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ConcordeBoy
Topic Author
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Bill Gates No Longer World's Richest

Wed Jul 04, 2007 2:37 am

Not that this is relevant to just about anyone's life here...



...but with a 27% quarterly surge in his largest investments, Mexican tycoon Carlos Slim has now surpassed Bill Gates to become the world's richest person.

Being reported on CNN, don't see anything about it on their site yet. The Guardian has an article about it as well:
http://business.guardian.co.uk/story/0,,2117330,00.html
 
LH498
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 3:02 am

OMG, after Bill Gates retired, I thought this could happen, but never so quickly.

It's a little ironic that a country with so many poor people has so many millionaires and now the world's richest man.
However I don't doubt Mr. Slim's talent to make money, he has been very successful in doing that and now we see a result.

Congratulations Mr. Slim!!
 
Pope
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 3:06 am

In related news, the Mexican government is now building a wall on the border to keep out all the lawyers and investment bankers seeking to immigrate from the US.
 
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KaiGywer
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 3:22 am

Quoting ConcordeBoy (Thread starter):
Slim

He looks anything but slim  duck 
 
ConcordeBoy
Topic Author
Posts: 16852
Joined: Thu Feb 01, 2001 8:04 am

RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 3:32 am

Quoting LH498 (Reply 1):
It's a little ironic that a country with so many poor people has so many millionaires and now the world's richest man.

...how's that ironic?

It's actually quite typical--- or have you missed the number of Russian and MidEastern billionaires?
 
PPVRA
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Joined: Fri Nov 12, 2004 7:48 am

RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 3:55 am

Quoting LH498 (Reply 1):
It's a little ironic that a country with so many poor people has so many millionaires and now the world's richest man.

Not so much when you consider he has many investments in Latin America, especially Telecoms, and this industry has been booming for nearly 10 years.
 
deltagator
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 3:56 am

Quoting LH498 (Reply 1):
OMG, after Bill Gates retired, I thought this could happen, but never so quickly.

Gates hasn't retired. He merely gave the CEO position to Steve Ballmer. If you think that as Chairman and Chief Software Architect of Microsoft he is retired or works any less than before then you are mistaken.
 
LH498
Posts: 92
Joined: Thu May 24, 2007 3:35 am

RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 4:04 am

Quoting ConcordeBoy (Reply 4):

No, I haven't.

From a non-factual point of view, it remains ironic that in the same country, in this case Mexico, you can find remotely located villages where people live like in one of the poorest countries and yet, not far away you can find huge properties belonging to very wealthy people. At least it's ironic to me; again leaving facts aside, from a personal view.

Of course this can be found in almost all developing nations. China is also a very good example.
 
andz
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 4:06 am

Quoting KaiGywer (Reply 3):
He looks anything but slim

slim is the Afrikaans word for clever  Smile
 
Confuscius
Posts: 3735
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 4:07 am

Poor Bill, let's pass the hat... Big grin






...the Mexican government is now building a wall on the border to keep out all the lawyers and investment bankers seeking to immigrate from the US.

Actually the U.S. built it.   Wink

U.S. border fence protrudes into Mexico
Accidental placement could cost federal government $3 million to fix

COLUMBUS, N.M. - A 1.5-mile barrier along the U.S.-Mexico border was designed to keep cars from illegally crossing into the United States. There's just one problem: It was accidentally built on Mexican soil.

http://www.msnbc.msn.com/id/19513246/

[Edited 2007-07-03 21:19:24]
 
MDorBust
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 5:18 am

Yup, Vista will do that to you...
 
allstarflyer
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 7:52 am

Quoting LH498 (Reply 7):
it remains ironic that in the same country, in this case Mexico, you can find remotely located villages where people live like in one of the poorest countries and yet, not far away you can find huge properties belonging to very wealthy people.

Check out D.C. sometime, or some other U.S. cities.

-R
 
UH60FtRucker
Posts: 3252
Joined: Tue Mar 29, 2005 9:15 am

RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 8:02 am

Quoting LH498 (Reply 1):
OMG, after Bill Gates retired, I thought this could happen, but never so quickly.

