Carlos slim elu biography. Billionaire Carlos Slim Helu: biography, net worth

Carlos Slim Helu was born on January 28, 1940 in Mexico City to Lebanese Christian immigrants, the fourth of five children of Julian Slim Haddad and Dona Linda Helu. Carlos's father was the owner of La Estrella de Oriente, a grocery retailer. He began teaching his sons and daughters how to run a business from childhood. Already at the age of 12, Slim Elu bought shares of Banco Nacional de Mexico.

In 1961, Elu graduated from the National Autonomous University of Mexico with a degree in engineering. In 1966, he founded the real estate agency Inmobiliaria Carso, the name of the company was chosen after the first letters of the name of Slim Helu and his wife Soumaya Domit Gemayel. Thanks to this agency, he accumulated start-up capital. In the wake of the financial crisis in the country, Slim Elu in 1982 managed to acquire the tobacco company Cigitam, which allowed him to invest money in other companies. By the early 1990s, the Carso Group included enterprises in the chemical, mining and metallurgical industries, as well as trading, banking and hotel businesses.

In 1990, Carso Group, together with France Telecom and Southwestern Bell Corporation, bought the largest telecommunications operator Telmex from the Mexican government, Slim Helu's company received a 20 percent share. In the late 1980s and early 1990s, Slim Elu donated money to Mexico's ruling Institutional Revolutionary Party and was a friend of President Carlos Salinas de Gortari.

In 1990-2010, the Slim Helu corporation expanded its influence in the telecommunications sector, its main assets were shares in the Latin American consortium of mobile operators America Movil (it owned 30 percent of the shares), as well as the financial company Inbursa. In 2008, the businessman acquired small assets in The New York Times and Citibank. In 2011, Slim Helu acquired small stakes in the Spanish bank CaixaBank and in Spain's largest media company Prisa (Promotora de Informaciones SA). It was reported that Slim Elu invested in undervalued or in crisis assets, established business in them and then resold them.

In 2002, Forbes magazine included Slim Hela in its list of billionaires, estimating his fortune at 11 billion euros. In 2006, he already took third place with $30 billion, behind only Warren Buffett and Bill Gates. In August 2007, Fortune magazine reported that Slim Helu had become the richest man in the world, but Forbes did not share this point: according to their version, in 2008 Slim with $60 billion took second place after Buffett, and in 2009 they moved him to third place, noting that the Mexican businessman lost more than $20 billion due to the global financial crisis. In March 2010, after the fortunes of Slim Helu's companies improved, Forbes named him the richest man in the world, estimating the businessman's fortune at $53.5 billion. Bill Gates took second place with 53 billion. In 2011, Slim Elu retained leadership, and his fortune was then estimated at $74 billion. In the list of billionaires for 2012, Slim Helu again retained the first position, but his fortune, according to Forbes estimates, decreased by five billion dollars compared to 2011.

Slim Helu is the honorary life president of the Carso Group and the chairman of the board of directors of Telmex (which became a subsidiary of America Movil by 2011). In 2010-2011 he also served on the board of directors of CaixaBank. Slim Elu left almost all management positions in the corporations he owned and in 2011 served as chairman of the board of directors of Impulsora del Desarrollo y el Empleo en America Latina, S.A. (IDEAL), which invests in infrastructure and education. He also headed a number of charitable foundations: Fundacion Telmex, Fundacion Carlos Slim Helu and Consejo Consultivo de Restauracion del Centro Historico, which was involved in the reconstruction of the historical center of Mexico City.

Slim Elu has repeatedly faced criticism for becoming a multi-billionaire in a country where about half the population lived in poverty. The businessman himself rejected these claims, stating that “wealth is a garden in which you need to share the fruits, not the trees.” He gave less money to the usual philanthropy, which, in particular, Gates was involved in, but invested in the construction of schools, transport facilities and job creation. Slim Helu also created his own foundation-institute, the Carlos Slim Institute of Health, which participated in programs to combat cancer and diabetes. In honor of his wife, he founded the Zumai Museum in Mexico City with an exhibition of sculptures.

Slim Helu has been awarded the Lebanese Order of the Cedar and the Golden Order of Merit, the Belgian Leopold Medal II Commander Class, as well as various industrial awards. In 2009, Time magazine included Slim Ela in its list of the 100 most influential people in the world.

