Mexican telecom tycoon Carlos Slim Helu is now the world's richest man, according to a Mexican financial Web site Sentido Commun which has been tracking the telecom mogul's wealth.

The Mexican telecommunications magnate is said to have displaced Microsoft czar Bill Gates from the top spot following a 27% rise in the price of the shares of his company America Movil. This spurt increased Slim's wealth to $67.84 billion. Slim also controls telecom firms Telmex and Telcel.

The Web site said that Slim's fortune is nearly equal to 8% of Mexico's GDP.

Bill Gates, who had been the ranked the world's wealthiest man for the last 13 years, is said to be worth $59.2 billion.

In April, Forbes magazine had reported that Slim had become the world's second richest man, moving ahead of legendary American investor Warren Buffett.

The 67-year-old Carlos Slim is the son of a Lebanese immigrant, and although he is lords over his telecom empire, his sons and son-in-law look after the day-to-day operations of his companies.