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Bill Gates no longer the richest man?

Fortune Magazine recently reported that the title "richest man on the world" is no longer held by the Microsoft founder Bill Gates but is now given to Carlos Slim Helu, owner of Telefonos de Mexico

Fortune Magazine said:

"By our calculations, the 67-year-old Slim has amassed a 59 billion-dollar fortune, based on the value of his public holdings at the end of July," Fortune magazine reported in its latest edition, due to hit newsstands this week.

"This number puts him just ahead of perennial number one, Microsoft founder Bill Gates, whose net worth is estimated to be at least 58 billion dollars.

Mexican financial website Sentido Comun reported last month that Slim had overtaken Gates, and put his personal fortune at almost 68 billion dollars.

"Gates is selling off his single greatest source of wealth, Microsoft stock, to fund his foundation, while Slim's fortune is growing at a stunning clip. His net worth jumped 12 billion dollars this year alone,"

Slim's family holdings represented more than five percent of Mexico's gross domestic product last year and companies under his control make up one third of the Mexican stock market, according to Fortune.

Slim's holdings include banking, automotive and especially telecoms interests. His Telefonos de Mexico controls 92 percent of Mexico's phone lines

Source: Agence France-Presse

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