Mexico's Slim tops Buffet as No. 2 richest

April 12, 2007 at 2:29 PM

MEXICO CITY, April 12 (UPI) -- Mexican telecom titan Carlos Slim Helu has quietly slipped ahead of Warren Buffet as the world's second-richest man, Forbes magazine said.

Slim, who controls traditional phone company Telefonos de Mexico, top Mexican cell phone carrier Telcel and its parent, America Movil, is worth $53.1 billion, compared with Buffet's $52.4 billion, Forbes said.

Buffet, the Berkshire Hathaway chief executive, was the world's second-richest man for the past seven years.

Slim, 67, is also close to passing Microsoft Corp. co-founder and Chairman Bill Gates, who is worth $56 billion. Gates, who co-founded Microsoft in 1975, has been the world's richest man for a record 13 years.

Slim's fortune has increased $4 billion since February, as key investment Carso Global Telecom jumped 15 percent, the magazine says. Carso holds stocks of companies including Slim's Telmex, Telcel and America Movil.

Slim's wealth -- in a country whose average income is $6,800 -- is the equivalent of roughly 7 percent of Mexico's annual economic output, the magazine said. Forbes estimated that if Gates had a similar proportion in the United States he would be worth $874 billion.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
BBC to lay off 1,000 people to make up for $234M in lost revenue