It's a little ironic that a country with so many poor people has so many millionaires and now the world's richest man.
However I don't doubt Mr. Slim's talent to make money, he has been very successful in doing that and now we see a result.

Congratulations Mr. Slim!!

I'm not really sure we ought to be congratulating this man, just yet.

Part of the reason why he has surged ahead, is explained by the fact that Bill Gates and Warren Buffet have been giving billions of their dollars to charities, philanthropic endeavors, humanitarian causes, etc... for some time now.

When you look at his wealth, which is juxtaposed against the oppressive poverty all across Mexico... hopefully he follows in the steps of other super-wealthy individuals.

-UH60
 
Mexicana757
Posts: 2683
Joined: Fri Apr 20, 2001 3:21 pm

RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 10:37 am

Quoting UH60FtRucker (Reply 12):
When you look at his wealth, which is juxtaposed against the oppressive poverty all across Mexico... hopefully he follows in the steps of other super-wealthy individuals.

Actually he does donate money.

http://www.smh.com.au/articles/2006/09/07/1157222263884.html
 
nycflyer
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RE: Bill Gates No Longer World's Richest

Wed Jul 04, 2007 2:28 pm

Quoting UH60FtRucker (Reply 12):
Part of the reason why he has surged ahead, is explained by the fact that Bill Gates and Warren Buffet have been giving billions of their dollars to charities, philanthropic endeavors, humanitarian causes, etc... for some time now.

Good point, but there's more: Mexico has some bad corporate regulations that allow monopolies in certain industries, including telecom. Carlos Slim took advantage of the telecom monopoly and had basically no compeitition, as he is pretty much in bed with the Mexican government. Therefore, I feel he deserves an asterisk next to "world's richest man," just like Barry Bonds will have an asterisk for most home runs.

Bill Gates created something from nothing, added value to people's lives and businesses, and had no government assistance. Slim is largely an opportunist who made the most of a state-sanctioned monopoly.
 
PPVRA
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Joined: Fri Nov 12, 2004 7:48 am

RE: Bill Gates No Longer World's Richest

Thu Jul 05, 2007 1:19 am

Quoting NYCFlyer (Reply 14):
Bill Gates created something from nothing, added value to people's lives and businesses, and had no government assistance. Slim is largely an opportunist who made the most of a state-sanctioned monopoly.

I think its a little unfair to accuse him of not getting his money through honest means. Monopoly or not (Bill Gates to a good extent still has a virtual monopoly), especially accusing him of being in bed with the government. Now he may be, I don't know. But I'm not going to accuse him of dishonesty until there is good supporting reason.

He has plenty of investments to back up his money, that is for sure.
 
airxliban
Posts: 4307
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RE: Bill Gates No Longer World's Richest

Thu Jul 05, 2007 4:33 pm

He's actually Lebanese
 
QANTASforever
Posts: 5791
Joined: Tue Apr 03, 2001 6:03 am

RE: Bill Gates No Longer World's Richest

Fri Jul 06, 2007 6:42 am

Quoting Airxliban (Reply 16):
He's actually Lebanese

Um no, he isn't.

He's Mexican of Lebanese heritage. But still very much a Mexican.

QFF
 
Derico
Posts: 4500
Joined: Mon Dec 20, 1999 9:14 am

RE: Bill Gates No Longer World's Richest

Fri Jul 06, 2007 1:42 pm

Quoting UH60FtRucker (Reply 12):
When you look at his wealth, which is juxtaposed against the oppressive poverty all across Mexico... hopefully he follows in the steps of other super-wealthy individuals.

I think there is a bit of unfairness here. I don't want to cast aspersions, but the fact that the world's richest person is now a Mexican seems to somehow allow for discrediting of the guy. For sure, I don't think everything he has ever done (Slim), is squeaky clean. I'm not naive, but to get to the position he is in he must have done some things right.

The argument could be made that for the amount of billonaires and trully wealthy people in the United States, the number of people in poverty, with no health insurance, and middle class people living on tight budgets is also unnaceptable. Just as Mexico having the world's richest person might seem 'unnaceptable'. But it's capitalism, a system I believe in, but a system which I know also is rather flawed in bringing ultimate dignity to all.

