Carlos Slim is world's richest man

Mexican telecom tycoon Carlos Slim Helu is now the world's richest man, according to a Mexican financial Web site Sentido Commun which has been tracking the telecom mogul's wealth.

The Mexican telecommunications magnate is said to have displaced Microsoft [ Images ] czar Bill Gates [ Images ] from the top spot following a 27% rise in the price of the shares of his company America Movil. This spurt increased Slim's wealth to $67.84 billion. Slim also controls telecom firms Telmex and Telcel.

The Web site said that Slim's fortune is nearly equal to 8% of Mexico's GDP.

Bill Gates, who had been the ranked the world's wealthiest man for the last 13 years, is said to be worth $59.2 billion.

In April, Forbes magazine had reported that Slim had become the world's second richest man, moving ahead of legendary American investor Warren Buffett [ Images ].

The 67-year-old Carlos Slim is the son of a Lebanese immigrant, and although he is lords over his telecom empire, his sons and son-in-law look after the day-to-day operations of his companies.