A Mexican man was named as the world’s richest person by Forbes magazine, surpassing even Bill Gates and Warren Buffet. This businessman, Carlos Slim, is the first person from a developing country to be named as the wealthiest person on earth. This is an important step in demonstrating the great advances in economic growth in developing countries of Latin America, but it also shows the huge poverty gap that still exists in the region. While some Mexicans are proud of Slim’s achievement, many citizens are actually upset with the naming because of the immense amount of poverty that remains in the region. In a way, the naming of Carlos Slim as the world’s richest person only demonstrates the social inequality and practice of exploitation of the poor majority by the elite minority in Latin America, a practice whose roots lie in colonialism.