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February 03, 2022

Carlos Slim continues to slam Buffett, Gates on markets

Let’s get all the stereotypes out in the open: when you think wealthy Latin American, you think drug kingpin. Of course you do; it’s what movies have told us to believe, time and again.

Istockphoto_12304245-3d-mexican-flag Yet perhaps the latest shuffling among the world’s top power brokers will change our unfair perceptions, once and for all.

Because Carlos Slim, the self-made Mexican tycoon, is blowing the rest of the world’s billionaires out of the water.

According to a report released this week by Bloomberg, mining and communications giant Slim has outgained the Western world’s more famous billionaires on the stock market for the second straight year.

Slim’s publicly disclosed holdings spiked about 37 per cent in 2010, boosting his fortune to a staggering US$70 billion. The other top fat cats – Berkshire Hathaway boss Warren Buffett (22 per cent gains) and Microsoft founder Bill Gates (a slight loss, Bloomberg’s data says) – couldn’t keep pace last year.

What Slim’s ascension among the top billionaire rankings says about his business chops may also reflect how the world may be viewing Mexico as an investment hub.

Indeed, Slim leapfrogged both Buffett and Gates last year to become Forbes’ richest man in the world, and his second-straight year of whopping growth is doing no disservice to his home country. Where once other population-rich nations appeared to be the next big thing in investment circles, Mexico has quietly positioned itself quite nicely among them.

“Slim is in for a very good year,” Walter Molano, head of research at BCP Securities Inc., told Bloomberg about 2011. “With China overheating, and clearly Brazil looking like a very crowded trade, people are starting to look at Mexico as an alternative.”

Mexico will be “the emerging market of 2011,” Molano added.

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...