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Slim Slips to Number 4 on 2016 Forbes Billionaires List

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March 3, 2016

Carlos Slim Helú, center, and mining tycoon German Larrea, left. Slim and Larrea saw their fortune shrink in 2015. Slim dropped from #2 to #4 in the world's billionaires rankings. (AP Photo/Rebecca Blackwell)

New York - The combined net worth of Mexico's billionaires dropped $44.9 billion this year, from $142.9 in 2015 to $99.6 billion – around 30%, according to the 2016 Forbes Billionaires List released Tuesday. It was the worst year for Mexican billionaires since 2013, when their aggregate wealth was $148.6 billion. Mexico now also has two fewer billionaires than in 2015, and no newcomers.

Based on the 2016 Forbes billionaire data, with a net worth of $50 billion, Mexican telecom mogul Carlos Slim Helú dropped from No. 2 to No. 4 position in the world's billionaires rankings. Slim's fortune was $27.1 billion less than in 2015, making him the biggest dollar loser on the 2016 Forbes Billionaires List.

In 2014, Slim lost the richest-person-on-the-planet title to Microsoft founder Bill Gates who, according to Forbes, has held the title for 17 of the past 22 years.

Then late last year Slim, the world's second richest man in 2015, was superseded by Spanish retailer mogul Amancio Ortega ($67 billion net worth) and business magnate and philanthropist Warren Buffett ($60.6 billion net worth).

Slim ranked fourth on the 2016 Forbes Billionaires List despite dropping to fifth place during the year when CEO and Founder Jeff Bezos unseated him for a brief period as the world's fourth richest person.

The fall in Slim's net worth is largely linked to weak performance of América Móvil, the biggest wireless telecom and pay TV provider in Latin America. It is controlled by Slim and his children. América Móvil's shares took a beating in 2015 and early 2016 in the wake of new Mexican telecom regulations, a weaker Mexican peso, the poor performance of the Mexican economy largely due to low oil prices and economic decline in Brazil.

Original article