More loans and increasing wages for employees will help to improve the economic and social status of Latinos living in the U.S. and throughout Latin America, explained Mexican billionaire Carlos Slim in an hour-long speech this past week.

Slim was speaking at the Catholic Association of Latino Leaders, an annual conference. Slim, who made his fortune in the telecom industry, is the world’s second richest person and has an estimated net worth of $72 billion. Carlos was speaking on behalf of a large populace — there are about 53 million Latino individuals now living in the U.S., comprising almost 20% of the country’s total population.

Slim recommends the establishment of investment firms that will work specifically with small Latino businesses. This allows these businesses to thrive, and for wealth to spread throughout communities as a result.

“What is important is that people earn more and that more middle classes are formed,” said Slim during his speech. Although there are numerous investment firms out there, Latino companies are disproportionately less likely to receive loans from them — loans that are, in many cases, necessary if companies are to grow and thrive in a sustainable way.

In addition to his advice on stimulating the economy for Latino Americans, Slim recommend again his proposal for the three-day workweek, in which employees would work longer hours for three days a week, but have more time for family and personal enrichment the rest of the week.

Slim’s philanthropic foundation, the Carlos Slim Foundation, revealed last week that it was also creating a free, educational website, called Acceso Latino, with the aim of providing Hispanics access to information regarding job training, culture, education, healthcare and more.