Software King of the World Sir William Gates III has lost his crown as the richest man in the world. Forbes, which calculates who is worth what and publishes its “World’s Richest People” list, has decided that Gates is not worth as much as he used to be.

Apparently he has been devalued to second place behind Mexico’s Carlos Slim, who has amassed a fortune of $53.5 billion. Gates, 53, has served as chairman since the company’s incorporation in 1981 and has been giving a lot of his cash away lately to make the world a better place.

Slim is a telecoms giant who has a substantial influence over the telecommunications industry in Mexico and much of Latin America. He controls Teléfonos de México (Telmex), Telcel and América Móvil companies.