Mexico's richest man lives a surprisingly frugal life for a billionaire. Take a look at the life of Carlos Slim, who owns Sears Mexico and has lived in the same house for 40 years.

Katie WarrenSep 26, 2020, 00:23 IST

Carlos Slim is the wealthiest man in Mexico by far.Cario Lopez-Mills/ AP

Carlos Slim is the richest person in Mexico, worth an estimated $43.6 billion, according to Bloomberg's Billionaires Index.
The 80-year-old Mexican billionaire controls America Movil, the largest mobile-phone operator in Latin America, and holds stakes in several other publicly traded companies, including The New York Times.
Slim also owns Sears Mexico, which has been growing and opening up new stores despite the chain filing for bankruptcy in the US.
Slim lives a surprisingly frugal lifestyle for a billionaire: He doesn't own any yachts or planes and he's lived in the same house for more than 40 years.

Carlos Slim Helu — Mexico's wealthiest man — is one of the richest self-made billionaires in the world.

Slim's influence is far-reaching in Mexico and abroad. Bloomberg estimates Slim's net worth to be at least $44 billion, but he could be worth as much as $51 billion, according to Forbes.

But, considering he's involved in hundreds of companies in Mexico, which is also known as "Slimlandia," Slim flies under the radar more than you might expect.

Despite his wealth, Slim lives a relatively frugal lifestyle; he's lived in the same six-bedroom house for more than 40 years.

Here's a look at Slim's life and massive business empire.

Christi Danner contributed to an earlier version of this article.

Carlos Slim is worth at least $43.6 billion, making him the richest person in Mexico.

Joe Raedle/Getty Images

In 2016, Slim ranked as the fifth-richest person in the world, but his fortune has taken a major hit over the past few years.

REUTERS/Edgard Garrido

Most of Slim's wealth comes from his 57% stake in America Movil, the biggest mobile-phone operator in Latin America.

REUTERS/Edgard Garrido/File Photo

He also has holdings in banking and mining, as well as interests in the construction industry in Mexico.

Eloy Alonso/ Reuters

Slim's son, Carlos Slim Domit, is now chairman of the board at Grupo Carso.

Carlos Slim speaks with his son and Chairman of the Board of Directors of Grupo Carso, Carlos Slim Domit, in Mexico City in February 2018. REUTERS/Edgard Garrido

Slim holds stakes in several other publicly traded companies, including CaixaBank and The New York Times.

Carlos Slim at The New York Times New Work Summit in February 2016 in Half Moon Bay, California. Kimberly White/Getty Images for New York Times

Slim was born to Lebanese immigrant parents in Mexico City in 1940.

ITU/ YouTube

Slim's father was successful in both retail and real estate, and Carlos inherited his business after his death in 1953.

Slim's parents. ITU/ YouTube

Slim holds a deep love for his country.

Slim was born in Mexico City in 1940. Wikimedia Commons

Slim went to college at Universidad Nacional Autonoma de Mexico, or UNAM, Mexico's National Autonomous University, studying civil engineering and graduating in 1961.

The library at UNAM. Wikimedia Commons

Though Slim is known best as the chief shareholder of America Movil and the founder of the Grupo Carso conglomerate, his riches also result from many other business ventures.

OMAR TORRES/AFP/Getty Images

Though Slim is known best as the chief shareholder of America Movil and the founder of the Grupo Carso conglomerate, his riches also result from many other business ventures.

Slim has a clear strategy for making money: He acquires struggling companies and transforms them into multibillion-dollar holdings before selling his stake at a profit.

JORGE UZON/AFP/Getty Images

We saw Slim's strategy firsthand in the US in 2009, when he loaned $250 million to The New York Times at a 14% interest rate.

Lucas Jackson/ Reuters

But Slim announced in 2017 that he would sell almost half his New York Times shares by 2020.

Kimberly White/Getty Images for New York Times

Slim first entered the international spotlight in 1991 when he appeared on Forbes' billionaires list with a net worth of $1.7 billion.

