After reigning the roost for 14 of the last 15 years, Microsoft tycoon, Bill Gates, has finally been usurped by Mexican billionaire Carlos Slim, as the World's richest man!

According to Forbes magazine, who released their annual list of billionaires yesterday, Mr. Slim's net worth has risen $18.5 billion USD, since their last report, 12 months ago, bringing his net worth total to a whopping $53.5 billion USD.

However, before you start getting teary-eyed for the world's second richest man, Bill Gates, note that his net worth soared 27% to $53 billion USD, a mere half billion less than the top guy.

Carlos Slim Helu, one of six children, was born in Mexico City in 1940. Unlike Bill Gates and Warren Buffet (# 1 in 2008), who are self-made, Carlos had a head start on building his empire, thanks to some inheritance from his father and grandfather.

Worth $40mm USD by the age of 26, he started building his empire by establishing the local arms of many American companies such as clothing retailer, Sears and fast-food restaurant chain Denny's.

While those did well, Mr. Slim's real business opportunity came in 1990, when he joined France Telecom and some other partners to purchase Telefonos de Mexico from the  government of Mexico. Not only was this a great business since it was a monopoly, but it also served as a way to branch out into the more lucrative cellular and wireless businesses. In fact, those businesses became so big that in 2001, they were spun out into another company, American Movil, of which Mr. Slim owns a third.

While his other businesses have done well, it is largely due to American Movil that Mr. Slim's net worth has risen so much and propelled him to the numero uno spot!

However, he better not rest on his laurels, for it did not take Mr. Gates too long to re-gain his title after being relegated to 3rd place in 2008, by his best pal, legendary investor Warren Buffet and non other than Mr. Slim himself.

sources:seekingalpha.com, wikipedia.com