Microsoft founder Bill Gates has lost his claim as the world's richest person, ceding the title to Mexican telecoms tycoon Carlos Slim Helu, according to Fortune magazine.
By most calculations, Gates has been considered for at least the past decade to be the wealthiest person alive, but strong performance by Slim's holdings on the Mexican stock exchange in recent months had pushed Gates into second place.
"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," Fortune said.
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.
The magazine labelled him a modern-day John D. Rockefeller, the US industrialist who amassed a huge personal fortune in the early 20th century.
Slim's holdings include banking, automotive and especially telecoms interests. His Telefonos de Mexico controls 92 percent of Mexico's phone lines.
