Wednesday, July 04, 2007

Move over Gates

The Times reports , Mexican telecoms tycoon has toppled Bill Gates, the Microsoft co-founder, as the world’s richest man after amassing a $67.8 billion (£33.6 billion) fortune. Sentido Común, a Mexican financial website, has calculated that Carlos Slim Helú, is worth $8.6 billion more than Mr Gates

The rocketing share price of América Móvil, one of Mr Slim’s telecoms companies, helped to push him into first place, according to Sentido Comun’s founder Eduardo Garcia. Shares in América Móvil, Latin America’s biggest telecoms company, rose more than 26 per cent in the three months to June 30. Telmex, another of the tycoon’s telecoms companies, rose 11 per cent and Grupo Financiero Inbursa, his bank, jumped by more than 20 per cent. Microsoft stock went up almost 6 per cent.
The businessman overtook Warren Buffett, as the world’s second-richest man in April, according to Forbes magazine. Buffett, who is worth an estimated $52 billion (£26 billion) , has said that he was taxed at 17.7 per cent on the $46 million he made last year, while his secretary, who earned $60,000, was taxed at 30 per cent.
Telmex operates 90 per cent of the telephone lines in Mexico. Another Slim business, Telcel, supplies almost 80 per cent of the country’s mobile phones. Mr Slim acquired Telmex for $1.8 billion in 1990. Mr Slim also owns Grupo Carso, an industrial company, with interests in shops and restaurants, most of which he bought during the economic crisis that hit Latin America in the 1980s.

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