The site's observer studied the biography of Mexican entrepreneur Carlos Slim Helu, who built the country's largest conglomerate, Grupo Carso, and from 2010 to 2013 remained at the top of the Forbes world rankings. The entrepreneur is criticized for establishing a monopoly and using connections in the country's government.

The biography of Mexico's richest man, Carlos Slim Helu, at first glance looks like a typical success story. The son of a Lebanese immigrant, he began working early in the family business and later investing in various companies. Gradually, Carlos built his own empire and grew his fortune to $50 billion.

Along with fame, the entrepreneur received accusations of monopolism and the use of government agencies to strengthen his position. Some analysts call Mexico “Slimland”: while in the country, it is impossible not to encounter the products or services of Carlos Slim’s companies.

Carlos Slim Helu

The Early Years of Carlos Slim Helu

The entrepreneur's father, Julian Slim Haddad, was born into a poor Lebanese family. At age 14, he left the country to avoid serving in the Turkish army. Four of his brothers already lived in Mexico. In 1911, Julian and his brother José created the dry goods store La Estrella de Oriente. The initial capital was about 25 thousand pesos, the co-founders invested equally in it.

Carlos Salinas de Gortari, President of Mexico 1988–1994

Slim invested $440 million in the deal and received 20% of Telmex. A year later, it turned out that the real value of the company was $12 billion. In addition, the other two shareholders were foreign organizations, and Telmex actually ended up in the hands of Slim.

They say that Slim avoided and was even afraid of computers until the mid-1990s. To help their father, their sons gave him a laptop, and Carlos was forced to understand the gadget. The Internet made such an impression on the entrepreneur that he decided to delve deeper into this area, and this was reflected in some of the initiatives of Carso Global Telecom.

This story is often repeated by Slim’s biographers, but he himself tells little about his life, so it can only be a legend.

Slim was extremely interested in cellular operators. He moved from regional players to larger acquisitions and in 2000 pulled off a series of deals that included one of AT&T's local affiliates. At the same time, the mobile division of the America Movil conglomerate was spun off - now it is the fourth cellular operator in the world in terms of the number of subscribers. Now America Movil controls almost all of Slim's telecommunications companies.

To create this direction, Slim attracted his old partners France Telecom and SBC Communications. They were joined by several more companies from the USA and a large Internet provider Network Access Solutions, in which Telmex invested jointly with SBC.

Subsequently, Slim developed the Internet direction together with Microsoft. Together they launched the Latin American version of the MSN portal - T1msn. Thanks to him, computer sales increased in Mexico, which benefited Slim, who owned electronics stores.

In the early 2000s, Slim's activities were not limited to telecommunications. In 2000, it acquired the American computer retailer CompUSA. In addition, shares of several large chains in the United States were purchased. Someone then joked that Slim bought everything that could be bought in Mexico and switched to a nearby country.

Slim led integration not only in the United States, but also in Latin America. He acquired large stakes in mobile operators in Brazil, Guatemala, Ecuador and other countries. In 2004, Slim invested in Volaris, a low-cost Mexican airline. It has become the second largest in the country and now controls about 23% of domestic traffic.

In the 2000s, the entrepreneur gradually moved away from the direct management of the holding. There is evidence that this began back in 1997, when Slim underwent heart surgery. However, long before this, he involved his sons in the business, intending to make Grupo Carso a common business for many generations of his family. Until recently, Slim noted that he dreams of creating an entrepreneurial clan like the Rockefellers and other American dynasties.

The businessman has three sons - Carlos, Marco Antonio and Patrick. The entrepreneur raised them following the example of his father, combining theoretical studies in economics with practice in the family company. Carlos's sons were educated in Mexico to better understand the peculiarities of their native country and local business, and even their trips abroad were related only to the needs of the family business.

The post of chairman of Grupo Carso is now occupied by Carlos Slim Domit, the eldest son of Carlos Slim Helu, who is considered the most capable and charismatic heir. Carlos' brothers are not far behind him: Patrick Slim made America Movil the most profitable division of the conglomerate. Previously, he headed Sanborns and held other leadership positions in the holding, some of which he still retains.

