Winds of change from the developing world may be sweeping new contenders into the highest reaches of the megawealthy but so much about the first non-American in 16 years to become the globe's richest man seems reassuringly familiar. Carlos Slim Helu is portly and his idea of winding down at home with the family used to be sitting his teenage sons down for an economics lesson.
The 70-year-old Mexican's path to an estimated £35.8 billion (Dh199.8 billion) fortune is resolutely "old school", too — buy companies cheap, turn them around and then ruthlessly drive the competition out of the market. Recently, Slim was named by Forbes magazine as the world's richest person, ousting Bill Gates.
He has been compared to the American "robber barons" of the 1890s, only all of them — Rockefeller, Carnegie and J.P. Morgan — rolled into one. For even John D. Rockefeller's grip on the oil industry does not come close to matching the monopolistic power that Slim exercises over his fellow Mexicans and others. Whether he is making a phone call, buying coffee, going out in the car or using a cash machine, it is unlikely the average Mexican can avoid patronising a Slim-owned business and contributing to the £19.7 million (Dh110.2 million) he is estimated to earn each day.
Slimlandia
Through a sprawling empire of more than 200 companies — he has "lost count" exactly how many — which encompass banking, retail, airlines, mining, printing, construction, restaurants and particularly telecoms, he has developed an economic stranglehold on his native country so vice-like that a new word — Slimlandia — had to be created to describe it. A modest lifestyle is often mistaken for a disregard for money, when it is, in fact, a healthy regard for conserving the stuff. Although he claims not to care about rich lists, the king of Slimlandia, who likes to wear a cheap plastic watch that doubles as a calculator, is certainly parsimonious. The son of a poor Lebanese immigrant, he still keeps the ledgers in which his father made him note down his management of his weekly pocket money. He still prefers paper and pen, does not use a computer and insists that advisers confine their briefings to one sheet of paper. His indulgences are also understated — he likes to stay up late reading history books, particularly about Genghis Khan. His Mexico City home has just six bedrooms and a small swimming pool, even if it is filled with art by Renoir, Van Gogh, Rivera and his favourite, Rodin.
His three grown-up sons are increasingly taking a prominent role in the family empire, especially after Slim had heart surgery 13 years ago. Slim — whose wife, Soumaya, died from kidney disease in 1999 — meets them, along with his two sons-in-law, every Monday for a meal at his house, where they discuss business.
Homegrown children
In keeping with his homespun image, the boys went to Mexican colleges and then learnt on the job. Slim was investing in government saving bonds by the time he was 11; by 15, he had bought a small shareholding in Mexico's biggest bank. He was worth £26.2 million (Dh146.4 million) by the time he was 26 but really struck gold during Mexico's 1982 recession when he was able to hoover up businesses at knock-down prices. In 1990, he received his second big break when Mexico privatised its national telecoms company, Telmex, and Slim snatched it up.
Slim, £12.1 billion (Dh67.6 billion) up on the year according to Forbes, is unmoved by the swings of his and his fellow multibillionaires' outrageous fortunes. As he observed recently: "It's not a competition."
Top ten rich list
1. Carlos Slim Helu (£35.7 billion or Dh199.5 billion)
Telecoms; Mexico
Tycoon who pounced on privatisation of Mexico’s national telephone company in the 1990s becomes world’s richest person
2. Bill Gates (£35.4 billion or Dh197.8 billion)
Microsoft; US
More than 60 per cent of fortune held outside Microsoft, including Televisa and Auto Nation
3. Warren Buffett (£31.3 billion or Dh174.9 billion)
Investments; US
Invested £3.3 billion (Dh18.4 billion) in Goldman Sachs and £2 billion (Dh11 billion) in General Electric amid 2008 market collapse
4. Mukesh Ambani (£19.3 billion or Dh107.8 billion)
Petrochemicals, oil and gas; India
His Reliance Industries, bid £1.3 billion (Dh7.2 billion) for 65 per cent stake in Value Creations
5. Lakshmi Mittal (£19.1 billion or Dh106.7 billion)
Steel; India
London’s richest resident oversees ArcelorMittal, world’s largest steel maker. Net profits fell 75 per cent in 2009
6. Lawrence Ellison (£18.7 billion or Dh104.4 billion)
Oracle; US
Has bought 57 companies in the past five years Completed £5-billion (Dh27.9-billion) buyout of Sun Microsystems in January
7. Bernard Arnault (£18.3 billion or Dh102.2 billion)
Luxury goods; France
The richest European, thanks to shares of his luxury goods outfit LVMH — maker of Louis Vuitton, Moet & Chandon — surging 57 per cent
8. Eike Batista (£18.2 billion or Dh101.6 billion)
Mining, oil; Brazil
This year’s biggest gainer added £13 billion (Dh72.6 billion) to his personal balance sheet
9. Amancio Ortega (£16.6 billion or Dh92.7 billion)
Fashion retail; Spain
Owns Inditex, a fashion firm, which operates under brand names including Zara, Massimo Dutti and Stradivarius
10. Karl Albrecht (£15.7 billion or Dh7.7 billion)
Supermarkets; Germany
Owns discount supermarket giant Aldi Sud, one of Europe’s largest stores. Estimated sales: £24.7 billion (Dh137.9 billion)
Source: www.thisismoney.co.uk
