March 12, 2010 | Read Time: 1 minute
The richest man in the world is no longer American, but Mexican, a sign of the developing world’s wealth — and potentially foreshadowing a shift in philanthropy.
With $53.5-billion, the Mexican telecommunications investor Carlos Slim Helu edged out Bill Gates as the top billionaire, says Forbes magazine. It also notes that Brazil, Russia, and Turkey experienced significant growth in the number of superwealthy.
While America is still home to the largest number of billionaires (403), the growing personal assets in other places could lead to big giving, philanthropy experts told The Chronicle in a recent article. They predicted India, China, and Brazil could have a boom in splashy charitable donations in the near future.
The potential philanthropy windfall is one reason fund raisers at large American charities are seeking more money from donors aboard, according to a Chronicle article.
Mr. Slim himself has pledged part of his fortune to charity, though he has at times questioned the ability of charitable giving to solve big social problems in Mexico.
In 2007 he said he would increase his foundation’s endowment from $4-billion to $10-billion by 2011. And last year as the recession sapped much of Mexico’s philanthropy, he promised to give more to hard-hit charities, according to a Chronicle article about Latin American donors.
To be sure, not everyone is plesased by the Forbes findings. The Associated Press reports that some Mexicans argue Mr. Slim’s concentration of wealth is bad for a country where 50 million live in poverty.
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What do you think? What do the new Forbes rankings mean for philanthropy? Click on the comment button below to share your views.
