Carlos Slim Helu — by some accounts the richest man in the world, having just passed Bill Gates — will more than double the amount of money in his private foundation and will strike out on new charitable ventures, reports The New York Times.

Mr. Helu, worth $57-billion, will increase his private foundation’s endowment from $4-billion to $10-billion by 2011, promising “there would be no ceiling on his donations,” said the article.

In past interviews, Mr. Helu has doubted the usefulness of charity, arguing that private enterprise, which creates jobs, does more for the poor than philanthropy. And while recent commitments depart from that philosophy, he reiterated in the article that he can best fight poverty by providing employment.

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