Mexican billionaire Carlos Slim has quietly been transferring large parts of his family business empire to his six children over the past couple of months, according to media reports.
In the most recent transaction, last month, he reportedly gave two of his daughters the majority of his shares in financial holding company Grupo Financiero Inbursa.
According to Forbes, his eldest daughter, Vanessa Paola Slim Domit received the majority of shares in the transfer, valued around $1.6 billion ($1.2 billion). The other recipient was unnamed.
In a two-page memorandum filed with the Mexican Stock Market and obtained by Forbes, Slim also reported he had reached an agreement with “another group of my children” to increase their ownership in Inmobiliaria Carso, Slim's conglomerate, but did not give further details.
Slim, who is known to hold strong family values, has six children from his marriage to Soumaya Domit, who died in 1999.
His sons all hold leadership roles in Slim’s empire, with Carlos the chair of telecommunications company Telmex and Grupo Carso, Patrick the chair of Inmobiliaria Carso, and Marco the chair of Inbursa.
He has said it is more important to leave his children with the responsibility of managing a business than a hefty inheritance, the Forbes article said.
It said that Slim’s decision to transfer his wealth during his lifetime is to likely avoid potential infighting among his children were they to inherit his money after his death.
Slim, born to wealthy Mexican-Lebanese parents, has become one of the world’s wealthiest individuals through his business interests in communications, technology, and finance.