A Mexican telecoms tycoon has dethroned Bill Gates as the World's richest man.
Carlos Slim ended Gates's 13-year reign thanks to a 26 per cent surge in the stock price of his company America Movil during the second quarter. Slim boosted his personal net worth to $67.8bn compared to last year’s $30bn
Gates was worth $59.2bn compared to $50bn in 2006, according to the Forbes annual rich list. The switch in places was noted by Mexican financial publication Sentido Común.Slim's fortune is equivalent to eight per cent of Mexico's gross domestic product! according to Común. For Gates to be worth eight per cent of the US economy, he'd have to increase his wealth by 17 times to $13tn.Slim paved the way for overtaking Gates last year by expanding his stake in wireless operator America Movil after selling his holdings in MCI and Altria. This deal that netted more than $6bn and earned Slim the title Latin America's richest man.
In April this year Slim overtook the World's second richest person Warren Buffett, the chief executive of Berkshire Hathaway and philanthropist who has dedicated himself to giving away most of his fortune through the Bill and Melinda Gates Foundation.