Marco Antonio successfully headed the financial department of the conglomerate for 15 years, and then took the post of independent director at the BlackRock fund. In addition, he sits on the board of several companies within Grupo Carso.

Carlos Slim Domit

Carlos Slim's only wife died in 1999, which was a heavy blow for him. Since then, the entrepreneur has not advertised his personal life, but he is credited with relationships with several women, including the Jordanian Princess Noor.

Entrepreneur Personality

Carlos Slim Helu works almost around the clock and is able to call a meeting at four o'clock in the morning. The managers working at Carso had to get used to this feature of their boss.

For many years, the company's main office was located in a concrete two-story building without windows, but the entrepreneur does not seem to save on his own houses. For example, in 2010, he purchased the Duke-Semans mansion in New York for $44 million. Grupo Carso's headquarters also moved over time to a more modern and luxurious building. There is an opinion that the unpretentious approach to the office was more of an image move.

Duke-Semans

Slim sculptures by Rodin, paintings by Van Gogh and Picasso, as well as various ancient artifacts. True, there is an opinion that Slim is not interested in art and acquired all this for his wife.

In 1994, the entrepreneur opened the Zumaya Museum in Mexico City, naming it after his wife. More than 66 thousand works of art with a total value of $700 million are exhibited here. Entrance to the museum is free.

Zumaya Museum

Carlos has been a baseball fan all his life. There is information that he writes articles about his favorite sport, but they are more like statistical calculations: according to Slim, numbers reign in baseball. With the participation of an entrepreneur, a youth baseball league Telmex League appeared in Mexico. He also owns the Real Oviedo football club. This team plays in the Spanish second league, the transition to the ownership of Carlos Slim saved it from bankruptcy.

In everyday life, the billionaire is unpretentious: you can find information that he shops in his own stores, and wears an old cheap watch with a calculator to meetings. Slim even lights his favorite cigars with a cheap plastic lighter. The basis of his life and the corporate culture of the Grupo Carso holding is frugality. This is reflected in the special code that Carlos wrote for his employees.

Of particular interest to researchers is Slim's political position and how he uses the Mexican government to benefit his business. According to analysts, this is a common approach for entrepreneurs in third world countries, where it is impossible to get a large contract or acquire a large company without government support.

The only ruling force in Mexico for about 70 years was the Institutional Revolutionary Party. For most of his career, Slim supported the party with money and, accordingly, enjoyed its help. This did not prevent the entrepreneur from remaining on good terms with opposition politicians.

For example, Slim was friends with the mayor of Mexico City, Andreas Obrador, who started his journey with the Institutional Revolutionary Party, but then changed his political views. According to rumors, the entrepreneur received several construction contracts in Mexico City thanks to Obrador.

They say that Carlos Slim himself is a man without political views at all. Political commentator Marcos Chapas notes that an entrepreneur needs neither friends nor advisers: “He needs only employees. And he hires them in every way available to him, including in the highest circles. Moreover, some of them are not even aware that they are hired.”

For an entrepreneur, only his family and his empire are important, and they are closely related. Carlos was raised to be responsible for his decisions to his family, and he taught his sons the same. The basis of the Slims' well-being - Grupo Carso - is their main value.

Opposition figures in Mexico criticize Carlos Slim's actions and believe that he is doing more harm to the country's economy than benefiting it. The businessman himself claims that he believes in Mexico and dreams of seeing it great.

For most of his life, Carlos Slim did not donate to charity and noted that he did not believe in its effectiveness, but in 1986 he nevertheless created the Fundación Carlos Slim. The Foundation funds projects in the fields of education, medicine, justice, social and personal development in Mexico.

In addition, Slim invested money in the restoration of the historical part of Mexico City and took part in the Latin American Development Fund, which works on healthcare and education for workers.

Although Slim has retired from the leadership of Grupo Carso, he remains the lifelong honorary president of the holding, coordinating the work of various areas and at times presiding over some of his companies.

In 2008, the businessman acquired 6.8% of The New York Times publishing house (in January 2015 he already owned 17% of the shares), which was going through difficult times, as well as shares of Citibank. In 2011, he became the owner of 3.2% of the Spanish media holding Prisa.

In 2012, Carlos managed to acquire 8.4% of one of the largest Argentine oil producing companies, YPF. The deal was considered risky: the company was going through hard times and was nationalized by the Argentine government. Argentina's energy industry was also in crisis, so Slim's investment was considered a sign of confidence in the country's economy.

