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Carlos Slim Helú (; born 28 January 1940) is a Mexican business oligarch, investor and philanthropist. From 2010 to 2013, Slim was ranked as the richest person in the world by Forbes business magazine. He derived his fortune from his extensive holdings in a considerable number of Mexican companies through his conglomerate, Grupo Carso. , the Bloomberg Billionaires Index ranked him as the 18th-richest person in the world, with a net worth of US$99.1 billion, making him the richest person in Latin America.
Slim's corporate conglomerate spans numerous industries across the Mexican economy, including education, health care, industrial manufacturing, transportation, real estate, mass media, mining, energy, entertainment, technology, retail, sports and financial services. However, the core of his fortune derives from telecommunications, where he owns América Móvil (with operations throughout Latin America) and the Mexican carrier Telcel and Internet service provider Telmex, a state-run-gone-private company which maintained a virtual monopoly for many years after Slim's acquisition. He accounts for 40 per cent of the listings on the Mexican Stock Exchange. As of 2016, he was the largest single shareholder of non-voting shares of the New York Times Company. In 2017, he sold half of his shares.
At the age of 11, Slim invested in a government savings bond, which taught him about the concept of compound interest. Adhering to his father's emphasis on the importance of keeping accurate financial records, he eventually saved every financial and business transaction he ever made into a personal ledger book, which he still keeps to this day. At the age of 12, he made his first stock investment, by buying shares outright of a Mexican bank. By the age of 15, Slim had become a shareholder in Mexico's largest bank. At the age of 17, he earned 200 pesos a week working for his father's company. He went on to study civil engineering at the National Autonomous University of Mexico, where he also concurrently taught algebra and linear programming.
Though Slim was a civil engineering major, he also displayed an interest in economics. Broadening his academic interests outside his traditional area of study beyond civil engineering, he took economics courses in Chile when he completed his engineering degree. Graduating as a civil engineering major, Slim has stated that his mathematical ability and his background of linear programming was a key factor in helping him gain a competitive edge in the business world, especially when analyzing the financial statements of prospective companies while making his business decisions as well as evaluating potential investment acquisitions and stock purchases.
Amidst the Mexican economic downturn before its gradual recovery in 1985, Slim invested heavily by snapping up numerous Mexican flagship companies for pennies on the dollar. Among the panoply of acquisitions that Slim procured included Empresas Frisco, a mining concessionary and chemical maker, Industrias Nacobre, a copper manufacturer, Reynolds Aluminio, a Mexican aluminum concern, Compañía Hulera Euzkadi (Mexico's largest tire maker), and Bimex hotels, a hotel chain. He also became the majority shareholder of Sanborns, a prominent Mexican food retailer, gift shop and restaurant chain, which was later incorporated as Grupo Carso's retailing arm. In 1984, Slim spent () to acquire Mexican insurance agency Seguros de México, and later subsumed the company into the firm, Seguros Inbursa. The value of his stake in Seguros eventually grew to being worth () by 2007, after four spinoffs. Slim also acquired a 40% and 50% interest in the Mexican arms of British American Tobacco and The Hershey Company, respectively. He acquired large blocks of Denny's and Firestone Tires. From Seguros de México, Fianzas La Guardiana and Casa de Bolsa Inbursa, he formed the Inbursa, a Mexican financial services provider. Many of these corporate acquisitions were financed by the income-generating revenues and cash flows derived from Cigatam, a Mexican tobacco distributor that he purchased in the economic downturn that hit Mexico during the early 1980s.
In 1988, Slim bought Nacobre, a Mexican copper manufacturer that manufactured, marketed and distributed copper and copper alloy products, along with Química Fluor, a Mexican chemical maker.
To ultimately realize his further commercial business ambitions and reap the material benefits that would eventually transpire through the acquisition of Telmex, Slim acted in concert later in 1990 with the French telecom operator France Télécom and the American telco Southwestern Bell Corporation to purchase the landline telecommunications service provider from the Mexican government, when the opportunity for Slim to purchase the telco presented itself and materialized when Mexico began privatizing its national industries at the turn of the 1980s. Slim was an early investment backer in Telmex, where the concomitant income-producing cash flows and revenue-generating profits of the telecommunications provider eventually formed the bulk of his private fortune. By 2006, Telmex controlled and operated 90 percent of the telephone lines in Mexico, and his wireless telecommunications company, Telcel, which was created out of the Radiomóvil Dipsa company, operated almost 80 percent of the entire country's cellphones.
In 1991, he acquired Hoteles Calinda (now OSTAR Grupo Hotelero), a hotel chain and in 1993, he increased his stakes in General Tire, an American tiremaker and a distributor of aluminum profiles and aluminum concern Grupo Aluminio to the point where he had a majority interest in the company.
