Carlos Slim, a veritable Latin America tycoon, has beaten out America’s own tycoon Warren Buffett, plus Bill Gates, to become the world’s richest man.
Perhaps it is a sign of the times, whereby the wealthiest start to emerge from emerging economic regions, but some might have expected the richest man to emerge from Asia given all the hype around that region, right?
Rather, Latin America has built the wealthiest human fortune and its owner seems little surprised:
Slim is bullish on his region, hypothesizing that the great influx in wealth will elevate Latin America, pulling more people out of poverty.
Slim’s bold prediction for the decade: “Latin America is close to breaking the underdevelopment barrier, of around $12,000 of income per capita. It seems to me that this should happen in the next 10 years.”
He continues: “The developing countries in Latin America have available both internal and external financial resources, better terms of trade on their exports of primary goods and competitive advantages thanks to the availability and production of commodities, tourism and a modern industrial sector.”
Few expect Latin America to outpace Asian GDP growth in the coming decades, but there will still be more than enough growth to make smart investors in the region remarkably wealthy.