Mexican magnate Slim becomes richest man in planet

3 Jul 2007, 2051 hrs IST,AGENCIES

MEXICO CITY: Mexican telecom tycoon Carlos Slim Helu has overtaken Microsoft founder Bill Gates as the richest person on the planet, according to a Mexican financial website. The website said the Mexican mogul's wealth had shot past Gates following the rocketing performance of his telecommunications firm, America Movil. 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 nine billion dollars 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.