Bill Gates is no longer the world's richest man. Mexican telecom tycoon Carlos Slim now holds the title.

Slim passed both Bill Gates and Warren Buffet on Forbes magazine's top billionaires list. He is worth $53.3 billion and makes almost $30 million a day.

The world's richest man is the first person from a developing nation to claim the title and the first non-American since 1994.

America still leads the world in number of billionaires at 403. China is second with 89 billionaires.