Bill Gates No Longer World's Richest Man

Carlos Slim Helu takes No. 1 spot on Forbes World's Billionaires list as a record 164 10-figure titans return to the ranking amid the global economic recovery.
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For the third time in three years, the world has a new richest man.

Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil ( AMX - news - people ), Mexican tycoon Carlos Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World's Billionaires.

Slim's fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.

This year the World's Billionaires have an average net worth of $3.5 billion, up $500 million in 12 months. The world has 1,011 10-figure titans, up from 793 a year ago but still shy of the record 1,125 in 2008. Of those billionaires on last year's list, only 12% saw their fortunes decline.

U.S. billionaires still dominate the ranks--but their grip is slipping. Americans account for 40% of the world's billionaires, down from 45% a year ago.

The U.S. commands 38% of the collective $3.6 trillion net worth of the world's richest, down from 44% a year ago.

Of the 97 new members of the list, only 16% are from the U.S. By contrast, Asia made big gains. The region added 104 moguls and now has just 14 fewer than Europe, thanks to several large public offerings and swelling stock markets.

The new billionaires include American Isaac Perlmutter, who flipped Marvel Entertainment ( MVL - news - people ) to Disney ( DIS - news - people ) for $4 billion last December. The Spider-Man mogul netted nearly $900 million in cash and 20 million shares of Disney in the transaction.

Also new to the ranking: 27 billionaires from China, including Li Shufu, whose automaker, Geely, announced plans to buy Swedish brand Volvo from Ford in December. The deal is expected to close in March 2010.