Philanthropy sceptic Carlos Slim topples Bill Gates from ‘world’s richest man’ spot

By: 

Cheryl Chapman

Managing Editor, Philanthropy UK

For the third time in three years, the world has a new richest man, according to Forbes Magazine.

Mexican tycoon Carlo Slim Helu, has beaten American super-philantropists Bill Gates and Warren Buffett to become the wealthiest person on earth, topping the 2010 Forbes list of the World's Billionaires. The three men have occupied the top three positions for the past five years, with Slim in 3rd place in 2006, 2007 and 2009 and in second place in 2008, which is the only year that Gates and Buffet did not occupy the no. 1 and 2 spots since 2001.

Slim's fortune has risen by $18.5bn (£12.2bn) to an estimated $53.5bn (£35.5bn) in 12 months – just half a billion dollars ahead of Gates.

Slim is a major stakeholder in America Movil mobile company that operates in 11 countries, and he controls more than 200 companies, including infrastructure, banking and retail.

Bill Gates’ $53bn fortune rose $13bn (£8.6bn) from a year ago as shares of Microsoft rose 50% in 12 months.

Slim, the son of Lebanese immigrants, is known for his philanthropy - though not on the scale of Mr Gates or Mr Buffett – but also for his scepticism of it. Most recently, he linked up with former US President Bill Clinton and Canadian mining figure Frank Giustra to launch an anti-poverty campaign in Latin America, and in March pledged $6bn (£3.9) for his three charitable foundations.

In Mexico where, according to World Bank data, about 50% of people are living in poverty, many feel that he has not donated enough.

Despite being a member of possibly the world’s most exclusive club – those who have given away billions of dollars - Mr Slim, is reported to have said he is not convinced that philanthropy is the best way to help people, "(Bill) Gates has to study how he can (fight poverty) in the same way that Microsoft...succeeded in business, because charity has not solved the problem," he told USA today.
"It's based on my conviction that poverty is not fought with donations, charity or even public spending, but that you fight it with health, education and jobs."

Slim has also provoked criticism for his stance against any fundamental redistribution of wealth. In a recent interview he said, "Wealth is like an orchard. You have to share the fruit, not the trees."