How did Carlos Slim get so Rich? [Net Worth 2023]

Carlos Slim is one of the world’s wealthiest people mostly because of his successful commercial activities. Here’s a rundown of how he got so wealthy:

1. Childhood and Education: Carlos Slim was born in Mexico City on January 28, 1940. He was born into a Lebanese family. Julián Slim Haddad, Carlos Slim’s father, was a successful entrepreneur himself, and his business impact may have influenced Carlos Slim’s future attempts.
2. Company Acquisitions: Carlos Slim amassed his fortune through astute investments and acquisitions in a variety of sectors. He began acquiring a varied range of industries, including real estate, manufacturing, and mining companies, in the 1960s and 1970s.
3. Grupo Carso: In 1982, Slim founded Grupo Carso, a conglomerate that engages in a variety of industries, including telecommunications, retail, and construction. The name of the band is a mash-up of “Carlos Slim” and “Soumaya,” the name of his late wife. Grupo Carso grew to become a key participant in the Mexican market, allowing Slim to further diversify his assets.
4. Expansion into Telecommunications: The expansion of Carlos Slim’s telecommunications enterprise was one of his most significant achievements. He obtained a controlling share in Telmex, Mexico’s national telecoms firm, in the 1990s, giving him a monopoly in the Mexican telecommunications sector. He later united Telmex with América Móvil to form one of Latin America’s major telecom businesses.
5. Strategic Investments: Slim is well-known for making strategic investments in a variety of businesses, both domestically and globally. His investment style frequently entails taking interests in failing businesses, turning them around, and returning them to profitability.
6. Real Estate: Slim has made significant investments in real estate, including office buildings, hotels, and shopping malls. His real estate investments have been profitable, adding significantly to his entire wealth.
7. Philanthropy: Despite being one of the world’s wealthiest people, Carlos Slim has been actively interested in philanthropy. He founded the Carlos Slim Foundation, which supports various activities, including education, healthcare, and cultural programs.

It is important to highlight that economic conditions, government policies, and other factors played a role in Carlos Slim’s financial success. Over the years, his entrepreneurial acumen, strategic vision, and diverse investments led to his enormous riches.

Mental models & life principles of Carlos Slim

Carlos Slim, the Mexican billionaire, has given some of his mental models, life philosophies, and renowned statements that offer insights into his mindset and approach to business and life Here are a few examples:

Life Principles and Mental Models:

1. Value Investing: Carlos Slim is well-known for his value investing strategy, in which he seeks for undervalued assets or firms and invests in them for the long term, hoping that their value will rise over time.
2. Diversification: Slim’s company, Grupo Carso, is involved in a variety of businesses. He believes in diversification as a strategy for spreading risk and capitalizing on various possibilities.
3. Long-Term Vision: He believes that patience and tenacity are essential ingredients for success and advocates long-term thinking and planning.
4. Philanthropy: Carlos Slim believes in giving back to society and has been active in philanthropic projects that focus on education, health, and cultural development.
5. Education’s Importance: Slim believes in education’s transformative power and sees it as a crucial driver of individual and societal advancement.

Famous quotes of Carlos Slim

Famous Sayings:

1. “You are dead when you live for the approval of others.” I don’t want to live my life worrying about how people will remember me.”
2. “Inertia is easy to sustain, and it is easy to become accustomed to current conditions and fear change.” I’ve always felt that happiness comes from giving rather than receiving.”
3. “I believe that if you’re going to do anything, do it well.” And, believe it or not, I feel my family has taught me this.”
4. “You must exploit any personal problem to grow stronger.”
5. “In business, you invest when things aren’t going well. When things are in good shape, you don’t invest. When there’s blood on the streets, you invest.”

I’m sure these words and concepts might provide useful insights into Carlos Slim’s thinking and success.

Lesser Known Facts about Carlos Slim

Carlos Slim is a well-known public figure, however there are some lesser-known facts about him that are less commonly known. Here are some fascinating and little-known facts about Carlos Slim:

