A modestly dressed Mexican with a taste for expensive cigars, baseball memorabilia and bonsai trees has overtaken the American investor Warren Buffett as the world's second richest man and is quietly closing in on Bill Gates as the richest man on the planet.

Carlos Slim, a magnate whose empire supplies Mexicans with everything from cheap flights to cigarettes, has seen his fortune soar by more than $4 billion (£2.02 billion) in two months to $53.1 billion, according to Forbes magazine.

Since last year, his fortune has increased by $19 billion because of a strong Mexican economy and soaring stock prices for his businesses.

Mr Gates still holds the top spot with $56 billion but with the Microsoft co-founder increasingly focusing on philanthropy, analysts say Mr Slim is on track to surpass him.

Mr Slim recently told Forbes that his vision of a businessman's role differed to that of Mr Buffett, who is to donate $ 1.5 billion every year to the Bill & Melinda Gates Foundation.

"Our concept is more to accomplish and solve things - not going around like Santa Claus," he added. "Poverty isn't solved with donations."

Posted by Spluch on 14 April, 2007 at 21:37 | Permalink |