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Friday, Sep 20, 2019

Mexican magnate Slim passes Gates as planet's richest

Carlos Slim Helu overtakes the Microsoft founder as the richest person on the planet, according to the Mexican financial website.

business Updated: Jul 04, 2007 00:27 IST


Mexican telecom tycoon Carlos Slim Helu has overtaken Microsoft founder Bill Gates as the richest person on the planet, according to the Mexican financial website Sentido Comun.

Sentido Comun said the Mexican mogul's wealth had shot past Gates following the the rocketing performance of his telecommunications firm, America Movil.

US-based Forbes magazine, known for its rankings of the world's wealthiest individuals, had in April updated its list to show Slim as the second richest, moving past the legendary American investor Warren Buffett.

The Mexican financial website said Slim has grown even wealthier thanks to a surge in the share prices of his company.

"Thanks to a 26.5 per cent rise in the shares of America Movil during the second quarter, Slim, who controls a 33 per cent interest in Latin America's largest mobile phone company, is substantially richer than Gates," Sentido Comun said.

"The difference between their two fortunes is around $9 billion in favor of Slim," the financial website said.

Aside from America Movil, Carlos Slim, 67, controls the INBURSA financial group as well as retail and restaurant chains.

First Published: Jul 04, 2007 00:23 IST