Forbes - Mexican Billionaire Carlos Slim Is Biggest Winner Amid Tariff Rout
On a day when global stock indices fell due to President Trump's new tariffs, Carlos Slim, Latin America's richest person, saw his fortune increase by $2.1 billion, making him the biggest billionaire gainer globally. Slim's wealth, now estimated at $84.3 billion, grew primarily due to gains in his major holdings, America Mobile and Grupo Carso. Despite the tariffs affecting many countries, Mexico was not subject to additional tariffs, which positively impacted Slim's investments. Analysts suggest that Mexico's economic position relative to the tariffs could strengthen its partnership with the US and potentially boost nearshoring opportunities in Mexico.
Key Points:
- Carlos Slim's fortune rose by $2.1 billion, reaching $84.3 billion.
- Global stock indices fell due to Trump's tariffs, but Mexico was not affected.
- Slim's major holdings, America Mobile and Grupo Carso, saw significant gains.
- Mexico's economic position may strengthen US partnership and nearshoring.
- Slim was once the world's richest person, now ranked 19th.
Details:
1. 📉 Global Market Slump vs. Slim's Surge
- On a day when stock indices in multiple countries tumbled due to President Donald Trump's new tariffs, Carlos Slim Helu, Latin America's richest person, increased his fortune by $2.1 billion.
- Carlos Slim became the biggest billionaire gainer globally on that day, reaching a net worth of $84.3 billion according to Forbes.
2. 📈 Carlos Slim: From Telecom to Billionaire Titan
- Carlos Slim, a descendant of Lebanese immigrants to Mexico, strategically built his fortune over six decades by investing in diverse sectors such as mining, retailing, infrastructure, and heavy industry.
- In 1990, Slim's conglomerate, Grupo Carso, led a $1.8 billion privatization of Mexico's state-owned telecom company, Telmex, in partnership with France Telecom and Southwestern Bell, now part of AT&T, demonstrating his strategic investment approach.
- By 2011, Telmex evolved into América Móvil, which significantly expanded Telmex's former cellular operations, showcasing Slim's ability to grow and transform his business ventures into global successes.
- Slim's impact on the Mexican economy is profound, as his investments in telecommunications have modernized the industry, increased accessibility, and generated substantial employment opportunities.
- His strategic investment methods, such as acquiring undervalued companies and expanding them, have been pivotal to his success, setting a benchmark in the business world.
3. 🔝 Slim's Past Glory: Competing with the Elite
- Carlos Slim, at age 85, was once ranked as the world's richest person according to Forbes's World Billionaires list.
- He maintained the top spot for 4 consecutive years from 2010 to 2013.
- His fortune has since been surpassed by Bill Gates, Jeff Bezos, and currently Elon Musk.
4. 🌍 Trump's Tariffs: Unintended Mexican Advantage
4.1. Impact on Financial Markets
4.2. Mexico's Strategic Position
5. 📊 Mexico's Economic Edge: Slim's Strategic Gains
- Carlos Slim's fortune experienced a significant boost due to strategic gains in America Mobile and an industrial conglomerate group.
- Analyst Alejandro Gayostra highlighted a positive macroeconomic impact of tariffs on Mexico, indicating the country's continued importance as a key partner for the US.
- There is a strong potential for reigniting nearshoring in Mexico, potentially leading to strategic economic benefits.
- The synergy between Slim's business gains and the macroeconomic environment suggests a combined positive outlook for Mexico's economic landscape.