Mexican Telecom Tycoon Carlos Slim 3rd richest man

02 Mar 2016

Forbes has released its World's Billionaire's List for this year, with the total net worth of the 1,810 individuals appearing on the list at a whopping $6.48 trillion.

The latest annual ranking of billionaires by Forbes shows that falling share prices, a dramatic drop in the price of oil and volatile currency markets have shaken the global elite. 

The combined wealth of the top 20 has fallen from $899bn last year to $827bn and the number of billionaires in the world has shrunk from a record 1,826 in 2015 to 1,810. It is the first time in seven years that the number of billionaires has decreased, and is the first drop in the wealth of the top 20 since 2012.

But more than a third of the $70bn decline was down to just one man: Carlos Slim. The Mexican telecoms tycoon has seen his fortune decrease from $77.1bn to $50bn in just 12 months. Shares in his bank, Grupo Financiero Inbursa, telecoms company América Móvil and mining group Minera Frisco have all tumbled.As a result Slim is no longer the second-richest man in the world - and is merely fourth.