USA: Mexican tycoon Carlos Slim retains his position atop Forbes magazine's annual list of the world's billionaires, with an estimated worth of $69 billion (USD)
Record ID:
858072
USA: Mexican tycoon Carlos Slim retains his position atop Forbes magazine's annual list of the world's billionaires, with an estimated worth of $69 billion (USD)
- Title: USA: Mexican tycoon Carlos Slim retains his position atop Forbes magazine's annual list of the world's billionaires, with an estimated worth of $69 billion (USD)
- Date: 8th March 2012
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (FILE - MAY 6, 2011) (REUTERS) VARIOUS OF CARLOS SLIM, PRESIDENT OF FUNDACION CARLOS SLIM, POSING FOR PHOTOGRAPHS WITH HERALDO MUNOZ, UNITED NATIONS ASSISTANT SECRETARY GENERAL SLIM ADDRESSING REPORTERS DAVOS, SWITZERLAND (FILE - JANUARY 26, 2012) (REUTERS) BILL GATES, CHAIRMAN OF BILL AND MELINDA GATES FOUNDATION, WALKING UP TO FORMER JAPANESE PRIME MINISTER NAOTO KAN AND SHAKING HANDS, SITTING FOR NEWS CONFERENCE GATES SITTING DOWN GATES ADDRESSING REPORTERS
- Embargoed: 23rd March 2012 12:00
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- Location: Usa, Usa
- City:
- Country: USA
- Topics: People
- Reuters ID: LVABVUOON2K04DCZL51AM86L30AL
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- Story Text: Mexican tycoon Carlos Slim managed to hold on to his position atop Forbes magazine's annual list of the world's billionaires, with the much-awaited list released on Wednesday (March 7th).
Slim's wealth is pegged at an estimated $69 billion (USD), placing him ahead of Bill Gates at $61 billion (USD) and Warren Buffett at $44 billion (USD).
The 72-year-old has taken the top spot for three years in a row, largely based on assets from his telecommunications empire.
Slim made much of his money as a telecommunications magnate who has expanded into retail, finance, commodities and energy. In recent years he has taken larger stakes abroad, owning parts of department store operator Saks Inc, publisher New York Times Co. and money manager BlackRock Inc. In June he sold his stake in oil services company Bronco Drilling for a tidy profit.
Luisa Kroll, Forbes Senior Wealth Editor pointed out that Gates did manage to narrow the gap with Slim this year after the latter's estimated net worth fell from $74 billion (USD) to $69 billion (USD). Forbes estimated Gates' net worth rose from $56 billion (USD) to $61 billion (USD).
"He (Carlos Slim) dominates his country's economy in a way that no American does. He made the bulk of his fortune from privatizing the telecom industry in Mexico. His company grew, Telmex, his stake in that alone is now worth thirty nine billion dollars. He is worth sixty nine billion dollars. That's actually down five billion from seventy four billion a year ago. There has been some discussions about some loosening up of his monopoly there that's been weighing a bit on it. But he's still handily holds own to the top spot. Bill Gates is no. 2 at sixty one billion, so there's still a eight billion dollar gap between the two," she said.
The United States again led the list with 425 billionaires. Russia overtook mainland China for the No. 2 spot, with 96 billionaires compared with mainland China's 95. Moscow led all cities with 78 billionaires, followed by New York at 58 and London at 39.
Kroll said that the overall tenor of the 2012 list was "churn and burn" and that there were some volatile changes.
"They were 1,210 billionaires last year, 1,226 this year, that's only a net gain of sixteen. But it's a much more complicated story. There were 128 newcomers, a 117 who dropped off, another 12 who died. So there were a lot of new faces and a lot of other ones who were gone," she said.
This year's list, in the magazine's 25th annual issue on the world's wealthiest people, included a record 1,226 entrants who sat atop average fortunes of $3.7 billion (USD). - Copyright Holder: FILE REUTERS (CAN SELL)
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