Bill Gates is no longer the richest man in the world. It really is the end of an era.
Carlos Slim, owner of a Mexican wireless telecommunications company America Movil, has been cited as the man that's taken Bill Gates top spot. America Movil has seen a 27% surge in stock price during the second quarter, pushing Slim's worth to a reported $67.8 billion. As the world's fifth largest wireless telecommunications provider, and Latin America's most prominent wireless telecommunications provider, the company has seen solid growth and its stock has been considered to be a good bet for some time now. The fast growing wireless market in Latin America has a lot to do with America Movil's ability to sustain such growth and a healthy stock price.
As much press as Bill Gates received for being the world's richest man for the past 13 years, he'll undoubtedly get just as much press, at least for a little while, for falling to the number two spot.
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