Mexican telecom mogul tops list of world’s richest

Bill Gates is no longer the king of the hill when it comes to the world’s richest people. Forbes Magazine has released its new list of the world’s biggest billionaires, and William Gates III is in the number two slot, behind Carlos Slim Helú, a self-made telecom mogul from Mexico. Slim, worth $53.5 billion, is the first man from a developing country to top the list.

Loan Grillo, Time Magazine correspondent stationed in Mexico City, tells us more.