How does carlos slim spend his money

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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. Early Life. A Wide Reach. Not Just Mexico. Turnaround Specialist. Carlos Slim Corners the Market. Notable Real Estate. Slim's Fortune: The Bottom Line. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.

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Investopedia is part of the Dotdash publishing family. Founded in , Telmex is a company based in Mexico. It provides telecommunication products and services.

Carlos, along with a few investors, bought the company from the Mexican government in They found America Movil in The company combined Telmex, Telcel, and some other companies into America Movil.

Carlos generated most of his wealth from this company. It is included in the Forbes global company and considered as one of the largest corporations in the world. Cigarros la Tabacalera Mexicana, Cigatam, was founded in Carlos Slim held a Carlos Slim Helu — Mexico's wealthiest man — is one of the richest self-made billionaires in the world. Slim's influence is far-reaching in Mexico and abroad.

But, considering he's involved in hundreds of companies in Mexico , which is also known as "Slimlandia," Slim flies under the radar more than you might expect. Despite his wealth, Slim lives a relatively frugal lifestyle; he's lived in the same six-bedroom house for more than 40 years. Bloomberg's Billionaire Index ranks him at No. And in March , Bloomberg reported that no other billionaire had lost more money than Slim during Trump's presidency, which the publication attributed partially to the president's "tough talk" on Mexico.

The coronavirus pandemic has taken yet another toll on the Mexican billionaire's wealth. These interests are controlled through the family business : infrastructure, construction, and energy conglomerate Grupo Carso. Source : Bloomberg. His father taught him to read financial documents and invest at a young age. Source : Wealth-X.

Soon after, he founded his first company , Inversora Bursatil, an insurance company. Slim spent much of the '60s, '70s, and '80s building a diverse portfolio that now dominates the Mexican economy. In particular, he took advantage of the Mexican debt crisis in in order to purchase many deflated companies. Slim saw the dea l as a business venture, rather than a foray into journalism.

The previous year, he saw his first big success when Grupo Carso went public and led the privatization of state phone company Telmex, per Forbes. Though Gates is once again richer than Slim and Jeff Bezos reigns as the world's richest person, Slim is the wealthiest person in Mexico by far. His bank, Inbursa, is Mexico's.

Source: The Guardian. Source : Business Insider. But the billionaire doesn't let criticism bother him: " When you live for others' opinions , you are dead," he said. His wealth has granted him political influence to the extent that, for the most part, t he Mexican government turns a blind eye to the dominance he has over the telecom industry.

Most of his money goes towards further investments in business or philanthropy, though he does reportedly have a set of hand-carved and blown Baccarat wine glasses that were owned by the previous president of Mexico. Tim Padgett, who interviewed Slim for Time magazine, said, "Just by looking at him, you would never know he is a billionaire. Source : Business Insider , Bloomberg , Curbed. But in , it was taken off the market with no sale recorded.

She passed away in due to renal failure. The couple has six children, who will inherit Slim's empire.