Photographer: Alejandro Cegarra/Bloomberg

Carlos Slim to Donate $110 Million for Mexico's Quake Relief

Billionaire Carlos Slim is donating $110 million to recovery efforts in Mexico after twin earthquakes last month left thousands of people without homes.

After a Sept. 7 earthquake hit the states of Chiapas and Oaxaca, Mexico’s richest man said his foundation would offer a 5-to-1 match on relief donations, a deal that many companies and celebrities have jumped on. The offer expired Oct. 7 and will include recovery efforts for the second, Sept. 19 quake, which devastated dozens of towns in Morelos, Puebla and Mexico City, and killed more than 360.

Carlos Slim

Carlos Slim

Photographer: Chris Goodney/Bloomberg

More than 217,000 donors contributed $21.1 million, triggering the match and bringing the total he’s raised to about $130 million. The offer from Slim, whose net worth is estimated at $62.6 billion by the Bloomberg Billionaires Index, gave private citizens and companies a big incentive to contribute to private relief efforts operating alongside struggling government recovery programs.

The funds will go to rebuilding schools, health centers and housing, Slim said at an event in Mexico City. Separately, the foundation donated 125 tons of relief supplies in the affected states. The Mexican government estimates repairing and rebuilding will cost about 38 billion pesos, or about $2 billion.

Formula 1 driver Sergio Perez called on fans to donate to his own foundation so he could in turn give it to Slim’s. Perez said he collected 9.6 million pesos -- which Slim will match with his own 48 million pesos. Food company Grupo Herdez SAB donated 9 million pesos, while the rock band Mana gave 3.5 million pesos and singer Placido Domingo doled out $200,000, which grew to $1.2 million with Slim’s match.

    Before it's here, it's on the Bloomberg Terminal.