Mexican tycoon Carlos Slim, worth an estimated $67.8 billion, has overtaken Microsoft founder Bill Gates, to become the world's richest man, according to a respected tracker of Mexican financial wealth.
Mexican tycoon Carlos Slim
A 27 per cent surge in the share price, from March to June, of America Movil, Latin America's largest mobile phone operator controlled by Mr Slim, made him close to $8.6 billion wealthier than Mr Gates, said Eduardo Garcia in Sentido Comun, the online financial publication he founded.
Mr Garcia estimated that Mr Gates was worth $59.2 billion. Forbes magazine reported in April that Mr Slim had overtaken billionaire investor Warren Buffett for the number two spot in the world's richest stakes but was still behind Mr Gates.
Mexico has a huge rich-poor divide, with a tiny elite holding most of the country's wealth and around half the population living on less than $5 a day.
Forbes bumped up Mr Slim because gains from his holding company Carso and fixed-line telecom Telmex added to the Mexican's fortune while shares of Buffett's Berkshire Hathaway fell in the same period.
Three months ago, Mr Garcia begged to differ with Forbes and calculated Mr Slim's wealth as more than Mr Gates' - but only by a whisker. Now he says there is no doubt whose fortune is bigger at current share values.
"When I put Slim ahead three months ago Forbes bumped him up to second place (in world rankings) a few days later," Mr Garcia, also the publication's editor-in-chief, said.
"Let's see if the same happens again."
Garcia, who uses Forbes' calculations for US billionaires' wealth, says the 5.7 per cent increase in Microsoft share prices in the second quarter is no match for the sharp rise in valuations of Mr Slim's companies.