In 2014, Slim made another big deal. This time it was about the confrontation between his holding and AT&T. Competition between conglomerates in Latin America is intensifying, although they were allies in the past.

In 2014, AT&T, due to the purchase of DirectTV, decided to remove its people from the board of directors of America Movil and get rid of its 8.3% stake in order to avoid conflicts with regulators. Anyone could become a buyer by paying a large sum. Carlos Slim bought AT&T's share for $5.9 billion.

In 2015, the gold rate fell to a six-year low, which caused difficulties for Grupo Carso: one of the holding’s largest assets is the mining company Minera Frisco, which also mines gold. Minera Frisco's stock price fell 53%, and Bloomberg included Carlos among the entrepreneurs most affected by the market collapse. In early 2016, Slim said he hoped to increase gold production by 20% and copper by 5%.

In 2015, the holding faced another problem: Mexico tightened legislation in the field of communications, and shares of the monopoly America Movil fell by 18%. Moreover, due to the efforts of the government in this area, competition in the domestic market has increased. The situation was aggravated by the Brazilian crisis and the weakening of the Mexican peso.

All this led to the fact that Carlos Slim lost $27.1 billion over the year, which did not prevent him from taking fourth place in the Forbes ranking of the richest people with a fortune of $50 billion. However, it will be difficult for the entrepreneur to repeat the achievements of 2010–2013, when he was the richest man of the planet.

Planets of Bill Gates, founder and ideological inspirer of Microsoft. Carlos Slim became the first Mexican to conquer the pyramidal top of billionaires. This became a sensation for world business, given the fact that over the past sixteen years it was done by a person without American citizenship.

How to be born a billionaire?

On January 28, 1940, the future Mexican businessman and philanthropist Carlos Slim Helu was born into the family of a Mexican realtor of Arab origin, Julian Slim Haddad. This was the fifth child in the family of Julian Slim Haddad and Linda Ellu Atta. The business acumen of Carlos's father, who moved from Lebanon to Mexico at the age of fourteen, quickly allowed the boy to adapt to the world of business. By the age of 30, the father of the future billionaire had several retail outlets in the business part of the capital of the Latin American state. Julian Slim passed on his management skills to his children, of whom he had six.

First investment lessons

Carlos Slim's success story begins at the age of seventeen. At that time, the young man, having the instincts of a stock investor, made his first million. Carlos Slim recalls his first lessons on profitable investing as follows: “My father forced each of us, his children, to keep a special notebook of income and expenses. Coming home from school, we wrote down all our expenses for the day. Father carefully reviewed the records and assessed each of us. These evening gatherings with the whole family over dinner became a real life lesson for me and my relatives. In modern terms, it was a master class.”

The recommendations of the enterprising father were heard by Carlos. The young man gets his first investment experience at the age of twelve. With the pocket money he saved, which his father gave him every day, at the age of twelve, Carlos Slim bought shares in Banco Nacional de Mexico, the second largest bank in Mexico after BBVA Bancomer.

Carlos Slim: biography of the future billionaire

Slim continues to invest money in profitable businesses, while still managing to study at the National Autonomous University of Mexico at the Faculty of Civil Engineering. The student’s extraordinary abilities were appreciated by the university leadership. In his last year, Carlos Slim (photo can be seen in the article) was recommended by the university administration to teach linear programming and algebra to junior students at the university.

However, having received a higher education diploma from the National Autonomous University of Mexico in 1961, Carlos Slim did not work in the engineering specialty he received at the university; he was attracted by investments.

The birth of a financial empire

Carlos Slim begins his career as a stockbroker. Working 14 hours a day, in 1965 he managed to make a profit from private investments of 400 thousand dollars. This inspires Carlos to take on larger projects. This is how the brokerage company “Inversora Bursátil” appears, which becomes the foundation for the creation of a large family business.

In 1966, the future billionaire by the first letters of the name Slim Ellu and his wife Sumaya Domit Gemayel organized the real estate agency “Inmobiliaria Carso”. A successful commercial project quickly brings the necessary profit and becomes the financial basis for creating the future Grupo Carso empire. At the end of the 60s, Carlos Slim's financial fortune reached just over $50 million.

