Microsoft founder Bill Gates looks to have lost his title as the world's richest man, toppled from top spot by the Mexican telecoms tycoon Carlos Slim.

Now, however, Mr Garcia says there is no doubt that the little-known Mexican has finally captured the coveted top slot, following a surge in America Movil's shares over the second quarter. This is estimated to have boosted his fortune to an estimated $67.8bn (£33.6bn) - equivalent to 8% of Mexico's gross domestic product - compared with $59.2bn for the Microsoft mogul, putting him in the lead by a decisive $8.6bn.

"When I put Slim ahead three months ago Forbes bumped him up to second place (in world rankings) a few days later," Mr Garcia told Reuters.

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