So Slim is really rich and many people in Mexico are poor. I hope this new spotlight on him will bring the guy to really give back. That's something we can all agree upon.
 
captaink
Posts: 4010
Joined: Wed May 23, 2001 10:43 am

RE: Bill Gates No Longer World's Richest

Fri Jul 06, 2007 2:33 pm

Quoting NYCFlyer (Reply 14):
Slim is largely an opportunist who made the most of a state-sanctioned monopoly.

When Slims father came to Mexico, he set up a dry goods food store. I think those are very humble beginnings. And then of course the stuff you mentioned helped. But nonetheless he is the richest man in the world now, and that is an achievement.

Quoting Airxliban (Reply 16):
He's actually Lebanese

His father and mother were Lebanese. His dad moved to Mexico as a teenager in 1902. Slim was born an bred in Mexico.
 
airxliban
Posts: 4307
Joined: Wed Oct 01, 2003 12:14 pm

RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 4:00 am

Quoting Captaink (Reply 19):
Quoting Airxliban (Reply 16):
He's actually Lebanese

His father and mother were Lebanese. His dad moved to Mexico as a teenager in 1902. Slim was born an bred in Mexico.



Quoting QANTASFOREVER (Reply 17):
Quoting Airxliban (Reply 16):
He's actually Lebanese

Um no, he isn't.

He's Mexican of Lebanese heritage. But still very much a Mexican.

QFF

So he's Mexican and Lebanese.
 
captaink
Posts: 4010
Joined: Wed May 23, 2001 10:43 am

RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 6:03 am

Quoting AirxLiban (Reply 20):
So he's Mexican and Lebanese.

If you want to see it that way fine. No harm done.  Big grin

Who knows maybe at some point he got his Lebanese passport due to his father being from there.
 
rojo
Posts: 2319
Joined: Tue Sep 05, 2000 6:08 am

RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 6:41 am

Quoting NYCFlyer (Reply 14):
Good point, but there's more: Mexico has some bad corporate regulations that allow monopolies in certain industries, including telecom. Carlos Slim took advantage of the telecom monopoly and had basically no compeitition, as he is pretty much in bed with the Mexican government. Therefore, I feel he deserves an asterisk next to "world's richest man," just like Barry Bonds will have an asterisk for most home runs.



Quoting PPVRA (Reply 15):
think its a little unfair to accuse him of not getting his money through honest means. Monopoly or not (Bill Gates to a good extent still has a virtual monopoly), especially accusing him of being in bed with the government. Now he may be, I don't know. But I'm not going to accuse him of dishonesty until there is good supporting reason.

In this case, NYCFlyer is correct, Slim got Telmex thanks to Carlos Salinas (ex president of Mexico) who also changed some laws and regulations protecting Telmex monopoly in Mexico for many years. When the telecom sector was open to competition it was too late... lots of people consider Slim a "Presta Nombres" which translates into "name lender" (things are under his name but politicians own most the assets).

Billionaires and Millionaires (in USD) are very controversial in Mexico, since there is a lot of poverty and the distribution of wealth is clearly uneven. But this is capitalism and under our laws it is allowed so they can enjoy their wealth!!! The only problem is security, you will see this guy full of bodyguards everywhere he goes...
 
QANTASforever
Posts: 5791
Joined: Tue Apr 03, 2001 6:03 am

RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 4:28 pm

Quoting AirxLiban (Reply 20):
So he's Mexican and Lebanese.

No he's Mexican. He is Mexican of Lebanese heritage.

I know what you're trying to do because we try and do it all the time - (claim people who kinda sorta may be from here once they achieve something great).

QFF
 
airxliban
Posts: 4307
Joined: Wed Oct 01, 2003 12:14 pm

RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 5:13 pm

Quoting QANTASforever (Reply 23):
No he's Mexican. He is Mexican of Lebanese heritage.

I know what you're trying to do because we try and do it all the time - (claim people who kinda sorta may be from here once they achieve something great).

QFF

Well, I think we're arguing over a technicality. What I am trying to do is add a piece of information here which was not there prior to my commenting on it.

