New York Times’ Benefactor Carlos Slim Named Richest Man In World By Forbes

by Drew Grant | 6:51 pm, March 10th, 2010

» 3 comments

So why can’t the Grey Lady scrape by with a little more profit? Forbes just announced it’s annual rankings for the wealthiest people world-wide, and Carlos Slim Helu – who in 2008 became the largest shareholder in The Times and arguably saved the paper from bankruptcy – has been announced the #1 richest person.

With a net worth of $53.5 billion, Slim just managed to squeak by Bill Gates, the previous front-runner, who was estimated at $53 billion. (That .5 billion dollars makes a difference, apparently!) The Guardian sees Slim’s ranking as a changing of the guard:

Traditionally dominated by Americans and Europeans, the top ranks of the world’s richest people have been infiltrated by scores of ultra-rich entrepreneurs from the developing world – capped by the Mexican telecoms tycoon Carlos Slim…
Economists say that a rapid rise in super-wealthy individuals from the developing world reflects the pace of globalisation, with cross-border stockmarkets allowing international investors to pump funds at the touch of a button into major corporations in Asia, Latin America and the Middle East.

What’s more interesting to us is that even though Slim made his fortune in telecommunications, he’s most known in American media for his ties with The Times. So by beating out Bill Gates, maybe what we’re seeing here is actually a backward trend of billionaires becoming richer by investing in old, not new, media.

Bill Gates, Carlos Slim, Carlos Slims, Forbes, New York Times, wealthiest billionaires

ChrisNH

Isn’t it funny how some of the absolute RICHEST ELITES on the planet are politicians and media hacks who spend their days attacking who they perceive to be other ‘rich elites’ from the private sector.
Mr.GlennBovineKoldys

I want to point out that Don Carlos’s wealth is not derived only from his investment in the NYT and it was not a work of charity. Far from it.

In fact, it was a rather gutsy and risky $250 million move on his part, one he won’t see completely realized until 2015. So, good for Don Carlos achieving the top spot this year, but one also must take into account that Bill Gates is not engaged primarily in management of MicroSoft any more. In March 2008, Forbes had estimated Don Carlos’s fortune at $60 bill, so he must have been just getting by during these last two years.

Let’s hope the NYT actually manages to do BETTER during the coming years.
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