Carlos Slim: biography of the 70s

Thanks to smart investing, Carlos Slim's financial well-being is growing every year. By 1972, he acquired seven more enterprises, mainly production of construction equipment. In 1976, Slim became the owner of a 60 percent stake in Galas de Mexico, a small printing house that produces cigar boxes.

The investment in the project is one million dollars. Within four years, the entire production of the Galas de Mexico company belonged to him. The focus of Carlos Slim's growing business in subsequent years was:

production of non-ferrous metals;
airlines;
industrial and civil construction;
chemical and pulp and paper industry;
insurance investment.

Growing financial power

In 1982, the Mexican economy experienced a financial crisis. Banking activities were collapsing, some went bankrupt, others were looking for sources of financing. The foreign investor turned his back on the Latin American state, many commercial projects had to be closed, and companies suffered multimillion-dollar losses.

However, Carlos' keen investment eye strictly monitored companies that could generate profits in the future. Buying assets at reduced prices, Slim ultimately had quite solid income thanks to successful reinvestment.

In 1985, at the height of Mexico's economic downturn, he bought Empresas, the only state-owned monopoly mining and chemical company producing gold, silver, copper and other non-ferrous metals, for $50 million.

Master of Telecommunications

In the early 90s, Carlos Slim significantly increased his capital. Mexico privatizes its telecommunications industry and Grupo Carso acquires Telmex from the Mexican government. Then there was a major deal with the acquisition of a controlling stake from the Porcelanite company. Gradually, Grupo Carso is gaining momentum, and from a company known only to Latin America is growing into a global brand. The further chronology of events is also impressive:

America is ahead!

In 1999, Carlos Slim's gaze turns towards the United States of America. Expanding his business interests beyond Latin America, the billionaire is targeting overseas investments from his northern neighbor. Soon, Carlos Slim achieves some success and becomes a prominent figure on the American business scene.

In 2002, the famous Forbes magazine included him in the list of billionaires, estimating Carlos Slim's total fortune at $11 billion. Since 2003, he has managed to buy large blocks of shares in a number of large American retailers. In 2006, behind only Warren Buffett and Bill Gates, Carlos Slim came in third place with a capital of $30 billion.

Within a year, Carlos becomes the richest man on earth. Today his fortune is estimated at $81.5 billion, which allows him to maintain the world championship among the world's moneybags.

Personal life

The billionaire was happily married for 32 years. His only love was Soumai Domit Gemayel, a girl of Lebanese origin and cousin of the former President of Lebanon. The wife has been involved in charity work all her life. The main idea of her life was to create a legal framework for organ donation, a project that was financed by Carlos Slim. Family meant a lot to the Mexican tycoon.

He believed that a successful marriage makes a person strong and independent, just like money. Unfortunately, everything has an end. In 1999, his wife passed away; in the same year, Carlos Slim underwent complex heart surgery to bypass the coronary vessels. The main thing that Sumaya Domit Gemayel and Carlos Slim managed to do in this life were their children: Carlos, Marco Antonio, Patrick, Sumaya, Vanessa and Johanna.

Slim's fortune gave birth to a business empire in the family. Today, the company's shares are acquired not only on behalf of Carlos Slim, but also from his children. His three eldest sons hold key positions in the Carso group of companies.

There are no computers in Carlos Slim's office. He stores all his financial data in paper form. The Mexican tycoon's business empire has grown to such an extent that Carlos himself jokingly says that he does not know what he now owns.

Real estate

Where does Carlos Slim live and what does he own? The home of the Mexican billionaire is located in Lomas de Chapultepec, one of the most prestigious areas of modern Mexico City. The modest home, built forty years ago, is located near the place where Carlos spent his childhood and youth.

In addition, over the years he acquired:

the former New York Times building on West 43rd Street;
11-story building on First Avenue in New York;
10-story building at the corner of Wilshere and Santa Monica Boulevard;
two mansions in Detroit;
mansion on 5th Avenue in New York, with a total area of 20 thousand square meters.

Carlos's main real estate is located in the United States of America. In May 2014, K. Slim presented to the world community his own aquarium, Inbursa, the largest in Latin America.

Charity

Slim has always been ironic about philanthropy, criticizing Warren Buffett and Bill Gates for their annual 5 percent contributions to various charitable foundations.

