Move over, Bill Gates. The Microsoft founder, who has been the world's richest individual for a decade, has lost his lofty perch to a little-known Mexican telecom tycoon, Carlos Slim, the Guardian reports. His wealth has been estimated at $67.8 billion compared with $59.2 billion for Gates.
Some $23 billion of Slim's wealth was earned in the last hectic 14 months of growth in his telecom empire, America Movil. Shares in his cell phone business surged 27% in the last three months, while Microsoft's increased 5.7%. Slim's fortune is believed to be about 8% of the entire gross national product of Mexico.