Mexican Billionaire Edges Out Buffett As World's Second-Richest Man

Mexican billionaire Carlos Slim Helu displaced American investor Warren Buffett as the world's second-richest man in March after almost doubling his personal fortune in 14 months, according to the Forbes magazine Web site.

As of yesterday, Mr. Helu, 67, is worth $53.1 billion, compared with Mr. Buffett's $52.4 billion; Mr. Buffett had held the position for seven years, the magazine said. Microsoft Corp.'s Bill Gates is first, at $56 billion, and has been for 13 years, Forbes said.

Mr. Helu gained $23 billion as the Mexican stock market jumped 49% in 2006, Forbes said. Mr. Helu's Carso Global Telecom SA, which controls Mexico's Telmex telephone utility, has gained 15% over two months. His biggest holding, wireless provider America Movil SA, rose 4% after talks on buying a stake in Olimpia SpA, which controls Telecom Italia SpA, Forbes said.

Mr. Helu recently dismissed his American peers's charitable donations as "going around like Santa Claus," Forbes said. Mr. Buffett has pledged to donate 10 million Class B shares, valued at $30.7 billion, to the Bill and Melinda Gates Foundation, the largest charitable contribution in history, according to the Chronicle of Philanthropy.