Tuesday, June 15

Why Carlos Slim stopped being the richest man in the world

Despite his millions, Carlos Slim is characterized by leading a discreet life.

Yuri Cortez / Getty Images

Carlos Slim topped Forbes’ list of the richest men for several years, However, despite the fact that he is still a millionaire, today there is not even the Top Ten of the famous ranking.

Carlos Slim Helú, of Lebanese descent, is the richest man in Mexico with a fortune of around $ 70.3 billion, according to Forbes.

Today the Mexican businessman occupies the position number 15 in the famous list of the wealthy, but 12 years he stayed in the Top 5 and for four years he was the richest man in the world.

In 2010, he also known as King Midas, unseated the fortune of Microsoft co-founder Bill Gates, with whom he disputed the first places in the ranking until 2014, when there was a jump in the shares of the American’s company.

But what has to happen for a person who took over the position for a long time today is far from Bernard Arnault, French of the fashion industry who together with his family occupy today the distinguished leadership with a fortune of $ 192,000 million dollars.

Some analysts comment that the Mexican businessman ceased to be the richest personality on the planet due to the telecommunications reform that was approved in Mexico in 2014.

The modification in the rules allowed the opening and arrival of new foreign companies to offer services that, Until then, Carlos Slim provided through his companies without facing competition.

The Federal Telecommunications Institute (IFT) declared América Móvil preponderant in Mexico, forcing it to share infrastructure with its competitors and imposed interconnection rates.

Before opening to new companies, its companies América Móvil and Telmex dominated the mobile and fixed telephony market in Mexico., respectively.

According to some experts, so that Slim could stay at the top of the rankingIt should have invested large amounts of money in terms of technology coverage, as well as offering better services to expand its client portfolio.

Another major blow was the incursion into the market of the American AT&T, which in 2014 bought the shares of the companies Nextel and Iusacell, and that it began to offer data packages at much more accessible prices than those offered by Telcel, also owned by Carlos Slim.

The businessman has a large conglomerate of companies of other kinds. In 2012, his mining company Frisco recorded significant losses during the last quarter of 2012, as well as his financial services company Grupo Inbursa, when the price of its shares contracted 18.5% in 2015.

Other factors, such as the depreciation of the Mexican peso against the dollar, were negatively reflected in the value of Carlos Slim’s shares and in a reduction of almost 11% of his total wealth.

With information from Forbes and Infobae

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