__________________________________________________ _________________________________________
Carlos Slim's Embarrassment of Riches
Wednesday, Jul. 11, 2007
By TIM PADGETT
Carlos Slim isn't just Mexico's richest man — he possesses an astronomical 8% of the country's GDP. So it's not surprising that Eduardo Garcia, one of Mexico's most respected business journalists and the editor-founder of the online financial publication Sentido Comun (Common Sense), last year started a quarterly feature called Slim Watch. It tracks the telecom baron's swelling fortune as well as his companies' alleged monopolistic practices. And this month Slim Watch claims to make it official: Slim, 67, has now passed Microsoft founder Bill Gates as the world's richest man.
Earlier this year, Forbes Magazine reported that Slim, at $53 billion, had surpassed investment guru Warren Buffett as No. 2, but still behind Gates and his $56 billion. Since then, however, the rising value of stock in Slim-controlled giants like Telmex, Mexico's largest telephone company, America Movil, Latin America's largest cell phone company, as well as numerous other holdings — from retail to offshore drilling rigs — have raised Slim's wealth to almost $63 billion, Garcia reports. "My numbers are much higher than Forbes'," Garcia concedes, adding that he would also put Gates' current fortune at $59 billion. "But based on what is publicly traded in Mexico, I'm certain this is an accurate calculation [of Slim's wealth]." Forbes has not yet said if it will revise its list as a result of Garcia's report.
full story