During President Andrés Manuel López Obrador’s (AMLO) administration from 2018 to 2024, Mexican billionaire Carlos Slim saw a significant increase in his wealth, largely due to his business ventures. Slim’s fortune grew by approximately 160 billion pesos, driven by the performance of his various companies.
Carlos Slim, one of the richest men in the world, benefited from several key projects and contracts awarded during AMLO’s tenure. His conglomerate, Grupo Carso, experienced substantial growth, particularly in its construction and infrastructure division. Grupo Carso was involved in major government projects, including constructing the Tren Maya, a flagship infrastructure project of the López Obrador administration.
The value of Grupo Carso’s shares on the Mexican Stock Exchange (BMV) saw a remarkable increase, contributing significantly to Slim’s overall wealth. The company’s shares nearly doubled in value, reflecting the positive impact of the government contracts and the overall performance of the Mexican economy during this period.
In addition to Grupo Carso, Slim’s other major companies, such as América Móvil and Grupo Financiero Inbursa, also performed well. América Móvil, the largest telecommunications company in Latin America, saw its stock price rise, further boosting Slim’s fortune. Grupo Financiero Inbursa, Slim’s banking and financial services company, also experienced growth, benefiting from the stable economic environment and increased demand for financial services.
Slim’s success during the AMLO administration can be attributed to his strategic investments and the favorable business environment created by the government’s infrastructure projects. Despite the challenges faced by the Mexican economy, including the COVID-19 pandemic, Slim’s businesses managed to thrive, solidifying his position as one of the wealthiest individuals in the world.
In summary, Carlos Slim’s wealth increased significantly during the AMLO administration, driven by the success of his companies and their involvement in major government projects. His strategic investments and the favorable business environment contributed to his impressive financial gains.
Sources: El Economista / Vanguardia
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