World’s Third-Richest Man Speaks Out on Charity

As he announced a new $450-million foundation for health care and research, Mexico’s Carlos Slim, the third-richest man in the world, said people in his situation can help more by building good companies than by donating money “like Santa Claus,” reports the Associated Press.

The dig—aimed at No. 1 and No. 2 on the world’s-richest list, Bill Gates and Warren Buffett—came amid a jovial session with the telecom magnate. Mr. Slim, whose fortune grew by $19-billion last year, lauded the two for their work and decisions, but said poverty is not solved with donations of money.

Over time, Mr. Slim’s foundations have given away $4-billion, the news service reports, but his work in Mexico is not without its critics. Some say his company’s near-monopoly on land-line telephone service has meant high prices.

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