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New World’s Second Richest Person – SLIM



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Apr 13 2007
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Mexican telecom magnate Carlos Slim has quietly overtaken investor Warren Buffett as the world’s second-richest man and is close to wresting the top spot from bbBill Gates, founder of Microsoft Corp. (Nasdaq: MSFT, stock), Forbes magazine reported. In an article on its Web site, Forbes attributed part of Slim’s “amazing run” to a 15 percent increase in the stock price of Carso Global Telecom, part of a larger rally in Mexican stocks. Slim’s America Movil cell-phone company also soared on news of a possible acquisition of Telecom Italia.

In the two months since Forbes calculated its 2007 wealth rankings, the 67-year-old Slim’s fortune rose $4 billion to $53.1 billion, while Buffett’s holdings slipped to $52.4 billion as of March 29. In the 2007 rankings released March 8 – but prepared almost a month earlier – Forbes had listed Slim as the world’s third-richest man and estimated Gates’ fortune at $56 billion.

Slim said shortly afterward that he wasn’t concerned about his ranking or taking over the top spot, but he expressed differences with Buffett, the chairman of Berkshire Hathaway Inc. (NYSE: BRK.A, stock), and Gates. “It’s not about having who knows how many bonds, to spend them on whatever one wants or live it up all year,” said Slim, an engineer who wears modest suits and whose main indulgence appears to be expensive cigars. “I don’t have apartments abroad. I don’t have a house abroad.”

Slim, who owns Mexico’s dominant phone company and has holdings throughout Latin America, said his vision of a businessman’s role in the world is at odds with that of Buffett, who announced last year he would donate $1.5 billion every year to the Bill & Melinda Gates Foundation. “It’s very interesting, because he leaves those who are running his affairs the responsibility of being very profitable,” Slim said of Buffett. “If they’re inefficient or don’t get real-term returns, they’re not going to be running anything.”

“Our concept is more to accomplish and solve things, rather than giving – that is, not going around like Santa Claus,” Slim said. “Poverty isn’t solved with donations.”

It’s kind of philosophical opinion, isn’t it? Without generous donations, other not-so-lucky people will not have the opportunity to change their life for the better (a donation to a bright but poor student might makes a difference). We might not have a healthier life or longer life expectancy if not for some philanthropists who donated into R&D (research and development) in health sector.

But on the other hand if the donations are not properly handled and channeled for continuous mankind benefits, it could be mis-used or worst still, generate a false impression that the money donated would lasts forever – creating a lazy and un-creative society.

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