Move over Bill Gates, there’s a new rich kid in town.
Mexican telecom tycoon Carlos Slim Helú has been named the Richest Man in the World by Forbes magazine, topping their annual list of the world’s richest people.
Helú’s fortune is estimated to be $53.5 billion – up $18.5 billion since his third place finish last year.
The bulk of seventy-year-old Helú’s fortune is tied up in his telecommunications company America Movil, the largest mobile phone provider in all of Latin America, with a reported 150 million customers.
The son of a Lebanese immigrant, Helú also owns Impulsora del Desarrollo y el Empleo, a construction conglomerate that builds roads and energy infrastructure. He also recently invested $250 million in the ailing New York Times company.
Bill Gates, founder of Microsoft, slipped to number two with an estimated $53 billion. Legendary investor Warren Buffet was third, with his fortune said to be $47 billion.