Friday 17 May 2013

Bill Gates Back On Top as World’s Richest Person


Source - marketwatch.com

The Microsoft MSFT +1.99%  co-founder has a personal pile of $72.7 billion, enough to overtake the Mexican telecoms tycoon and grab the top spot for the first time since 2007.

Gates has seen his fortune ramp up by $10 billion in the past year, according to the list. The 57-year-old former Microsoft CEO owns about 5.2% of the software maker, whose shares hit a five-year high on Thursday, the same day the billionaires index was updated.

The reviving stock, up 27% this year, has not been the only shot in the arm for the uber-nerd-turned-philanthropist. His private Cascade Investment holdings stand at $38.6 billion, boosted by rallies in companies like the Canadian National Railway Co.  CA:CNR +2.17%

But for Gates to succeed, it wasn’t enough for him to do well – Slim also had to take a hit. He holds 44% of America Movil, recently targeted by a Mexican bill aimed at breaking up its dominance in mobile and landline phone service. Not surprisingly, Bloomberg estimates that his wealth has fallen by $3.1 billion in the past year, to dip to $72.1 billion.

In faint-but-pursuing third, as before, is Oracle of Omaha Warren Buffett, with $59.6 billion, most of it from his stake in Berkshire Hathaway BRKA +1.23% . Fourth is Amancio Ortega ($56 billion), of fashion retail chain Zara, and fifth is Ikea owner and Sweden’s richest man Ingvar Kamprad.

Despite the switcheroo, Slim’s not far behind the Microsoft maven. He can also console himself with his ranking on the rival Forbes billionaires list, which in March put Slim on top with $73 billion. What’s a few hundred million between friends?

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