Latin America's richest man added more than $6 billion to his fortune this year. He sold off his stakes in MCI and Altria and used the proceeds to up his holding in Saks Inc; in his fixed line operator, Telmex; and in America Movil, his flagship wireless telecom outfit. The latest was a particularly smart move as America Movil's stock has almost doubled in the past year. He also owns 71% of a new public company, Impulsora del Desarollo Economico de America Latina, which he spun off from financial services giant Grupo Financiero Inbursa. Inbursa also invested in a start-up budget airline called Volaris. An art collector, Slim houses his Rodin sculptures in Mexico City's Museo Soumaya, the museum he funded and named after his late wife. His Grupo Carso is reportedly a combination of his first name and his late wife's.
According to the Guardian's story, one of the reasons given for Bill Gates falling to second place is that he is rapidly becoming as well known for giving his money away as he is for accumulating it. I would say that the wealth that Carlos Slim has accumulated is spread over a diversified portfolio, and his management of his holdings indicate that he is a careful and timely investor, apparently paying close attention to market conditions. Carlos Slim did inherit some of his fortune, and undoubtedly is thinking of his 6 children, most likely wanting to make it possible for them to continue the investment empire that he has developed. One would wonder if Bill Gates losing the top spot in the Forbes list has anything to do with the lackluster sales and performance of the long awaited Windows Vista operating system, a key Microsoft product, or due to the fact that the Gates Foundation is simply giving away more money than Mr. Gates holdings in Microsoft can generate revenue."
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