Rich list swells after dip in 2008

THE WORLD has a new richest man: Mexican tycoon Carlos Slim has claimed the number one spot in Forbes magazine’s annual list of billionaires, becoming the first person from outside the US to lead the rankings in 16 years.

Mr Slim toppled Microsoft founder Bill Gates into second place, while Berkshire Hathaway chairman Warren Buffett had to settle for third.

Telecoms magnate Denis O’Brien held on to his position as the richest of the Irish-born billionaires who made the Forbes list. Mr O’Brien’s net worth is calculated to be $3.5 billion (€2.56 billion), placing him ahead of insurance magnate Seán Quinn, who is estimated to be worth $2.3 billion.

Financier Dermot Desmond (worth $1.6 billion) also retained his place in the list, while there was a new Irish entry in Martin Naughton, the Louth businessman who founded electrical appliance maker Glen Dimplex, who is estimated to be worth $1.5 billion.

However, the wealthiest Irish citizen on the list was Indian-born businessman Pallonji Mistry, who holds an Irish passport due to the Irish citizenship of his wife and sons. Mr Mistry, who has a large shareholding in the Tata Group, is worth $5.8 billion.

The third wealthiest Irish citizen behind Mr O’Brien and Mr Mistry was John Dorrance III, the US-born heir to the Campbell’s soup fortune, who received an Irish passport some years ago. His fortune is estimated at $2.4 billion.

The Forbes billionaires’ list swelled last year as the beginnings of a recovery in the global economy allowed 164 people to reclaim the title billionaire.

This year the Forbes billionaires have an average net worth of $3.5 billion, up $500 million in 12 months. The world has 1,011 of what Forbes called “10-figure titans”, up from 793 a year ago but still shy of the record 1,125 in 2008. Of those billionaires on last year’s list, only 12 per cent saw their fortunes decline. US billionaires still dominate the ranks, but their grip is slipping. They now account for 40 per cent of the world’s billionaires, down from 45 per cent a year ago.

Mr Slim, who is estimated to be worth $53.5 billion, made his money after he bought Mexico’s state-run phone monopoly two decades ago. His fortune is calculated to have increased by $18.5 billion last year.

Although the 70-year-old self-made telecoms tycoon has previously topped a rival list by the business magazine Fortune, this is the first time that he has been given the title of world’s richest man by Forbes.