Bill Gates is no longer the richest man in the world

But don't feel too bad, as the Microsoft founder still has $53 billion to spend.

piggy bank

A Mexican telecoms leader has pipped Microsoft founder Bill Gates to the top of this year's Forbes rich list.

Carlos Slim's telecoms empire is worth some $53.5 billion, while Gates is worth $53 billion - up 13 billion since last year, as Microsoft's stocks jumped 50 per cent. Investor Warren Buffett grabbed third spot with $43 billion.

It's apparently the first time in 16 years that an American hasn't topped Forbes' annual ranking. Gates has held the top spot 14 of the past 15 years.

Oracle's Larry Ellison came in sixth with $28 billion, while Google's Sergey Brin came in 24th spot with $17.5 billion.

Gates left Microsoft in 2008 to pursue his charity work.

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