My original post said "he is Lebanese actually" and looking back I see that what I implied was that he is not Mexican. I did not mean that. Identity doesn't have to sum to 100%. He can be fully Mexican and fully Lebanese at the same time. If his parents are Lebanese then for me he is Lebanese as well. The fact that he is also Mexican does not mean that he cannot be Lebanese. Now, that doesn't mean that anything having to do with Lebanon is responsible for any of his success, although of course I'd like to think so.
 
cumulus
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RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 5:21 pm

Where does Roman Abravonich rank???
 
lehpron
Posts: 6846
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RE: Bill Gates No Longer World's Richest

Sat Jul 07, 2007 5:31 pm

Quoting LH498 (Reply 7):
you can find remotely located villages where people live like in one of the poorest countries and yet, not far away you can find huge properties belonging to very wealthy people.

So? All countries have really wealthy and really poor, to call this situation ironic somehow relates the wealthy to the poor. It's not like the wealthy owe the poor anything. We are responsible for our actions, no one poor (or anyone) should blame the rich for being rich, that doesn't make sense.

I don't care how rich they get, as long as they don't think they're above the law.
 
PPVRA
Posts: 8613
Joined: Fri Nov 12, 2004 7:48 am

RE: Bill Gates No Longer World's Richest

Sun Jul 08, 2007 2:06 am

Quoting Rojo (Reply 22):
In this case, NYCFlyer is correct, Slim got Telmex thanks to Carlos Salinas (ex president of Mexico) who also changed some laws and regulations protecting Telmex monopoly in Mexico for many years. When the telecom sector was open to competition it was too late...

Salinas privatized the Telecom sector, correct? Did Slim get preferential treatment from the government? It's not as simple as Slim got it from the Government/President at the time, he needs to have gotten it through at least questionable means.

Quoting Rojo (Reply 22):
The only problem is security, you will see this guy full of bodyguards everywhere he goes...

Well, that's pretty much anyone that can afford one. Very similar here in Brazil, unfortunately.

[Edited 2007-07-07 19:06:39]
 
QANTASforever
Posts: 5791
Joined: Tue Apr 03, 2001 6:03 am

RE: Bill Gates No Longer World's Richest

Sun Jul 08, 2007 8:09 am

Quoting AirxLiban (Reply 24):
He can be fully Mexican and fully Lebanese at the same time.

If he's a dual passport holder, yes.

Quoting AirxLiban (Reply 24):
If his parents are Lebanese then for me he is Lebanese as well.

To me, even if his parents were Lebanese nationals, this man having been born and raised in Mexico makes him Mexican of Lebanese heritage.

I just don't think it works. It would be like people from Australia saying that Prince Christian of Denmark is Australian just because his mother is.

Quoting AirxLiban (Reply 24):
The fact that he is also Mexican does not mean that he cannot be Lebanese

He can be of Lebanese heritage, but unless he's a dual passport holder he can't be both Lebanese and Mexican at the same time. A lot of multicultural countries like Mexico operate on the notion that once an individual becomes a citizen to the exclusion of all other nations, then they become 100% Mexican. It doesn't diminish their original cultural legacy (indeed this is often celebrated), but it does define an individual as an exclusive national of their new country. Unless they're dual-citizens they can't have their cake and eat it too.

Quoting AirxLiban (Reply 24):
Now, that doesn't mean that anything having to do with Lebanon is responsible for any of his success, although of course I'd like to think so.

I know - as I said Australians have a habit of doing this too. We "claim" all sorts of people and suggest that their success is a result of their connection to Australia. It's daft but it happens.

QFF
 
rojo
Posts: 2319
Joined: Tue Sep 05, 2000 6:08 am

RE: Bill Gates No Longer World's Richest

Sun Jul 08, 2007 10:57 pm

Quoting PPVRA (Reply 27):
Salinas privatized the Telecom sector, correct? Did Slim get preferential treatment from the government? It's not as simple as Slim got it from the Government/President at the time, he needs to have gotten it through at least questionable means.

Yes, Salinas did privatize the Telecom sector and Slim got preferential treatment... everybody knows it here in Mexico! This is why Salinas left Mexico (when he finished his presidential period) and did not come back for many years. He went to Ireland, since people were mad at him for this and other things he did!!!

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