|
| Spouse(s) |
Soumaya Domit
(m. 1967; died 1999) |
| Children | 6, including Carlos |
| Relatives | Alfredo Harp Helú (cousin) Arturo Elías Ayub (son-in-law) |
Carlos Slim Helú (born 28 January 1940) is a very successful businessman, investor, and generous giver from Mexico. From 2010 to 2013, he was named the richest person in the world by Forbes magazine. He built his huge fortune from owning many companies in Mexico through his main business group, Grupo Carso. As of late 2024, he is still one of the richest people globally, and the wealthiest in Latin America.
Slim's companies are involved in many different areas of the Mexican economy. These include education, health care, making things, transportation, real estate, news, mining, energy, fun activities, technology, stores, sports, and money services. A big part of his wealth comes from phones and internet. He owns América Móvil, which works all over Latin America. He also owns Telcel, a mobile phone company, and Telmex, an internet provider in Mexico. Telmex used to be owned by the government before Slim bought it. His companies make up a large part of the Mexican Stock Exchange.
Contents
Carlos Slim's Early Life
Carlos Slim was born in Mexico City on January 28, 1940. His parents, Julián Slim Haddad and Linda Helú Atta, came from Lebanon. From a young age, Carlos wanted to be a businessman. His father taught him important lessons about money and managing a business. He learned how to understand financial reports and why it's important to keep good records.
When he was 11, Slim invested in a government savings bond. This taught him about how money can grow over time, called compound interest. He kept records of every financial deal he made, and he still does this today. At 12, he bought his first shares in a Mexican bank. By 15, he owned shares in Mexico's biggest bank. At 17, he earned money working for his father's company. He later studied civil engineering at the National Autonomous University of Mexico. He also taught algebra there.
Even though he studied engineering, Slim was also very interested in economics. He took economics classes in Chile after finishing his engineering degree. Slim says his math skills and knowledge of linear programming helped him a lot in the business world. These skills were useful for looking at company finances and deciding where to invest.
Carlos Slim's Business Journey
Starting Out in the 1960s
After finishing university in 1961, Slim started his career as a stock trader in Mexico. He worked very long hours to make a name for himself. By 1965, his business and investments had earned him $400,000. This allowed him to start a stock brokerage company called Inversora Bursátil. He also began building the foundation for his large business group, Grupo Carso. In 1966, he was worth $40 million and started Inmuebles Carso, a real estate company.
Growing His Empire in the 1970s
Slim first focused on companies in construction, soft drinks, printing, real estate, bottling, and mining. He then expanded into many other areas in Mexico. These included auto parts, aluminum, airlines, chemicals, tobacco, cables, paper, copper, tires, cement, retail stores, hotels, and financial services. By 1972, he had started or bought seven more businesses. In 1980, he brought all his businesses together under one main company called Grupo Galas. This group included manufacturing, construction, mining, retail, food, and tobacco companies.
Smart Investments in the 1980s
In 1982, the Mexican economy faced big problems. Many banks were struggling, and foreign investors were pulling out their money. Slim saw this as a chance to invest. He started buying shares in many important Mexican businesses at very low prices. His strategy was simple: buy a business, keep it for the money it makes, or sell it later for a bigger profit. This way, he earned money and could reinvest it in new businesses. Grupo Carso's many different companies in various industries also helped it survive economic ups and downs.
During this tough economic time, Slim bought many Mexican companies for very little money. He acquired all or a large part of businesses like Empresas Frisco (mining and chemicals), Industrias Nacobre (copper), Reynolds Aluminio (aluminum), Compañía Hulera Euzkadi (Mexico's largest tire maker), and Bimex hotels. He also became the main owner of Sanborns, a famous Mexican food and gift store chain. In 1984, he bought a Mexican insurance company, Seguros de México, for $13 million. This company later became Seguros Inbursa, and its value grew to $1.5 billion by 2007. Slim also bought large shares in the Mexican parts of British American Tobacco and The Hershey Company. He also acquired parts of Denny's restaurants and Firestone Tires. Many of these purchases were paid for with money from Cigatam, a tobacco company he bought earlier.
In 1988, Slim bought Nacobre, a copper manufacturer, and Química Fluor, a chemical company.
Expanding with Telecom in the 1990s
Slim made a lot of money in the early 1990s when the Mexican government started selling off its telecom companies. Slim and Grupo Carso saw a great opportunity and bought Telmex, a landline phone company, from the Mexican government. In 1990, Grupo Carso became a public company, meaning its shares could be bought and sold by anyone. That same year, Grupo Carso also bought most of Porcelanite, a Mexican tile maker.