1. Baseball Addiction: Carlos Slim is a die-hard baseball lover. During his collegiate days, he was a member of the baseball team at Universidad Nacional Autónoma de México (UNAM). His passion for baseball has not faded, and he has been active in supporting baseball in Mexico.
2. Art Collector: Slim is an ardent art collector with a remarkable collection of works from all periods and styles. He is particularly interested in art from Latin America and Europe. His passion for art led to the creation of the Soumaya Museum in Mexico City, which is named for his late wife and holds a significant collection of art and antiquities.
3. Mathematics Enthusiast: Prior to entering the corporate world, Carlos Slim was an avid mathematician. He used to teach linear programming and algebra at Mexico’s National Autonomous University. His mathematics training has most certainly aided his analytical and strategic thinking in business.
4. Avid Reader: Carlos Slim is well-known for his voracious reading habits. He has frequently emphasized the significance of reading and attributes his personal and intellectual development to it.
5. Early Entrepreneurial Ventures: Carlos Slim began his entrepreneurial path at an early age. He used to sell snacks and drinks to his family members when he was a kid. Later, at the age of 12, he made his first major profit by purchasing shares in a Mexican bank, exhibiting his early business ability.
6. Teaching: Despite his enormous economic success, Carlos Slim occasionally found the time to share his skills and thoughts with others. He briefly taught business administration at the Universidad Nacional Autónoma de México (UNAM).
7. Powerful Family: Carlos Slim’s family has been instrumental in his success. His father, Julián Slim Haddad, was a successful businessman who assisted Carlos Slim in his early business ventures.

While Carlos Slim is well-known for his wealth and economic accomplishments, these lesser-known facts add dimension to his persona and throw light on other elements of his life that are not visible to the public.

How did Carlos Slim make his money?

Carlos Slim amassed his fortune through a combination of shrewd investments, acquisitions, and profitable commercial endeavors. Here are some of the primary ways he amassed his large fortune:

1. Telecommunications: The telecommunications industry was a major source of Carlos Slim’s riches. He gained a major share in Telmex, Mexico’s national telecommunications corporation, in the 1990s. He then merged Telmex with América Móvil, creating one of Latin America’s leading telecommunications businesses, including mobile, fixed-line, and internet services. América Móvil developed its operations not just in Mexico, but also in other Latin American and international markets.
2. Diversified assets: Grupo Carso, Carlos Slim’s business, has assets in a variety of industries. Retail, manufacturing, construction, real estate, mining, finance, and healthcare are among the industries represented. This diversification strategy diffused risk and gave opportunity for success in several industries.
3. Strategic Investments: Slim is well-known for his approach to value investing. He has made strategic investments in a variety of enterprises, including purchasing interests in struggling organizations and assisting them in becoming profitable again. His ability to spot undervalued assets and make long-term investments has led to his success.
4. Real Estate: Carlos Slim has made significant investments in real estate, owning office buildings, hotels, and shopping complexes both in Mexico and abroad. His real estate investments have been profitable, delivering substantial income and financial appreciation.
5. Philanthropy: While not a direct source of wealth, Carlos Slim’s charitable initiatives, such as the Carlos Slim Foundation, have contributed to his legacy and excellent reputation. His charitable endeavors center on education, healthcare, and cultural programs, having a considerable impact on Mexican society and beyond.
6. Company Acquisitions: Carlos Slim has been involved in the acquisition of several firms during his career, solidifying his position in various areas and growing his economic empire.

It is critical to acknowledge that Carlos Slim’s success is due to his business acumen, strategic vision, and ability to discover and capitalize on possibilities across multiple industries. The ever-changing corporate landscape has most definitely influenced his investment selections and techniques over time, making him one of the world’s wealthiest people.

What companies does Carlos Slim own?

Carlos Slim’s corporate empire, handled through Grupo Carso and other holding companies, has stakes in different areas. Here are some notable firms in which Carlos Slim owns or has a significant stake:

1. América Móvil: América Móvil, a telecommunications behemoth, is one of Carlos Slim’s portfolio’s most notable enterprises. It is one of the world’s largest mobile network carriers, with operations in several Latin American nations and beyond.
2. Telmex: Previously the Mexican national telecommunications firm, Telmex was purchased by Carlos Slim and eventually merged with América Móvil. It offers fixed-line telephone services in Mexico.
3. Telcel: Telcel, an América Móvil subsidiary, is Mexico’s major mobile network operator, offering wireless communication services.
4. Grupo Carso: Grupo Carso is a Carlos Slim-owned company that works in a variety of industries, including retail, industrial manufacturing, real estate, construction, mining, and others. Sanborns (a department store chain), Condumex (a cable and electrical equipment producer), and Carso Infraestructura y Construcción (a construction company) are among its subsidiaries.
5. Inbursa: Grupo Financiero Inbursa is a Mexican financial services firm that offers banking, insurance, and investing services. Carlos Slim’s business holdings include it.
6. IDEAL: Infraestructura Energética Nova, S.A.B. de C.V. (IDEAL) is a firm that develops, builds, and operates energy infrastructure projects such as toll highways and energy plants.
7. Minera Frisco: A mining corporation in Mexico that explores for and produces gold, silver, and other minerals.
8. Impulsora de Desarrollo y Empleo en América Latina (IDEAL): IDEAL is an infrastructure development corporation that builds and operates highways and toll roads.
9. The New York Times: Carlos Slim purchased a stake in The New York Times Company in 2008, making him one of the newspaper’s largest individual stockholders.

