Where Does Carlos Slim Keep His Money?

Carlos Slim Helú is a huge success story. The entrepreneur, whose Lebanese parents emigrated to Mexico in 1902, made a fortune from big bets on undervalued assets and Mexico's privatization drive in the late 1980s and 1990s. Today, he owns numerous assets. His business empire covers various sectors, from department stores, restaurants, and telecoms to construction, real estate, mining, and petroleum. As of Feb. 20, 2024, Slim has a net worth of $102.2 billion.

Most of Slim's money is tied up in investments, including stock, collectibles, and real estate. He is not into living lavishly and prefers his fortune to grow.

Investments in Corporations

Slim controls many companies through Grupo Carso, the conglomerate he and his family own a 79% stake in. The name "Carso" stands for Carlos Slim and Soumaya Domit de Slim, his late wife.

Carso's empire spans several sectors, including retail, infrastructure and construction, energy, and telecommunications. If you live in Mexico, it's likely you're using one of Slim's services. Carso dominates across many sectors. That and lots of acquisitions have significantly boosted revenue and caught the attention of investors. The conglomerate's share price has risen 116% over the past five years, giving it a market capitalization, as of Feb. 20, 2024, of 341.80 billion Mexican pesos ($20.02 billion).

Slim also owns other companies, including América Móvil. The telecom giant is perhaps his defining investment and the source of a large chunk of his fortune.

Real Estate

Slim's parents made their fortune in real estate, buying top property in Mexico City for cheap during the Mexican Revolution. Their son followed this tradition of investing in property.

In Mexico, he owns over 20 shopping centers, including 10 in Mexico City, and operates stores in the country under U.S. brands including Saks Fifth Avenue, Sears, and the Coffee Factory.

He also owns a lot property in the U.S. As with his other investments, Slim aims to buy cheap and sell high.

In 2010, Slim purchased the Duke Semans mansion (also known as the Benjamin N. and Sarah Duke House) on Fifth Avenue in New York City, one of the largest private residences in all of Manhattan. Paying a reported $44 million for the property, it boasts over 19,000 square feet, has eight floors, and includes 14 bathrooms and 12 bedrooms.

In 2015, Slim tried to sell the mansion, which is included in the National Register of Historic Places, for $80 million, nearly twice the amount he paid just five years prior. He relisted it at $80 million again in January 2023.

Slim also bought the Marquette building in Detriot in 2015 and sold it a few years later at a big profit.

Planes and Automobiles

Carlos Slim has often been described as frugal and not interested in living a lavish lifestyle. While many of his peers splash out on luxury yachts, mansions, and private jets, Slim is said to be more low profile. He has lived in the same house for 40 years.

Over the years, he has made the odd luxury purchase, though. For example, in 2012 he was said to own a rare Bentley Continental Flying Spur, a powerful luxury sedan.

Collectibles

Slim's late wife was an avid art collector, and he built the Museo Soumaya in her honor. It houses over 60,000 works of art, including the largest collection of Rodin art outside of France, as well as a host of masterpieces by Renoir, Picasso, Van Gogh, Monet, and Dali, just to name a few.

Carlos Slim spent around $34 million to build the museum, which was designed by architect Fernando Romero. This is also where he keeps his collection of rare coins, historical documents, and religious relics. The artwork and artifacts inside are reportedly worth almost a billion dollars.

Transfers to His Children

Carlos Slim has allocated chunks of his business empire to his three sons and three daughters. Rather than simply handing his children cash, he is carving up and giving control of his businesses to them to run. Because Slim is in his 80s, this sort of estate planning ensures that his companies and wealth will continue to grow even after his death.

Philanthropy

Carlos Slim is known to give money to charitable causes.

Fundación Carlos Slim, Slim's namesake charitable organization, focuses on philanthropy throughout Mexico and Latin America. It was created in 1986 and aims to help people of all ages "actively participate in economic and social development" and "achieve more opportunities and a better quality of life."

From 1996 to 2023, the foundation claims to have helped thousands of people get an education, receive medical help, achieve social justice, partake in sports, and survive natural disasters. From 2006 to 2019 alone, it was reported that Slim donated over $4 billion to the foundation. Most of these proceeds were said to come from dividends he collected from his investments.

The Bottom Line

For Mexican entrepreneur Carlos Slim Helú, savvy investing in a diversified portfolio of financial assets, real estate, and collectibles helps ensure that his wealth will continue to grow. But beyond that, his philanthropic mission to donate much of his wealth to help better his home country of Mexico and Latin America may be his biggest investment and certainly a lasting legacy.