Carlos Slim usurps Bill Gates as richest man

Mexican tycoon Carlos Slim is now worth= $67.8 billion.

The Forbes Billionaires List, published last month, describes Mr. Slim as the world's third richest man with a fortune of $49 billion, behind Microsoft founder Bill Gates, worth $56 billion, and Warren Buffett, worth $52billion.

Mr Slim's fortune, made in Mexico's telecoms, banking, energy and tobacco, was said to have climbed $19 billion in just 12 months.

The son of Lebanese immigrants, Mr Slim made his fortune in telecoms but turned to construction two years ago. His infrastructure company, Ideal, is currently working on a $150 million dollar project to develop a shopping mall, two schools, a hospital and a park by 2010 in Mexico City. In March 2007 , Mr Slim said that ventures such as Ideal can help fight poverty more effectively than charity.Mr Slim has pledged $4 billion into philanthropic foundations, while Mr Gates and Mr Buffett have donated tens of billions of dollars.

Mr Slim's fortunes stands in stark contrast to much of the rest of Mexico's population. According to the World Bank, the average income, per capita in Mexico is $7,310 and it estimates that more than 45 % of the population were living in poverty in 2005.Sentido Comun said there were 38 Mexican businessmen/Families that are worth more than $500 million.