The world’s second richest man

I must be getting out of touch with the global business world. I really didnt know much about the world’s second richest person when the latest listings were published by Forbes Magazine this week.

The man in question is Carlos Slim.

Mexican tycoon Carlos Slim was a close second place to Warren Buffett in the Forbes List, with a $60bn fortune.

The Guardian reports how Slim is known for his fondness for cigars and that his Latin American investments have soared in value over the last few years. His companies provide 90% of Mexico’s telephone lines, and 80% of the country’s mobile phones.

Slim’s surging fortune has been helped by growth in the value of shares in America Movil, Latin America’s largest mobile phone company, in which Slim holds a 33% stake.

He also owns the Inbursa financial group and the Grupo Carso industrial conglomerate, whose interests range from retail stores to restaurants.

A brief profile of Carlos Slim provides further insights into how he made his fortune:

During the Latin American economic crisis of the early 1980s, Mr Slim made a name for himself - and substantial profits - by buying a number of struggling companies at very low prices before transforming their fortunes.

And in 1990, he oversaw the privatisation and overhaul of Telefonos de Mexico (Telemex) - the state telephone company.

Like Mr Buffett, Mr Slim has done some canny deals in the stock market - not least, buying shares in Apple when they were $17 dollars each. They are now worth well over $100.

So now i know!