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Mexican tycoon Carlos Slim is the world's richest person, knocking Microsoft founder Bill Gates into second spot, as the wealth of the world's billionaires grew by 50 per cent over the last year, Forbes magazine said today.

It is only the second time since 1995 that Mr Gates has lost the crown, the magazine said, estimating Slim's net worth at $53.5 billion, compared to Gates's $53 billion fortune, while investor Warren Buffett came in at number 3 with $47 billion.