Mexico’s richest man, Carlos Slim, has achieved a major milestone at 83 years old. His fortune has surpassed $100 billion for the first time in his life, thanks in part to the recent rise of the Mexican peso against the dollar.
According to the Bloomberg Billionaires Index, Slim has earned about $27 billion in 2023, taking advantage of the currency’s 14% increase. This has solidified his position as the eighth wealthiest person in the world, as ranked by Forbes magazine.
The telecommunications magnate’s wealth comes from various multinational companies, with América Móvil being the main contributor. Grupo Carso, a conglomerate of commercial, industrial, communication, and consumer companies, has also seen a significant rise in its shares, further contributing to Slim’s fortune.
In addition to his existing businesses, Slim has expanded his portfolio by acquiring a 49.9% stake in Zama, an oil company operating in the Gulf of Mexico, and selling a 25% stake in Spanish company FCC to Canadian pension operator CPPIB.
Although telecommunications remains Slim’s favorite sector, he has diversified into construction, finance, and mining. In Spain, he holds significant shares in FCC, Realia, and PRISA, the publishing group of the newspaper El País.
Aside from his business ventures, Slim also wields significant political influence in Mexico, thanks to his close relationship with President Andrés Manuel López Obrador. This influence has led to the Mexican state becoming one of his clients for public works and disaster management.
Slim’s rise to fortune began in the 1990s when he acquired Telmex, the state telecommunications company privatized by then-President Carlos Salinas de Gortari. The company, now part of América Móvil, has since become one of the world‘s most important telecommunications companies.
With his wealth and influence, Slim continues to be a major figure in both the business and political spheres, cementing his status as one of the most powerful and influential individuals in Latin America.