To achieve his goals, Slim worked with French and American telecom companies to buy Telmex in 1990. Slim was an early supporter of Telmex, and the money it made became the main source of his wealth. By 2006, Telmex controlled 90 percent of Mexico's phone lines. His wireless company, Telcel, handled almost 80 percent of the country's cell phones.
In 1991, he bought Hoteles Calinda (now OSTAR Grupo Hotelero). In 1993, he increased his ownership in General Tire and Grupo Aluminio, gaining control of these companies.
In 1996, Slim divided Grupo Carso into three separate companies: Carso Global Telecom, Grupo Carso, and Invercorporación. The next year, he bought the Mexican part of Sears Roebuck.
By 1999, Slim started looking for business opportunities outside Latin America. While most of his businesses were still in Mexico, he began to explore the United States for investments.
Into the New Millennium: 2000s
Slim made news in the US in 2003 when he started buying large shares in major American stores. These included Barnes & Noble, OfficeMax, Office Depot, Circuit City, Borders, and CompUSA. One reason for his expansion was a joke in Mexico that "there was nothing left to acquire in Mexico." He also set up a Telmex USA branch and bought a share in Tracfone, an American mobile phone company. At the same time, Slim created Carso Infraestructura y Construcción, S. A. (CICSA), a construction and engineering firm within Grupo Carso. In 2003, Slim had heart surgery and passed on much of the daily running of his companies to his children.
América Telecom, the main company for América Móvil, was started in 2000. Telmex also spun off its international mobile phone division, listing América Móvil SA on the New York Stock Exchange for $15 billion. Telmex invested in various international mobile phone companies outside Mexico, including in Brazil, Argentina, Guatemala, and Ecuador. In later years, the company invested more across Latin America, in countries like Colombia, Nicaragua, Peru, Chile, Honduras, and El Salvador. They also had a joint project with Microsoft called Tlmsn, a Spanish-language website.
In 2005, Slim invested in Volaris, a Mexican airline. He also started Impulsora del Desarrollo y el Empleo en América Latina SAB de CV (IDEAL), a Mexican construction company that focuses on building infrastructure.
In 2007, Slim sold a large part of his shares in the Cigatam tobacco company to Philip Morris International for $1.1 billion. That same year, he sold all his shares in Porcelanite, a Mexican tile maker, for $800 million. He also opened the Mexican branch of Saks Fifth Avenue in Santa Fe, Mexico. By 2007, all of Slim's companies were estimated to be worth $150 billion. In December 2007, Grupo Carso announced that the remaining 103 CompUSA stores would close or be sold. After 28 years, Slim became the Honorary Lifetime Chairman of the business.
In 2008, Slim bought a 6.4% share, worth $27 million, in the New York Times Company, a major American newspaper publisher. He increased his share to 8% by 2012. His stake grew even more to 16.8% in 2015, making him the largest shareholder of the company's Class A shares.
Recent Ventures: 2010s and 2020s
In 2012, Slim sold the broadcast rights for Leon soccer games to Telemundo in the US, Fox Sports in Mexico and Latin America, and the website mediotiempo.com. The games are also shown online through UNO TV, offered by Telmex. Slim has been involved in broadcasting sports to larger markets. In March 2012, América Móvil bought the broadcast rights for the 2014 Winter Olympics and the 2016 Summer Olympics for Latin America.
In March 2012, Slim and American TV host Larry King started Ora TV. This is an online digital TV network that creates shows like Larry King Now.
In September 2012, Slim's company América Móvil bought 30% shares in Pachuca and León, two Mexican soccer teams. In December 2012, he bought all the shares of the second division team Estudiantes Tecos. Slim also made deals for the TV rights to Leon soccer games.
In July 2013, Slim's company América Móvil invested $40 million in Shazam, a British app that identifies music. América Móvil partnered with Shazam to help it grow in advertising and TV, and to expand in Latin America.
In November 2013, Slim invested $60 million in Mobli, an Israeli startup that connects people based on their interests.
In April 2014, Slim took control of Telekom Austria, Austria's largest telecommunications company. This was his first successful business purchase in Europe. América Móvil plans to invest a lot of money into the company, seeing it as a way to expand into central and eastern Europe.
In January 2015, Grupo Carso launched Claro Musica, an online music service for Latin America, similar to iTunes and Spotify. Slim and his son have increased their presence in Mexico's music industry. Sanborn's, a Mexican department store chain owned by Slim, owns most of Mixup, Mexico's most successful music store chain.
