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Carlos Slim tops Forbes rich list for the fourth time

google-nexus-7Mexican tycoon Carlos Slim has been on the top of Forbes magazine's list of the richest billionaires in the world for the fourth consecutive year.

The commerce news magazine has estimated that Mr Slim is worth $73bn or £49bn whose business interests range from construction to telecommunications.
He is followed closely by Microsoft founder Bill Gates with a net worth of $67bn.

Famed investor Warren Buffett has dropped to fourth place on the list, with third spot being claimed by Amancio Ortega who is the founder of the Zara fashion chain.
Mr Ortega has leapfrogged over the Record profits of Mr Buffett as there was a surge in the share price of the holding company Inditex owned by him.

The "Sage of Omaha" was found to admit last week that his Berkshire Hathaway investment company had experienced a "sub-par" year in 2012 and it underperformed the S&P 500 index of US share prices for the ninth time in its long history of 48 years.

Mr Buffett, who is 82, was one of seven people in the over-70s category among the 10 wealthiest people on whose average age reaches 74 this year. Larry Ellison, the Oracle tycoon, has risen rapidly in the ranks as his software firm has seen a rise of 20% on the stock market over the last year, besides Mr. Ortega.

In the French luxuries sector there have been witnessed mixed fortunes. Bernard Arnault who is the man behind Louis Vuitton Moet Hennessey, saw a falls in his stocks last year which has dragged him down to the 10th place.

That has placed him behind L'Oreal heiress Liliane Bettencourt, 90-year-old, whose fortune has been estimated at $30bn.The two Koch Brothers, who have have helped the Republican Tea Party movement and who own a giant US industrial conglomerate come in the sixth place.