How Carlos Slim became the richest person in the world
We have heard a lot about Warren Buffett, but there is a name which is synonymous to Warren Buffett in investment world, the Carlos Slim, who was richest man of world from 2010 to 2013.
He is the only non-US who topped the Forbes Rich List.
At his height, John D. Rockefeller's wealth was equal to 2.5% of U.S. GDP, while Carlos Slim net worth is equal to 7.5% of Mexico entire GDP.
He controls over 200 companies including telecommunications, cigarettes, construction, mining, bicycles, soft-drinks, airlines, hotels, railways, banking, and printing sectors.
He accounts for 40% value of the listings on the Mexican Stock Exchange
Carlos parents were immigrants from Lebanon, they migrated to Mexico to avoid being conscripted into the Ottoman Army. Carlos fathers savvy investments in real estate, along with his continued success as both a retailer and a wholesaler made him a rich man, with a net worth of more than 1 million pesos.
Carlos took interest at father’s business and learned basics like accounting and finance. In 1953 when Carlos was just 13 years old his father passed away, due to Carlos understanding of his father’s business he took over it.
In 1961, he started to work as stock trader at Mexico City. By 1965, he made over $400,000 through trades, which is equivalent to 3 million in today’s dollar.
He used the money to open his own brokerage firm, called Inversora Bursátil.
#carlos #slim #mexico