King of Money

For the third time in three years, the world has a new richest man

riding rising prices of his various telecom holdings, including giant mobile outfit America Movil (NYSE: AMX), Mexican tycoon Carlo Slim Helu has one American Bill Gates and Warren Buffett to beat , will be the richest person on earth and nab the top spot on the Forbes 2010 list of the world's billionaires.

Slim's fortune was estimated at U.S. $ 53.5 billion, grew to U.S. $ 18.5 billion in 12 months. Shares of America Movil, of which Slim has a $ 23 billion involved is increased to 35 percent in a massive treasure year.That from scratch puts him ahead of Microsoft (Nasdaq: MSFT) co-founder Bill Gates, who had held the title of world's richest 14 of the last 15 years.

Gates, now worth U.S. $ bn 53, is second in the world. It is up to U.S. $ 13 billion a year ago as shares of Microsoft by 50 percent in 12 months. Gates' holdings in his personal investment vehicle Cascade (NYSE: CAE) also rose with the rest of the markets.

Buffett's fortune jumped $ 10 billion to $ 47 billion on rising shares of Berkshire Hathaway (NYSE BRK). at He . third place.

The Oracle of Omaha wisely invested $ 5 billion in Goldman Sachs (NYSE: GS) and $ 3 billion in General Electric (NYSE: GE). amid the 2008 market collapse , he recently acquired railroad giant Burlington Northern Santa Fe (NYSE: BNI). for U.S. $ 26 billion

In his annual shareholder letter Buffett wrote, "We have a lot of money to work on the chaos during the last two years, if it's raining gold, reach a bucket, not a thimble.".

Many plutocrats done just that. Indeed, over the past year wealth wasteland to a billionaire bonanza. Most of the richest people on the planet have seen to float their luck last year.

This year the world's billionaires have an average net worth of U.S. $ 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 the list last year, only 12 per cent saw their fortunes decline.