In March 2015, Slim started buying shares in Spanish companies that were having problems. His investment company, Inmobiliaria Carso, announced it would buy a share in the Spanish bank, Bankia. He also bought shares in Realia, a Spanish real estate company.
On April 15, 2015, Slim formed the oil company Carso Oil & Gas. He was positive about the company's future and Mexico's growing energy sector.
On June 12, 2024, Slim bought a 3% share in the British telecommunications company BT.
Family and Personal Life
Carlos Slim's father, Julián Slim Haddad, was born in Lebanon in 1888. In 1902, at age 14, he moved to Mexico alone. He later changed his name to Julián Slim Haddad. It was common for Lebanese children to be sent abroad to avoid being forced into the Ottoman Army. Four of Julián's older brothers were already living in Mexico when he arrived.
In 1911, Julián opened a dry goods store called La Estrella de Oriente (The Star of the Orient). By 1921, he started investing in real estate in Mexico City. He bought properties at very low prices during the Mexican Revolution. By 1922, Julián was very wealthy, with his money spread across real estate, businesses, and stocks.
In August 1926, Julián Slim married Linda Helú Atta. Linda was also of Lebanese background and was born in Mexico. Her parents had moved to Mexico from Lebanon in the late 1800s. They started one of the first Arabic-language magazines for the Lebanese-Mexican community. Julián and Linda had six children: Nour, Alma, Julián, José, Carlos, and Linda. Julián senior died in 1953, when Carlos was 13.
Julián's successful businesses and investments made his family very wealthy. He was known for his smart business sense and his ability to make good investments even when the economy was bad. Julián was also known for his strong work ethic and traditional Lebanese values.
Carlos's oldest brother, Julián, died in February 2011 at age 74. He was also a businessman.
Carlos Slim's Personal Life
Carlos Slim was married to Soumaya Domit from 1967 until she passed away in 1999. She was involved in many charity projects. Slim has six children: Carlos, Marco Antonio, Patrick, Soumaya, Vanessa, and Johanna. His three older sons hold important positions in his companies and help run his business empire. Slim had heart surgery in 1999. In high school, his favorite subjects were history, how the universe works, and math. Slim and his wife had a very happy marriage, and he has said he does not plan to remarry.
In his office, Slim does not use a computer. He keeps all his financial information in handwritten notebooks. Because his business empire is so vast, he sometimes jokes that he can't keep track of all the companies he manages. Slim is a Maronite Catholic and supports the Legion of Christ, a Roman Catholic religious group.
Carlos Slim's Wealth
How His Fortune Grew
On March 29, 2007, Slim became the world's second-richest person, passing American investor Warren Buffett. On August 4, 2007, The Wall Street Journal suggested he might be wealthier than Bill Gates. On August 8, 2007, Fortune magazine reported that Slim had indeed overtaken Gates as the world's richest person. His estimated fortune reached $59 billion.
On March 10, 2010, Forbes confirmed that Slim was the world's richest person, with $53.5 billion. He was the first Mexican to top the list. It was also the first time in 16 years that the richest person was not from the United States. Between 2008 and 2010, Slim more than doubled his wealth.
In March 2011, Forbes stated that Slim remained the wealthiest person, with an estimated fortune of $74 billion. In December 2012, he was still the world's richest person with $75.5 billion. On March 5, 2013, Forbes again listed him as number one with $73 billion. However, by May 2013, Bloomberg L.P. ranked him second after Bill Gates.
On July 15, 2014, Forbes announced that Slim had reclaimed the top spot with $79.6 billion. In September 2014, he was listed as number one with $81.6 billion. By 2019, his net worth was at least $58.1 billion, making him the richest man in Mexico. In 2021, Forbes estimated his net worth at $73.3 billion.
Real Estate Investments
Slim is an active real estate investor. His real estate company, Inmobiliaria Carso, has bought and managed many homes and business properties across Mexico since the 1960s. His company built Plaza Carso in Mexico City, where many of his businesses have their main offices. Since the early 2000s, Slim has also made private real estate investments outside Mexico, especially in Spain and the United States.
In May 2014, Slim opened Inbursa Aquarium, the largest aquarium in Latin America. Slim owns the Duke Seamans mansion, a large house in New York City, which he bought for $44 million in 2010. In April 2015, Slim bought the Marquette Building in Detroit. He also purchased PepsiCo Americas Beverages headquarters in Somers, New York, for $87 million. Slim owns another mansion in New York City, which he bought in 2011 for $15.5 million.
In March 2015, Slim started looking at Spain for investments. He bought properties in Spain's real estate sector when prices were low.