He said: “I am not God or Santa Claus, so that by helping the poor I can solve their problems.” Everything changed in 1999, when his beloved wife died, and Carlos himself found himself on the border between life and death. After a successful coronary bypass operation, Carlos Slim said: “I finally realized that after death I will not be able to take my billions with me.”

Today, Carlos Slim's fund has $4 billion in its account. Slim's foundation donated $100 million to the national Laptop for a Child program. The charity's idea is to provide every schoolchild in Mexico with a personal computer. Carlos also responded to the idea of US President Bill Clinton to combat poverty in Latin American countries.

Recognition of merit

Carlos Slim's long entrepreneurial career has not gone unnoticed:

1985 Entrepreneurial Medal of Honor from the Mexican Chamber of Commerce and Industry.
1991 "Golden Patron" from the American Academy of Achievement.
1998 Order of Leopold II from the Belgian government.
2003-2004. "Best CEO" badge from a Latin trade magazine.
2008 National Order of the Cedar from the Lebanese government.
2011. The Hispanic Society of America awards Carlos Slim the Sorolla Medal for his contributions to art and culture.
year 2012. "Honorary Doctor" from George Washington University (USA).

Tips from a tycoon

The whole world knows the Mexican billionaire as the author of unique aphorisms and sayings. Quotes from Carlos Slim:

Success in personal life makes a person stronger.
Many people change the world for the better for their children, but I, on the contrary, change my children for the better so that they change the world.
Wealth is a blooming garden, where you need to share not the trees, but its fruits.
Try not to make small mistakes anymore.
If you depend on the opinions of competitors, then you are dead.
To foresee the future, you need to know the past.

It is difficult to disagree with these aphorisms, especially knowing who said them.

Oligarch Carlos Slim Helu, having combined his diverse assets into the holding company Grupo Carso, not only became the most famous and influential person in Mexico, but also entered the world ranking of billionaires in 2002. Displacing the Americans from the TOP places, he took 1st place in the Forbes ranking for 4 years. Despite the partial depreciation of assets and losses amounting to billions, he was able to stay in the top ten and continue his investment and philanthropic activities.

Dossier:

FULL NAME: Carlos Slim Helu (Spanish: Carlos Slim Helú)
Date of Birth: January 28, 1940
Education: National University of Mexico, civil engineer
Date of start of business activity/age: 1952/12 years
Type of activity at start: investment activity, acquisition of shares of a Mexican bank
Current activity: communications industry, holding company Grupo Carso
Current state:$68.2 billion (August 2017, author)
Link to official website: http://www.carlosslim.com

For most Mexicans, the success story of Carlos Slim Helu is akin to a fairy-tale legend in which the main character, being the fifth child in a large family of Lebanese emigrants, mystically topped the Forbes list.

Carlos Slim Helu managed to earn his first million at the age of 17. And this was not the result of a happy accident, but of incredible hard work, determination and devotion to the ideals instilled by his father. Having an incredible entrepreneurial flair, phenomenal memory and loyalty not only to his business, but also to his family, the businessman confidently opened the “doors to success” in various fields of activity.

His fabulous fortune was built up brick by brick: mining and chemical industry enterprises, hotel and insurance businesses, companies related to construction and trade formed the basis of the Grupo Carso holding group.

“My goal is not money. I strive to create successful companies with a close-knit team,” - K. Slim Elu

A decisive role both in the formation of a multi-billion dollar fortune and in the devaluation of Carlos Slim Helu’s business was played by telecommunications companies, which became his property, despite the entrepreneur’s dislike of computer and digital technologies.

And even being the richest man in the world, the billionaire did not strive for public fame, not wanting to discuss the milestones of his biography and not being interested in the opinions of others.

“I don't care about my reputation. If you live in other people's thoughts, you are dead. I don’t want to live the rest of my life worrying about what my descendants will say about me,” - K. Slim Elu

But his devotion to family traditions, generous philanthropy and views on work schedules and retirement age continue to shock and delight.

Despite his advanced age and heart surgery, the Mexican oligarch remains at the helm of his financial empire and firmly holds a position in the top 10 Forbes.

