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Guardian – Mexican tycoon overtakes Bill Gates as world’s richest man

Good gracious.

Microsoft founder Bill Gates looks to have lost his title as the world’s richest man, toppled from top spot by the Mexican telecoms tycoon Carlos Slim.

Three months ago the cigar-chomping Mr Slim quietly slipped past legendary US investor Warren Buffett to take second place in the global wealth league.

Now, thanks to a surge in the shares of his America Movil group, Mr Slim has claimed pole position, according to the Mexican online financial publication, Sentido Común.

The specter of corruption does rise in the periphery of this story. When one looks at Bill Gates, one doesn’t tend to think that, does one. Poor Mexico.

Now, however, Mr Garcia says there is no doubt that the little-known Mexican has finally captured the coveted top slot, following a surge in America Movil’s shares over the second quarter. This is estimated to have boosted his fortune to an estimated $67.8bn (£33.6bn) – equivalent to 8% of Mexico’s gross domestic product – compared with $59.2bn for the Microsoft mogul, putting him in the lead by a decisive $8.6bn.

Well, remittances to Mexico are $18 billion, so I’m sure there’s a financial lesson there.