In 1996, Slim split Grupo Carso into three separate constituent companies: Carso Global Telecom, Grupo Carso, and Invercorporación. In the following year, Slim bought the Mexican arm of Sears Roebuck.
In 1999, Slim began expanding his business interests beyond Latin America. Though the bulk of his business holdings remained in Mexico, he began setting his sights on exploring the United States as a target destination to exploit potential foreign investment acquisitions and new emerging business opportunities.
América Telecom, the holding company for América Móvil, was incorporated in 2000. Concurrently, Telmex also spun off its international cellular phone division for a $15 billion () listing of América Móvil SA on the New York Stock Exchange. Telmex has taken numerous stakes of various international cellular telephone operators outside of Mexico, including the Brazilian ATL and Telecom Americas concerns, Techtel in Argentina, and others in Guatemala and Ecuador. In subsequent years, the company made further investments across Latin America, with companies in Colombia, Nicaragua, Peru, Chile, Honduras, and El Salvador, well as a joint venture with the American software house, Microsoft called Tlmsn, a Spanish-language web portal.
In 2005, Slim invested in Volaris, a Mexican airline and founded Impulsora del Desarrollo y el Empleo en América Latina SAB de CV (using the acronym "IDEAL"—roughly translated as "Promoter of Development and Employment in Latin America"), a Mexican construction and civil engineering company primarily engaged in not-for-profit infrastructure development. Since 2006, IDEAL won three infrastructure contracts yet it faces stiff competition from a number of other Mexican and Spanish construction companies.
In 2007, after having amassed a 50.1% stake in the Cigatam tobacco manufacturer, Slim sold a large portion of his equity to Philip Morris for US$1.1billion (). During the same year, Slim sold off his entire stake of Porcelanite for US$800 million (), a Mexican tile-maker that he acquired back in 1990. He also licensed the Saks name and opened the Mexican arm of Saks Fifth Avenue retailer in Santa Fe, Mexico. Also in 2007, the estimated value of all of Slim's companies totaled US$150billion (). On December 8, 2007, Grupo Carso announced that the remaining 103 CompUSA retail stores would be either liquidated or sold, bringing an end to the struggling company, although the information technology division of CompUSA continued operating under the name Telvista around various American cities such as Dallas, Texas (U.S. Corporate Office), and Danville, Virginia. Telvista also has five centers in Mexico (three in Tijuana, one center in Mexicali, and one in México City). After 28 years of corporate involvement, Slim became the Honorary Lifetime Chairman of the business.
In 2008, Slim took a 6.4% stake valued at $27 million () in the New York Times Company, a prominent American newspaper publisher. Slim increased his stake to 8% by 2012. Schumpeter: The global Mexican. The Economist (27 October 2012). Retrieved 14 July 2013. Slim's stake in the Times increased again to 16.8% of the company's Class A shares on 20 January 2015 when he exercised stock options to purchase 15.9 million shares, making him the largest shareholder in the company. The New York Times Company's Class A shares are available for purchase by the public and offer less control over the company than Class B shares, which are privately held. According to the company's 2016 annual filings, Slim owned 17.4% of the company's Class A shares, and none of the company's Class B shares.
In March 2012, Slim, along with American television host Larry King, established Ora TV, an on-demand digital television network that produces and distributes television shows including Larry King Now, Politicking with Larry King, Recessionista, and Jesse Ventura Uncensored.
In September 2012, Slim bought 30% stakes in Pachuca and León, two Mexican soccer teams through his telecommunications company América Móvil. In December 2012, he bought all the shares of the second division team Estudiantes Tecos. Slim has also completed business deals for the television rights to games of the Leon soccer team. His company América Móvil purchased 30 percent of the team along with transmission rights as Slim does not have the rights to transmit content by broadcast television or cable TV as well as putting him in competition with Televisa and TV Azteca, two television companies with rights to the rest of Mexican soccer's first division.
In July 2013, Slim's company América Móvil invested US$40million () in Shazam, a British commercial mobile phone-based music identification service for an undisclosed share of ownership. América Móvil partnered with the company to aid its growth into advertising and television and help the audio recognition service expand in Latin America.
In November 2013, Slim invested US$60 million () in the Israeli startup Mobli, a company that deals with connections between people and communities corralled according to different interests.
In December 2013, Slim's private equity fund, Sinca Inbursa, sold its stake in the Mexican pharmaceutical company Landsteiner Scientific. Slim acquired a 27.51% stake in the company in June 2008, which represented 6.6% of Sinca's investment portfolio. The private equity fund's investments are mainly concentrated in the transportation and infrastructure sectors and the fund garnered a total market cap of 5.152 billion pesos at the end of 2012.