What is Carlos Slim’s net worth?

Carlos Slim is one of the world’s wealthiest people, with an estimated net worth of $60 billion USD. It is important to remember, however, that net worth can fluctuate as a result of changes in the value of investments, business decisions, and other economic factors.

What Philanthropic initiatives is Carlos Slim involved in?

Through the Carlos Slim Foundation, Carlos Slim is actively involved in a variety of charitable efforts aiming at enhancing education, healthcare, social development, and cultural preservation. Carlos Slim and his foundation have been involved in a number of important philanthropic activities and projects, including:

1. Education: The Carlos Slim Foundation is committed to increasing access to high-quality education and expanding educational possibilities for children and youth. It promotes learning and skill development through funding various educational initiatives, scholarships, and awards.
2. Health: Slim’s charity strives to improve healthcare facilities and access in Mexico and other Latin American countries. It has started programs to battle diseases like HIV/AIDS, malaria, and tuberculosis, as well as to improve maternity and child health.
3. Nutrition: Carlos Slim has demonstrated a dedication to addressing hunger and food security challenges, particularly in vulnerable communities. The organization funds projects that promote better nutrition and food access.
4. Social Development: The foundation participates in a number of social development activities aimed at improving living conditions and reducing poverty. It supports housing, employment, and community development activities.
5. Art and Culture: Carlos Slim’s passion for art and culture is reflected in the building of the Soumaya Museum in Mexico City, which displays a significant collection of art and cultural items from numerous times and regions. The museum is available to the public and contributes to the community’s cultural enrichment.
6. Digital Inclusion: Slim’s charity seeks to bridge the digital gap by fostering digital literacy and giving access to technology and the internet, particularly in underprivileged areas.
7. Environmental Conservation: The foundation is participating in programs to protect the environment and promote sustainable practices, such as renewable energy and environmental conservation efforts.

Carlos Slim’s philanthropic initiatives have had a considerable impact on Mexican society and beyond, tackling numerous social concerns and contributing to community well-being. His philanthropy’s scope and extent indicate his dedication to making a positive difference in the lives of those in need.

How does the Carlos Slim Foundation operate?

The Carlos Slim Foundation is a nonprofit organization dedicated to numerous humanitarian concerns and efforts in Mexico and other Latin American countries. Here’s a rundown of how the foundation works:

1. Priorities: The foundation prioritizes education, healthcare, social development, nutrition, art and culture, digital inclusion, and environmental conservation. Each of these emphasis areas has its own set of programs and initiatives aimed at addressing pertinent issues and promoting good change.
2. Project Identification and Planning: The foundation identifies areas of need and creates strategies to solve these issues. It works with professionals, local groups, and stakeholders to develop effective and long-term projects.
3. Strategic Partnerships: The Carlos Slim Foundation collaborates with a variety of entities, including governments, non-profits, and international organizations. These partnerships broaden the reach and effect of the foundation’s programs.
4. Funding: The foundation is principally supported by contributions from Carlos Slim’s personal fortune, as well as donations from Grupo Carso and other enterprises owned by him. It may also collect gifts from other individuals, corporations, and philanthropic groups who wish to support its objectives.
5. Project Implementation: Once projects are designed and funded, the foundation puts them into action. Working with local communities, schools, hospitals, and other stakeholders to effectively execute projects may be required.
6. Monitoring and Evaluation: The foundation places a high priority on tracking and assessing the effectiveness of its programs. Regular evaluations aid in determining project effectiveness and identifying areas for improvement.
7. Transparency and Governance: As a philanthropic organization, the Carlos Slim Foundation upholds rigorous transparency and governance norms. It guarantees that resources are used efficiently and that the organization follows all applicable laws and regulations.
8. Soumaya Museum: One of the foundation’s most visible cultural efforts is the Soumaya Museum in Mexico City. The museum has a large collection of art and cultural objects, allowing the public to gain access to a rich cultural history.