Mexican billionaire Carlos Slim said on Thursday he will not give away his family's shares to charity like Facebook founder Mark Zuckerberg.
Earlier this week, Zuckerberg announced he would donate 99 percent of his Facebook shares, currently worth about US$45 billion, to a new philanthropic project he will run with his wife.
When asked if he planned to give away his family's shares in his companies to his foundations, Slim said no, though he added his charitable projects do not have budget limits.
"Foundations do not solve poverty," he added, saying that employment is the key to eradicating poverty.
"Employment requires that companies invest, so we don't need to give away companies, we need to create companies."
Slim, speaking at an event in Mexico City, said that Zuckerberg's plan was "very good," but that governments already have the resources to address poverty and education issues.
"It's a problem of management and efficiency," he added.
Slim, whose companies include telecoms giant América Móvil, has given his foundations multi-billion dollar endowments, but he did not name a figure for how much money he has donated.
"We see projects and results, we are not counting chilies," he said.