ITU Pictures/ Flickr

In 2010, Slim surpassed Bill Gates as the richest man in the world; it was the first time in 16 years that the world's richest man wasn't from the US.

REUTERS/Henry Romero

Slim's presence is all over Mexico.

REUTERS/Henry Romero

"He controls most of the mobile phone, landline and internet markets," Feike De Jong wrote in the Guardian.

Fred Prouser/ Getty/ Daniel Aguilar/ Getty

Slim even owns Mexico City's only aquarium.

AP Photo/Rebecca Blackwell

The Mexican billionaire also owns Sears Mexico.

A Sears in Mexico City in 1997. AP Photo/Marco Ugarte

As Sears stores shuttered in the US following the company declaring bankruptcy in 2018, Sears has been thriving in Mexico, growing in both locations and sales.

A worker removes sale banners inside a closed Sears department store one day after it closed in January 2019 REUTERS/Mike Segar

Slim's critics accuse him of being a monopolist whose practices drive prices and unemployment through the roof.

REUTERS/Henry Romero

In fact, Slim has no need to cater to public opinion.

Michael Fleshman/ Flickr

Despite his critics, Slim states that since becoming a billionaire, he has "more activity, more responsibility, and more compromise …"

Reuters

Slim says one of his biggest goals is alleviating poverty, and that it needs to happen at the institutional level.

UN Geneva/ Flickr

Despite his wealth, Slim does not believe in conspicuous consumption — he reportedly doesn't own any yachts or planes.

Eloy Alonso/ Reuters

Slim has lived in the same six-bedroom house for 40 years and indulges in only two big luxuries: Cuban cigars and art collecting.

Google Earth

Slim's home, his childhood home, and the Telmex offices are all located in Lomas de Chapultepec, a small but affluent neighborhood in Mexico City's financial district.

Lomas de Chapultepec. Google Maps

Slim purchased a mansion on Fifth Avenue in New York City for $44 million in 2010 as an investment, not a residence.

Mario Tama/Getty Images

In 2015, the mansion was put on the market for $80 million, $36 million more than what he paid for it.

Mario Tama/Getty Images

Slim was married to his wife, Soumaya, for 32 years.

Reuters

In 1994, Slim opened the Museo Soumaya, a nonprofit art museum with free admission in Mexico City named after his late wife, Soumaya.

Wikimedia Commons

After his wife's death, rumors circulated of Slim's subsequent romances, most famously with Queen Noor al-Hussein of Jordan.

Queen Noor of Jordan. Mike Coppola/ Getty Images

Since 2004, Slim has stepped down from the boards of his three largest companies in order to focus on family, philanthropy, and his own health.

Carlos Slim and his family seen in May 2015 in Oviedo, Spain. Europa Press/Europa Press via Getty Images

Slim still maintains ultimate control of his companies, but he has handed over much of the responsibility and decision-making to his three sons, Carlos, Marco Antonio, and Patrick, and to his son-in-law, Arturo Elías Ayub.

Carlos Slim's son, Carlos Slim Domit, at the World Economic forum in 2012. Wikimedia Commons

Slim still maintains ultimate control of his companies, but he has handed over much of the responsibility and decision-making to his three sons, Carlos, Marco Antonio, and Patrick, and to his son-in-law, Arturo Elías Ayub.

Slim's daughter, Johanna, is a shareholder of his company, Grupo Carso.

Johanna and Carlos Slim, her father. AP Photo/Nick Wagner

Johanna and Slim's other daughters, Vanessa and Soumaya, are involved in the Slim family's philanthropic endeavors as well as the arts.

Soumaya Slim, left, and her father, Carlos Slim, at the inauguration of the new location of the family's Soumaya Museum in Mexico City in 2011. AP Photo/Eduardo Verdugo

Slim has said publicly that a succession plan for his company has been made, but he has not given details.

Carlos Slim speaks with his son, Marco Antonio Slim Domit. PEDRO PARDO/AFP/Getty Images

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Mexico's richest man lives a surprisingly frugal life for a billionaire. Take a look at the life of Carlos Slim, who owns Sears Mexico and has lived in the same house for 40 years.

