According to a report by Forbes Magazine Carlos Slim Helú is now the world’s richest man released yesterday. Bill Gates and Warren Buffet trailed Slim in second and third place, respectively.

Slim amassed his wealth from numerous businesses, but he is most famous for his telecommunications holdings. He bought formerly state-owned Teléfonos de México (Telmex) in 1990. His América Móvil is the largest cell phone operator in Latin America, according to Spanish daily El País.

Carlos Slim also owns a significant share of the U.S. newspaper The New York Times.

“Slim’s fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months,” the Forbes report says.

It is the first time a Latin American has topped the magazines list of billionaires.

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