Title of world's richest goes from Carlos Slim to Bill Gates Blog added by Kim Magdalein on May 23, 2013
Kim Magdalein

Kim Magdalein

Jacksonville, FL

Joined: May 10, 2013

As the market continues to be the bright spot in the U.S. economy, we can still offer our clients opportunities to get in on it. Stories like this should encourage clients to keep striving to improve their financial situation. From a Bloomberg article:
    The 57-year-old co-founder of Redmond, Washington-based Microsoft Corp. (MSFT) recaptured the title from Mexican investor Carlos Slim yesterday, according to the Bloomberg Billionaires Index, as the software maker hit a five-year high. It is the first time Gates has held the mantle since 2007. His fortune is valued at $72.7 billion, up 16 percent year-to-date. Slim’s America Movil (AMXL) SAB, the largest mobile-phone operator in the Americas, has dropped 14 percent this year after Mexico’s Congress passed a bill that could quash the billionaire’s market dominance. That’s helped erase more than $3 billion from the 73-year-old tycoon’s net worth. “When they’re talking about reform in a country that’s generally poor, and the guy shows up No. 1 on the list -- not a good thing,” said Greg Lesko, managing director at New York-based Deltec Asset Management LLC, which oversees $750 million and has an “underweight” position in Slim’s flagship company. “He’s had a pretty good monopoly situation in Mexico, and the Mexican cellphone user has been paying more than he should. We applaud it for the country.”
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