Mexican grabs No. 2 spot on rich list

THAT was fast. Mexican telecoms mogul Carlos Slim Helu last month overtook American investor Warren Buffett to become the world's second-richest man with a net worth estimated at US$53.1 billion (S$81 billion), said Forbes magazine.

The publication had ranked Mr Slim No. 3 on its 2007 list released barely a month ago. But he is making money faster than the ink can dry - thanks to rising share prices of his stakes in telcos America Movil and Carso Global Telecom.

Forbes, on its website posted on Wednesday, estimates that Mr Slim has added US$4.1 billion to his fortune since it calculated his net worth in early February.

He surpassed Mr Buffett's US$52.4 billion fortune on March 29. Mr Slim now appears set to dethrone Microsoft co-founder Bill Gates, who has topped the list for a record 13 years with wealth estimated at US$56 billion.

The Mexican mogul first appeared on the Forbes list in 1991, a year after he and a consortium bought a controlling interest in Mexico's state-owned telephone company, Telmex.

His recent run-up in wealth has been nothing short of stunning. Forbes calculates he added US$23 billion to his fortune over the past 14 months.

His holdings are so vast that it is nearly impossible for average Mexicans to go a day without spending money in his empire, which includes restaurants, department stores, tobacco products, building supplies and an airline.

LOS ANGELES TIMES