Microsoft co-founder Bill Gates is no longer the world's richest man according to the annual Forbes magazine list, but it's not like he's going to have to go crawling back for his old job either.

Mexican telecom tycoon Carlo Slim Helu beat Gates, last year's top billionaire, with a fortune worth $53.5 billion. Slim's rise this past year was fuelled by growth in mobile telecom giant America Movil, which saw a 35% share price increase over the past year. Slim owns a $23 billion stake in the company, according to Forbes.

Gates, who has refocused his career on charitable endeavours, is now worth $53 billion. While he slipped a notch on the Forbes list, his fortune actually rose by $13 billion on the strength of a climbing Microsoft stock price.

Investor Warren Buffett came in behind Gates at $47 billion. Buffett beat Gates for the top spot in 2008, breaking a 13-year streak for Gates.

Also on the list: Oracle founder and recent America's Cup sailing champ Larry Ellison, whose fortune is worth $28 billion.