On 23 April 2014, Slim took control of Telekom Austria, Austria's largest telecommunications company, which operates telcos in countries such as Bulgaria, Croatia, and Belarus, under a 10-year agreement. It was Slim's first successful business acquisition in Europe. In a syndicated loan holding structure the Austrian state holding company OIAG's 28% are combined with Slim's 27% ownership. América Móvil will spend as much as () to buy out minority shareholders in a mandatory public offer and invest up to 1billion euros () into the company, which it sees as "platform for expansion into central and eastern Europe". Labor representatives boycotted attending the OIAG supervisory board meeting for 12 hours criticizing the lack of explicit job guarantees.
In January 2015, Grupo Carso publicly launched Claro Musica, an online music service that is a Latin American equivalent of iTunes and Spotify. Slim, along with his son, increased their corporate presence in Mexico's music industry, particularly in the retail music sector since 2013. Sanborn's, the Mexican retail department store chain owned by Slim controls a majority stake in Mixup, Mexico's most successful retail music store that comprises a chain of 117-store Mexican retailers Mixup also generated more than () in revenue in 2014.
In March 2015, Slim made his presence known in the Spanish business scene by buying stakes in various troubled Spanish companies while perusing potential acquisitions across Europe. Slim's investment company, Inmobiliaria Carso, announced it will buy a stake in the Spanish bank, Bankia, which couples with Slim's other purchase of Realia, a Spanish real estate company, where Slim is the second largest shareholder holding a 25% equity stake, behind Fomento de Construcciones y Contratas, a Spanish construction company where Slim is also an active minor shareholder.
On 15 April 2015, Slim formed the oil company Carso Oil & Gas. A report that was released by the new company listed its assets at 3.5billion pesos (approximately ), placed within 17.7million shares. Upon the formation of the company, Slim remained sanguine about the company's future potential and Mexico's burgeoning energy sector where the state monopoly ceased to exist.
On 25 July 2015, Slim's investment group Control Empresarial de Capitales invested in IMatchative, a technology startup that ranks the world's hedge funds creating in-depth behavioral profiles and business analytics. Limited partners pay () per subscription while hedge fund managers pay half the price and also sign up for a free version of the products the company offers.
On 12 June 2024, Slim acquired a three per cent stake in British telecommunications company BT Group worth approximately £400 million. In September 2024, his stake was boosted to 4.3%.
In 2019, Forbes put Slim in the list of the world's most generous philanthropists outside of the US.
After stating that he had donated of dividends to Fundación Carlos Slim, in 2006 (), and another in 2010 (), Slim was ranked fifth in Forbes' World's Biggest Givers in May 2011. Education and health care projects have included $100 million () to perform 50,000 cataract surgeries in Peru.
In 2011, he, along with the president of Mexico, Mexico City mayor, and Mexico City archbishop, inaugurated the first phase of Plaza Mariana close to Basilica de Guadalupe. The complex, whose construction was funded by Slim, includes an evangelization center, museum, columbarium, health center, and market. Description of Plaza Mariana (Spanish)
In his office, Slim does not have a computer, and instead keeps all his financial data in hand-written notebooks. Due to the vast size of his business empire, he often jokes that he cannot keep track of all the companies he manages. Slim is a Maronite Church, and he is one of the prominent backers of Legion of Christ, a Roman Catholic religious institute.
In 1911, Julián established a dry goods retail store, La Estrella de Oriente (The Star of the Orient). By 1921, he had begun investing in real estate in the flourishing commercial district of Mexico City where Julián acquired prime Mexican real estate at Fire sale and in the Zocalo District during the 1910–1917 Mexican Revolution. By 1922, Julián's net worth reached $1,012,258 pesos (), shrewdly diversified among a vast array of various cash flow-producing assets that included large swathes incoming-producing investment-grade real estate, a multifarious assemblage of privately controlled businesses, and stocks.
In August 1926, Julián Slim married Linda Helú Atta. Linda, of Lebanese ancestry, was born in Parral, Chihuahua. Her parents had immigrated to Mexico from Lebanon in the late 19th century. Upon immigrating to Mexico, her parents founded one of the first Arabic-language magazines for the Lebanese-Mexican community, using a printing press they had brought with them. Julián and Linda had six children: Nour, Alma, Julián, José, Carlos, and Linda. Julián senior died in 1953, when Carlos was 13 years old.
Julian's panoply of successful business ventures and investment undertakings became the source of considerable wealth for himself and his family. As a prominent businessman and wealthy investor who remained a reputable pillar within the Lebanese Mexican community, Julian was known for his shrewd business acumen and his astute knack when making investments during bad economic cycles (which occurred frequently in Mexico). Julián was known for his business savvy, strong work ethic, and commitment to traditional Lebanese moral values.
In February 2011, Julian, the oldest brother of Carlos, died aged 74. He was an active businessman and worked in one of Mexico's top intelligence agencies.