Table 1. Carlos Slim Helu in the Forbes world ranking

		Wealth, billion $











August 2017

Source: forbes.com

Children's financial literacy is the foundation of a billion-dollar fortune

Little Carlos was looking forward to Friday, carefully counting the numbers in his notebook. After all, the evening in the large family of Julian Slim, a Lebanese refugee who successfully settled in Mexico in 1902, was usually devoted to literacy lessons.

The three sons told their father in detail about their expenses and income, drew conclusions and learned to analyze, carefully listening to the mentor’s recommendations.

"I still ask a lot of questions" - K. Slim Elu

By the time his fifth child, Carlos, was born in 1940, Julian was already firmly on his feet, owning his own supermarket and commercial real estate in Mexico City, acquired in the 20s. Hiding from conscription into the Ottoman army, he was forced to flee his native land. In Mexico, the father of the future billionaire, given his nationality, was forced to look for ways to support his family. Starting from the founding of a grocery store, he was later able to engage in real estate business, strengthen his position in trade and become a fairly influential person in the Mexican economy.

“Expats have to work very hard, but they are very strong inside. They must be strong. I admire emigrants from anywhere in the world." - K. Slim Elu

Well aware of the consequences of revolutions and crises, Julian began to involve children in work from early childhood. Without saving on “pocket expenses,” he demanded detailed reports from them.

The grains of knowledge thrown into the fertile soil gave early and strong shoots. Carlos understood perfectly well that there was no point in hoping for an inheritance in such a large family. And while still a child, he began to act. It remains a mystery how a 12-year-old child was able to independently open an account and invest his own money in shares of Banco National de Mexico. Most likely, the deal was supervised by the father-entrepreneur. But a year later, the boy was left alone with his business ideas, his father’s inheritance and his wealth of financial knowledge.

Continuing to invest money on the stock exchange, by the age of 17 the guy managed to earn his first million.

You need to be proud of yourself when you have already achieved something. When you have just started doing something, this is not a reason to be proud. Show the result” - K. Slim Helu

Financial success did not go to the head of the young self-taught entrepreneur. He enters the National University of Mexico. However, he does not spend a single cent of the money earned on stock exchange games on his studies. To pay for his education, Carlos begins teaching algebra and linear programming in parallel streams.

Time to collect stones - how Carlos's business empire was built

Having received a diploma in civil engineering in 1961, he stopped teaching and devoted his life to trading on the stock exchange. But in the future he will be happy to teach his sons.

Already in those years, the construction of a future business empire began, which was based on fundamental elements, in particular on exploitation:

the needs of the poor;
subsoil;
political connections.

“In business you need to be flexible” - K. Slim Elu

For the benefit of the people

In 1965, thanks to his work as a stock broker, he acquired his first industrial companies, which allowed him to increase his own capital to $40 million. In the same year, he established his investment fund Carso Group, giving the company a name by combining the beginning of his name and the name of his wife Soumaya.

In 1966, he opens a real estate agency and increases his wealth to $55 million.

“My idea is simple: reinvest, reinvest, reinvest” - K. Slim Elu

And he invests all accumulated funds in:

own insurance company;
Sanborns retail chain;
hotels.

It literally saturates the market with goods and services available to low-income Mexicans.

Crisis is a platform for takeoff

The financial crisis of the 80s in Mexico, associated with the declared default, caused the ruin of many domestic companies and the outflow of investors.

“Don't look at others, act in your own way. When the crisis began and everyone was selling their assets, I bought them. Perhaps someone then considered me a fool, but where are they now, and where am I? - K. Slim Elu

He massively buys companies that he considers attractive for next to nothing.

The businessman's interests also include mining enterprises, which later formed the basis of the new successful Frisco corporation, which became the industry leader in Mexico.

Friendship with those in power

By the mid-80s, Slim's position and influence on the economy became so strong that in certain circles Mexico began to be called "Slimland".

“I think that businessmen and entrepreneurs have more experience in managing resources and it is easier for us to solve problems than politicians,” - K. Slim Elu

It is not surprising that like-minded people unite around him when he establishes the association of industrialists “Libre Empresa SA” in Mexico, in which government structures are primarily interested.

He refuses a political career, but finances the PRI party, which became the reason for the beginning of a friendship with Carlos Salinas de Gortari, President of Mexico 1988 - 1994.

In the future, these relationships will open the door to the communications market for the enterprising Slim.

