Bill Gates dethroned

After a decade at the top of the World's Richest People rankings, Bill Gates has ceded his position to Mexican billionaire Carlos Slim, says Fortune magazine.

The 67-year old Slim has a fortune estimated at $59 billion, amassed from the telecom sector though he has also branched out into the banking and automotive sectors. His phone company Teléfonos de México controls 92 per cent of the Mexican market.

Bill Gates' net worth is calculated at $58 billion.

Gates has been selling off Microsoft stock to fund his charitable foundation, the Bill and Melinda Gates Foundation, while Slim's companies have been growing strongly and steadily.

Slim's family holdings amounted to an amazing five percent of Mexico's GDP last year. Companies under his control make up one third of the Mexican stock market, says Fortune.

Tags: Carlos Slim, Bill Gates