Mexico’s Carlos Slim Snags World’s Richest Man Spot From Bill Gates

Germany may have won the World Cup of Soccer, but Mexico just claimed victory in the World Cup of Billionaires. Carlos Slim Helu is once again the world’s richest man, thanks partly to a sharp increase in share price of his telecom company, America Movil.

The jump happened this past Tuesday, although prices have been rising gradually since the company’s recent announcement to divest some assets due to hard pressures from Mexico’s new antitrust regulations. In just 10 days, from July 1st to the 11th, Carlos’ wealth rose over $5 billion from $74.5 billion to $79.6 billion, allowing him to seize the title from Bill Gates ($79.1 billion), who has remained at the top since 2013. This increase was due to a measly 1% increase in the value of America Movil, which equates to a whopping $805.6 million.

Currently, America Movil controls 70% of the mobile phone market in Mexico and 80% of landlines. He is now looking to further his presence in Europe and Latin America, beginning with the acquisition of a 23.47% stake in Telekom Austria, lifting his interest in the company to 50.8%.