Bill Gates is no longer the richest man in the world.
Mexican telecom mogul Carlos Slim Helu took the No. 1 spot on Forbes’ billionaire list this year.
Slim’s fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
Gates, now worth $53 billion, is ranked second in the world. He is up $13 billion from a year ago as shares of Microsoft rose 50% in 12 months. Gates’ holdings in his personal investment vehicle Cascade ( CAE – news – people ) also soared with the rest of the markets.
Full story at Forbes.