Bill Gates no longer world's richest man

Poor Bill Gates has been demoted to the second richest person on earth thanks to a Mexican telecoms tycoon.

In the Forbes Magazine annual greedfest, which ranks deep-pocketed individuals in order of ther personal wealth, unemployed ex-Microsoft top dog Gates has been demoted to second place, mainly because he gives so much of his gargantuan pile of cash to charity.

Carlo 'Slim' Helu, on the other hand, has clawed his way to the top of the heap by making sure he holds on to all of his pesos, publicly stating that "poverty is not solved by donations". Something which could only really be said by someone who trousered an estimated $53.5 billion by snapping up Mexico's failing state-owned telecoms outfit just before everyone on the planet decided that having a mobile phone was a really good idea.

This is the first time since 1994 that the list hasn't been topped by either Gates or his arch nemesis insurance industry boss Warren Buffet.

There are currently 1,011 billionaires in the world, most of them - 403 to be precise - in the USA, but China is starting to chase the yankie tail. There are currently 64 billionaires in mainland China, or 89 if you include Hong Kong.