On 4 August 2007, The Wall Street Journal ran a cover story profiling Slim. The article said, "While the market value of his stake in publicly traded companies could decline at any time, at the moment he is probably wealthier than Bill Gates". According to The Wall Street Journal, Slim credits part of his ability to "discover investment opportunities" early to the writings of one of his friends, futurist author Alvin Toffler.
On 8 August 2007, Fortune magazine reported that Slim had overtaken Gates as the world's richest person. Slim's estimated fortune soared to (), based on the value of his public holdings at the end of July. Gates' net worth was estimated to be at least ().
On 5 March 2008, Forbes ranked Slim as the world's second-richest person, behind Warren Buffett and ahead of Bill Gates. On 11 March 2009, Forbes ranked Slim as the world's third-richest person, behind Gates and Buffett and ahead of Larry Ellison.
On 10 March 2010, Forbes once again reported that Slim had overtaken Gates as the world's richest person, with a net worth of (). At the time, Gates and Buffett had a net worth of () and () respectively. He was the first Mexican to top the list. It was the first time in 16 years that the person on top of the list was not from the United States. It was also the first time the person at the top of the list was from an emerging economy. Between 2008 and 2010, Slim more than doubled his net worth from $35 billion () to $75 billion ().
In March 2011, Forbes stated that Slim had maintained his position as the wealthiest person in the world, with his fortune estimated at ().
In December 2012, according to the Bloomberg Billionaires Index, Carlos Slim Helú remained the world's richest person, with an estimated net worth of ().
On 5 March 2013, Forbes stated that Slim was still maintaining his first-place position as the wealthiest person in the world, with an estimated net worth of (). On 16 May 2013, Bloomberg L.P. ranked Slim the second-richest person in the world, after Bill Gates. "Bill Gates Retakes World's Richest Title From Carlos Slim", by Alex Cuadros and Crayton Harrison, Bloomberg L.P. online at Yahoo! Finance. Retrieved 16 May 2013.
On 15 July 2014, Forbes announced that Slim had reclaimed the position of the wealthiest person in the world, with a fortune of ().
In September 2014, Forbes listed Slim as number 1 on its list of billionaires, with a net worth of ().
In December 2016, Slim's net worth was estimated to be US$48.1 billion ().
In 2017, his net worth was reported to be $54.5 billion ().
In 2019, his net worth was said to be at least $58.1 billion (), making him the richest man in Mexico.
In October 2020, his net worth was estimated at $53.7 billion ().
In 2021, Forbes stated his net worth as $73.3 billion ().
In May 2014, Slim opened Inbursa Aquarium, Latin America's largest aquarium. Slim owns the Duke Seamans mansion, a 1901 beaux arts house on 5th Avenue in New York City, which he bought for $44 million in 2010 (). The mansion is 20,000 square feet and has 12 bedrooms, 14 bathrooms, and a doctor's office in the basement. In May 2015, he listed the property for sale at $80 million (). In April 2015, Slim bought the Marquette Building in Detroit and purchased PepsiCo Americas Beverages headquarters in Somers, New York, for (). Slim owns a second mansion in New York City at 10 West 56th Street, which he bought in 2011 for ().
In March 2015, Slim began eyeing Spain as a potential investment destination, by purchasing cheap properties in Spain's real estate sector at rock-bottom prices in its ailing economy.
According to Celso Garrido, economist at the Universidad Nacional Autónoma de México, Slim's domination of Mexico's conglomerates prevents the growth of smaller companies, resulting in a shortage of paying jobs, forcing many Mexicans to seek better lives in the U.S.
Slim was criticized by the Dutch minister of economic affairs, Henk Kamp, in 2013 for attempting to expand his telecommunications empire beyond the Americas by América Móvil's buy-out offer to KPN, a Dutch landline and mobile telecommunications operator. Kamp reiterated his criticisms of Slim stating: "an acquisition of KPN by a 'foreign company' could have consequences for the Netherlands' national security". Two years after Slim's failed bid to take over the company, mainly due to political intervention and Slim's paucity of interest in purchasing the company, Slim's América Móvil SAB began offering 2.25billion euros (). América Móvil now controls a 21.1 percent stake of KPN with a market value of 3.1billion euros () as of 20 May 2015. Slim has been slowly decreasing his holdings since he was forced to withdraw a 7.2-billion-euro bid () for the Dutch phone line carrier in 2013 after negotiations collapsed.
In response to the criticism, Slim has stated, "When you live for others' opinions, you are dead. I don't want to live thinking about how I'll be remembered by," claiming indifference about his position on Forbes list of the world's richest people. He has said he has no interest in becoming the world's richest person. When asked to explain his sudden increase in wealth at a press conference soon after Forbes annual rankings were published, he said, "The stock market goes up ... and down" and noted that his fortune could quickly drop.
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