Lee Chin fails to make billionaire list

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Mexican businessman Carlos Slim HelĂș.

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Michael Lee-Chin has failed to make the cut on Forbes 2011 list of billionaires published Wednesday.

The magazine said that those who were dropped from the list - numbering some 47 people worldwide - either experienced declines in the value of their assets, or were culled because Forbes had got new information about their holdings.

Lee-Chin, who owns a number of Caribbean assets including National Commercial Bank, narrowly made the list in 2010 when his net worth fell to US$1 billion.

He made his fortune in mutual funds, but sold out his business, AIC Limited, to Manulife in 2009.

The current list of 1,210 billionaires control an estimated US$4.5 trillion of wealth.

Mexican telecoms magnate Carlos Slim, 71, widened his lead over other billionaires on Forbes' list - the same day his flagship company said he is a victim of monopolistic practices.

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Slim's fortune was estimated to have risen to US$74 billion, well ahead of Bill Gates
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US$56 billion and investor Warren Buffett's US$50 billion. French luxury-goods magnate Bernard Arnault was fourth with US$41 billion.

Slim, the owner of Claro, gained the most in the past year.

His wealth increased US$20.5 billion from last year's estimate of US$53.5 billion by Forbes, which attributed the increase to a rise in Mexican stock prices as well as successful mining and real-estate projects carried out through his Grupo Carso conglomerate.

A total of 332 Asians made the list, surpassing Europe's 300 for the first time. Moscow, with 79 billionaires, racked up more berths on the list than any other city in the world.

The United States still has the lead in total number of billionaires, with 413 of the 1,210 on the list.

 


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