Telecommunications business

The first step in the field of communications was an open tender in 1900 during the privatization of state property, where Slim was able to acquire the telecommunications company Telefonos de Mexico. The deal caused a public outcry, as the corporation practically received a monopoly on managing government telecommunications for the next 7 years.

But the proceedings were hushed up, which was due, as it turned out later, to Carlos’s close cooperation with the president of the country.

Despite the advancement in the field of communications, until a certain time the millionaire avoided computer technology, experiencing an almost pathological fear of it.

“I spend most of my time learning new technologies. I need to know what’s going on in the world and how I can make money from it,” - K. Slim Elu

But he started studying computer technology only after his sons gave him a laptop as a gift.

He became obsessed with the idea of expanding his business in this direction and did everything to acquire assets not only in Mexico, but also in other Latin American countries and in the USA.

Carlos becomes the owner:

Condumex, which produces telecommunications equipment;
Prodigy - the first Mexican provider;
American companies involved in fiber-optic networks and cellular telephony;
co-owner of Network Access Solutions - a well-known provider;
Latin American branch of AT
small telecommunications companies in Latin America.

Together with SBC Communications, he opens America Movil, which becomes a full-fledged wireless network operator.

As a result, his fortune in 2002 reaches $11 billion, which provides the billionaire with a place in the Forbes ranking. In just 4 years, capitalization increases 3 times - the Mexican oligarch gets into the top three, competing with Warren Buffett and Bill Gates.

During 2010 - 2013. The billionaire holds the position of the richest person in the world.

The rich cry too...

In 2014, Carlos Slim has a fortune of $72 billion, but he still cedes the top rung to Bill Gates.

The year 2016 became critical for the oligarch, when his wealth sharply decreased by a third. This was influenced by a number of events:

antitrust government reform, as a result of which shares of the America Movil concern fell by 18%;
recession in Brazil, Slim's second largest market;
diversion of funds to establish the oil company Carso Oil
loss of $868 million in the stock market crisis of early 2016

As a result, the fortune of the richest billionaire fell to $50 billion, and his position in the Forbes ranking dropped to 4th place.

“Whatever team you create, always make sure that there are no pessimists in it. They are the killers of all ideas, proposals and initiatives. All my life I have been sick with optimism, and this is the only thing that did not allow me to drown in a sea of failures,” - K. Slim Elu

Ownership of diverse assets allows a far-sighted businessman not only to stay afloat, but also to get out of crisis situations almost painlessly. And expanding activities in strategically important areas, for example, the oil industry, will achieve even greater success.

“Unshakable and calm optimism always bears fruit” - K. Slim Elu

Patronage

The statements of one of today's largest philanthropists regarding charity were categorical until a certain time.

“I love doing charity work. But if the country is in deep poverty, charity alone cannot help. To bring people above the poverty line, first of all, it is necessary to create stable jobs.”

And yet the tycoon, through his charitable foundation:

finances various social and medical programs;
sponsors youth and educational projects;
improves the center of Mexico City.

He made his passion for collecting rare things and art objects the property of ordinary people, opening a museum in her name after the death of his wife Soumaya.

For more information about the businessman’s philanthropic activities, watch the video:

Family

“A businessman cannot do only business. You must have more interests. Life offers many opportunities to know, to learn, to feel, to live." - K. Slim Emu

Carlos inherited the recipe for family happiness from his parents. Everyone's responsibility to the rest of the family is the Slims' basic philosophy. It was the love of family and its traditions that the caring father instilled in his six children.

By the way, none of the billionaire’s children received an elite education, but all of them actively take part in their father’s business.

Many people want to change the world for the better for their children. I want to change my children so that they can serve the world.

Currently, it is the sons who have become the backbone of the family business:

eldest son Carlos is chairman of the board of the telecommunications holding, Telmex, and the venture capital company America Telecom;
Patrick runs America Movil;
Marco Antonio heads Grupo Financiero Inbursa.

Slim Sr. himself remains the honorary president of the entire empire and always has his finger on the pulse, despite his advanced age, and considers himself a fairly successful person.

“I think success is not about earning money, owning a company, or being outstandingly professional. Success is your life. Success is your family, your friends. From this point of view, I consider myself very successful” - K. Slim Emu.