Carlos Slim is worth at least $43.6 billion, making him the richest person in Mexico.

In 2016, Slim ranked as the fifth-richest person in the world, but his fortune has taken a major hit over the past few years.

Most of Slim's wealth comes from his 57% stake in America Movil, the biggest mobile-phone operator in Latin America.

He also has holdings in banking and mining, as well as interests in the construction industry in Mexico.

Slim's son, Carlos Slim Domit, is now chairman of the board at Grupo Carso.

Slim holds stakes in several other publicly traded companies, including CaixaBank and The New York Times.

Slim was born to Lebanese immigrant parents in Mexico City in 1940.

Slim's father was successful in both retail and real estate, and Carlos inherited his business after his death in 1953.

Slim holds a deep love for his country.

Slim went to college at Universidad Nacional Autonoma de Mexico, or UNAM, Mexico's National Autonomous University, studying civil engineering and graduating in 1961.

Though Slim is known best as the chief shareholder of America Movil and the founder of the Grupo Carso conglomerate, his riches also result from many other business ventures.

Slim has a clear strategy for making money: He acquires struggling companies and transforms them into multibillion-dollar holdings before selling his stake at a profit.

We saw Slim's strategy firsthand in the US in 2009, when he loaned $250 million to The New York Times at a 14% interest rate.

But Slim announced in 2017 that he would sell almost half his New York Times shares by 2020.

Slim first entered the international spotlight in 1991 when he appeared on Forbes' billionaires list with a net worth of $1.7 billion.

In 2010, Slim surpassed Bill Gates as the richest man in the world; it was the first time in 16 years that the world's richest man wasn't from the US.

Slim's presence is all over Mexico.

"He controls most of the mobile phone, landline and internet markets," Feike De Jong wrote in the Guardian.

Slim even owns Mexico City's only aquarium.

The Mexican billionaire also owns Sears Mexico.

As Sears stores shuttered in the US following the company declaring bankruptcy in 2018, Sears has been thriving in Mexico, growing in both locations and sales.

Slim's critics accuse him of being a monopolist whose practices drive prices and unemployment through the roof.

In fact, Slim has no need to cater to public opinion.

Despite his critics, Slim states that since becoming a billionaire, he has "more activity, more responsibility, and more compromise …"

Slim says one of his biggest goals is alleviating poverty, and that it needs to happen at the institutional level.

Despite his wealth, Slim does not believe in conspicuous consumption — he reportedly doesn't own any yachts or planes.

Slim has lived in the same six-bedroom house for 40 years and indulges in only two big luxuries: Cuban cigars and art collecting.

Slim's home, his childhood home, and the Telmex offices are all located in Lomas de Chapultepec, a small but affluent neighborhood in Mexico City's financial district.

Slim purchased a mansion on Fifth Avenue in New York City for $44 million in 2010 as an investment, not a residence.

In 2015, the mansion was put on the market for $80 million, $36 million more than what he paid for it.

Slim was married to his wife, Soumaya, for 32 years.

In 1994, Slim opened the Museo Soumaya, a nonprofit art museum with free admission in Mexico City named after his late wife, Soumaya.

After his wife's death, rumors circulated of Slim's subsequent romances, most famously with Queen Noor al-Hussein of Jordan.

Since 2004, Slim has stepped down from the boards of his three largest companies in order to focus on family, philanthropy, and his own health.

Slim still maintains ultimate control of his companies, but he has handed over much of the responsibility and decision-making to his three sons, Carlos, Marco Antonio, and Patrick, and to his son-in-law, Arturo Elías Ayub.

Slim's daughter, Johanna, is a shareholder of his company, Grupo Carso.

Johanna and Slim's other daughters, Vanessa and Soumaya, are involved in the Slim family's philanthropic endeavors as well as the arts.

Slim has said publicly that a succession plan for his company has been made, but he has not given details.