Fortune magazine, which made a name for its annual compilation of the World's richest, announced that Mexican tycoon Carlos Slim has replaced Bill Gates at the top of the richest of the richest.

"By our calculations, the 67-year-old Slim has amassed a $59 billion fortune, based on the value of his public holdings at the end of July. This number puts him just ahead of perennial No. 1, Microsoft founder Bill Gates, whose net worth is estimated to be at least $58 billion. But Gates is selling off his single greatest source of wealth, Microsoft stock, to fund his foundation, while Slim's fortune is growing at a stunning clip. His net worth jumped $12 billion this year alone. His family's holdings represent more than 5% of Mexico's 2006 gross domestic product, and Slim-controlled companies make up one-third of the $422 billion Mexican Bolsa, or stock exchange."

Of course, it should be noted that if Bill didn't give a substantial amount of Microsoft stock to his foundation, he will still be much more wealthier. His devotion to make his 2nd career more successful and impactful that his first one actually makes me admire him even more.