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Mexico Eyes Carlos Slim's Stupendous Wealth

World's richest man owns 8% of GDP

By Sam Gale Rosen,  Newser Staff

Posted Jul 13, 2007 7:55 AM CDT

(Newser) – With Mexican media baron Carlos Slim now the world's richest man, superseding Bill Gates, Mexican regulators are  launching an investigation into whether the virtual monopolies that have made him worth $67 billion in a dizzyingly short time are illegal. Two of his companies—Telemex and Movil—control about 90% of the nation's landlines and 75% of wireless service, Time reports. 

Overall, the son of Lebanese Christian immigrants owns a mind-blowing 8% of Mexico's GDP. The government has been notoriously lax with monopolistic business practices, but President Calderon has promised to crack down. Time notes that news of the federal scrutiny caused shares of Telemex to tumble; if the slide continues, Slim could soon find himself No. 2 to Gates again.

Mexican telecom billionaire Carlos Slim Helu , Chairman of Grupo Carso, speaks as former president Bill Clinton looks on during a news conference about the Clinton Foundation's launching of a new sustainable development initiative in Latin America Thursday, June 21, 2007  in New York. Slim has committed at least $100 million...
Mexican telecom billionaire Carlos Slim Helu , Chairman of Grupo Carso, speaks as former president Bill Clinton looks on during a news conference about the Clinton Foundation's launching of a new sustainable...   (Associated Press)
Carlos Slim is seen during a news conference in Mexico City, Monday, March 12 , 2007. The Mexican telecom magnate overtook investor Warren Buffett to become the world's second-richest man and is now close to wresting the top spot from Bill Gates, Forbes magazine reported Wednesday, April 11, 2007. (AP Photo/Eduardo...
Carlos Slim is seen during a news conference in Mexico City, Monday, March 12 , 2007. The Mexican telecom magnate overtook investor Warren Buffett to become the world's second-richest man and is now close...   (Associated Press)
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