HOW MUCH IS THAT IN KWATLOOS?….The chart on the right displays the growing wealth of the world’s third richest man, Mexican telecom magnate Carlos Slim Helu. It goes with this story in the LA Times today.
Question: How can anyone with $14 billion manage to increase their wealth by more than 50% per year for four consecutive years? Legally, that is. The Times story really doesn’t give us a clue other than to say that it’s “thanks to a string of acquisitions and the ballooning value of his telecom holdings.” That’s not very helpful.
Just to give a sense of scale, Slim’s wealth, according to the Times, is equal to 6% of Mexico’s GDP. That’s roughly equivalent to an American tycoon having a net worth of nearly a trillion bucks. American capitalism clearly has some catching up to do.