Public Reactions to His Wealth
Slim's huge wealth has caused some discussion because he built it in a developing country. In Mexico, the average income is much lower, and many people live in poverty. Critics say Slim has too much control over certain industries. For example, Telmex controls 90% of the landline phone market in Mexico. Slim's wealth is equal to about 5% of Mexico's total economic output each year. Telmex, which Slim and his family own a large part of, charges some of the highest usage fees in the world.
Some economists say that Slim's control over many companies in Mexico makes it hard for smaller businesses to grow. This can lead to fewer good jobs, causing many Mexicans to seek work in other countries.
In 2013, the Dutch Minister of Economic Affairs criticized Slim for trying to expand his telecom empire into Europe by buying KPN, a Dutch phone company. The minister worried about national security if a foreign company bought KPN. Slim later pulled his offer.
Slim has responded to criticism by saying, "When you live for others' opinions, you are dead." He claims he doesn't care about his position on the Forbes list. He has said he is not interested in being the world's richest person. When asked about his wealth increasing, he said, "The stock market goes up... and down," noting that his fortune could quickly drop.
In 2016, then-presidential candidate Donald Trump accused Slim of influencing articles critical of him in The New York Times. The Times said that Slim had never interfered with their editorial decisions. Later, Trump and Slim met in person, and Slim spoke positively about the meeting.
Helping Others: Philanthropy
Slim has expressed some doubt about "The Giving Pledge," where billionaires like Bill Gates and Warren Buffett promise to give away at least half their fortunes. However, his spokesman said that Slim has given about $4 billion to his Carlos Slim foundation by 2011. While Slim hasn't pledged more than half his fortune, he strongly supports helping others. He advises business people to do more than just give money; they "should participate in solving problems."
In 2019, Forbes included Slim on its list of the world's most generous philanthropists outside the US.
Fundación Carlos Slim
Started in 1986, Fundación Carlos Slim supports the Museo Soumaya in Mexico City. The museum is named after Slim's late wife, Soumaya Domit, and opened in 2011. It holds 66,000 art pieces, including religious items. It has the world's second-largest collection of Rodin sculptures, including The Kiss. It also has the largest Salvador Dalí collection in Latin America, and works by Leonardo da Vinci, Pablo Picasso, and Pierre-Auguste Renoir. The opening in 2011 was attended by the President of Mexico, Nobel Prize winners, writers, and other famous people.
Slim has said he donated $4 billion of company profits to Fundación Carlos Slim ($2 billion in 2006 and another $2 billion in 2010). In May 2011, Forbes ranked him fifth among the world's biggest givers. His foundation's projects in education and health care include $100 million to perform 50,000 eye surgeries in Peru.
Fundación Telmex
In 1995, Slim started Fundación Telmex, a broad charity foundation. In 2007, he announced it had $4 billion to create Carso Institutes for Health, Sports and Education. It also works with an initiative by Bill Clinton to help people in Latin America. The foundation organizes Copa Telmex, an amateur sports tournament. In 2007 and 2008, it was recognized by Guinness World Records for having the most participants of any such tournament in the world. Together with Fundación Carlos Slim Helú, Telmex announced in 2008 that it would invest over $250 million in Mexican sports programs, from local teams to Olympic training. Telmex sponsored the Sauber F1 team for the 2011 season.
Fundación del Centro Histórico de la Ciudad de México A.C.
Since 2001, Slim has been the Chairman of the Council for the Restoration of the Historic Downtown of Mexico City.
In 2011, he, along with the President of Mexico, the Mexico City mayor, and the Mexico City archbishop, opened the first part of Plaza Mariana near Basilica de Guadalupe. Slim funded the construction of this complex, which includes a religious center, museum, health center, and market.
Awards and Recognition
- Entrepreneurial Merit Medal of Honor in 1985 from Mexico's Chamber of Commerce.
- Commander in the Belgian Order of Leopold II.
- Golden Plate Award from the American Academy of Achievement in 1994.
- CEO of the year in 2003 by Latin Trade magazine.
- CEO of the decade in 2004 by Latin Trade magazine.
- Fundacion Telmex received the National Sports Prize of Mexico in 2007 for promoting sports.
- In 2008, his charity work was recognized with The National Order of the Cedar by the Lebanese government.
- In 2011, the Hispanic Society of America gave Fundacion Carlos Slim the Sorolla Medal for its contributions to arts and culture.
- On May 20, 2012, Slim received an honorary doctorate in public service from George Washington University.
- On March 21, 2020, he received the Queen Sofía Spanish Institute Sophia Award for Excellence.
See also
- List of Maronites
