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[chron.com]Report: Mexican magnate richer than Bill Gates

Discussion in 'BBS Hangout' started by wreck, Jul 3, 2007.

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  1. wreck

    wreck Member

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    http://chron.com/disp/story.mpl/front/4941164.html

    MEXICO CITY — Mexican business magnate Carlos Slim has overtaken Microsoft founder Bill Gates as the world's richest man, a Mexican financial journalist who has been tracking the mogul's wealth said today.

    Slim, who controls Mexico's largest fixed-line telephone company and owns other businesses involved in everything from construction and music to restaurants and cigarettes, was worth $67.8 billion (euro50 billion) at the end of the second quarter — nearly 8 percent of Mexico's Gross Domestic Product, said Eduardo Garcia, founder and director of sentidocomun.com, a Mexico-based financial news Web site.

    Forbes magazine reported on its Web site in April that Slim had moved past U.S. investor Warren Buffett to become the world's second-richest man, with a fortune estimated at just over $53 billion (euro39 billion).

    In its 2007 World Billionaire's List released in March, Forbes put Slim in third place behind Buffett and calculated Gates' wealth at $56 billion (euro41 billion). At that point, Garcia estimated that Slim already had overtaken Buffett, by about $1 billion (euro740 million) as of the end of this year's first quarter.

    Garcia attributes the second-quarter growth in Slim's wealth to a 26.5 percent increase in stock share prices at America Movil SA, the largest wireless service provider in Latin America. Slim controls the company.

    Garcia also calculates that due to a 5.7 percent increase in Microsoft shares in the second quarter, Gates now has a fortune close to $59 billion (euro43 billion), $8.8 billion (euro6.5 billion) less than Slim.

    His latest calculations first appeared on the Sentido Comun Web site on Monday. Garcia, a former correspondent for Bloomberg financial news service, said he's been tracking Slim for about a year and a half.

    "At some point I was looking at his holdings in the stock market and my numbers were much larger than what Forbes' were," he said.

    In a statement issued today, Forbes did not comment on Garcia's calculations, but merely repeated its estimation of Gates' and Slim's wealth according to its most recent reports. The next valuation of Forbes will appear in the Forbes 400 list of the richest Americans in September, while a valuation of Slim's worth will be published in another World Billionaires list next March, the company said.

    Slim spokesman Arturo Elias Ayub told The Associated Press that Slim does not pay much attention to such lists.

    "As he (Slim) has said many times himself, he is not in any competition," Ayub said. "He is dedicated to working in philanthropy and creating jobs in Latin America ... and the truth is he is not in a race to see who wins first or 10th or 15th place."


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    Well considering that Bill Gates was regulated by the U.S. in an attempt to not allowhis company to become too powerful (if i remember correctly), its not all that impressive, but even so.
     
    #1 wreck, Jul 3, 2007
  2. Mr. Brightside

    Mr. Brightside Member

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    Bill Gates had a good run at being #1. Bill Gates is the Roger Federer of billionaires.
     
    #2 Mr. Brightside, Jul 3, 2007
  3. KingCheetah

    KingCheetah Atomic Playboy
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    Hispanic?
     
    #3 KingCheetah, Jul 3, 2007
  4. BrieflySpeaking

    BrieflySpeaking Member

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    viva mexico! :cool:
     
    #4 BrieflySpeaking, Jul 3, 2007
  5. rockbox

    rockbox Around before clutchcity.com

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    I think he is actually Lebanese born in Mexico.
     
    #5 rockbox, Jul 3, 2007
  6. moestavern19

    moestavern19 Member

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    One man controls 8 percent of the entire country's GDP? :eek: :eek: :eek:

    and they say America is run by the top 1%
     
    #6 moestavern19, Jul 3, 2007
  7. Yaozer

    Yaozer Member

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    Damn why is he still working?? That's just too much money to spend in a lifetime.. unless you want to buy Dubai or something.
     
    #7 Yaozer, Jul 3, 2007
  8. Rocket River

    Rocket River Member

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    Could really do alot for the mexican economy? Maybe create even more jobs
    Help us out with that immigration thing

    Rocket River
    someone had to say it
     
    #8 Rocket River, Jul 3, 2007
  9. dntrwl

    dntrwl Member

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    if i had that much money i would buy the nba. all of it. except the jazz. cause they SUCK.
    ROCKETS
    ROCKETS
    ROCKETS
     
    #9 dntrwl, Jul 3, 2007
  10. Dr of Dunk

    Dr of Dunk Clutch Crew

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    Mo Naw Po Lee.
     
    #10 Dr of Dunk, Jul 3, 2007
  11. ubigred

    ubigred Member

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    With that much I would really try to help the world. It gets to a point when too much money is acquired.
     
    #11 ubigred, Jul 4, 2007
  12. Rule0001

    Rule0001 Contributing Member

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    Carlos Slim is Bill Gates pre-kids. Gates was a freaking monster that only cared about getting his company bigger and richer. Now he's into all this pansy **** like giving to the poor.
     
    #12 Rule0001, Jul 4, 2007
  13. Dr of Dunk

    Dr of Dunk Clutch Crew

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    You can thank Warren Buffett for that. They're both dumping money into philanthropy like crazy. I think Gates' charity at one point had about $30 billion a couple of years ago. They do all kinds of stuff from helping vaccinate kids in other countries to helping educate them. I think it's this year or next that he turns to full-time philanthropy and pretty much leaves Microsoft to others.
     
    #13 Dr of Dunk, Jul 4, 2007
  14. Invisible Fan

    Invisible Fan Member

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    They did a Forbes article on him months ago. He shrewdly bought up Mexican businesses in the 90s when it was dirt cheap and considered poison to local and foreign investors. As he's getting older, he'll dip more into philanthropy.
     
    #14 Invisible Fan, Jul 4, 2007
  15. Lil Pun

    Lil Pun Member

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    I have a question. I realize that when these rich people are estimated to have so many billions of dollars that they don't actually have $50 billion sitting in the bank but rather the things they own, such as stock and property, is worth that much which makes them worth that much. What do these people actually do when they want or need money though?
     
    #15 Lil Pun, Jul 4, 2007
  16. Ehsan

    Ehsan Member

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    To be frank, I think there a few richer people in the Middle East but its very difficult and political to seperate their holdings from the country's holdings because they are the leaders of the country.

    But wow, I didnt think Gates was in danger of being overtaken.
     
    #16 Ehsan, Jul 4, 2007
  17. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    well they can sell assets like the stock or they can borrow against the assets. for instance, buffet avoids income tax by just borrowing against his brk holdings.
     
    #17 robbie380, Jul 4, 2007
  18. Mr. Clutch

    Mr. Clutch Member

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    I get a racist vibe from this thread.
     
    #18 Mr. Clutch, Jul 4, 2007
  19. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    that's awesome! i'm glad you do!
     
    #19 robbie380, Jul 4, 2007
  20. Invisible Fan

    Invisible Fan Member

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    The amount of ME wealth in Western banks and markets is crazy and frightening...
     
    #20 Invisible Fan, Jul 4, 2007
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