The Mexican telecom tycoon Carlos Slim Helú (with a personal fortune of approximately $74 billion) has topped the Forbes Rich List for the second consecutive year, surpassing significantly second-place Microsoft founder Bill Gates, who is estimated to have assets totaling around $56 billion.

The top five is rounded out with Warren Buffet in third place ($50 billion), chief executive officer of the luxury goods firm LVMH Bernard Arnault ($41 billion), and the co-founder of the technology company Oracle, Larry Ellison ($39.5 billion). 

Arnault and Ellison flew into the top five in this year’s rankings, replacing the managing director of Reliance Industries, Mukesh Ambani ($27 billion), and Lakshmi Mittal ($31.2 billion), the steel magnate.

In 2010, the top ten was completed with Larry Ellison, Bernard Arnualt, Eike Batista, Amancio Ortega, and Karl Ulbrecht, whereas this year’s list is rounded off by Lakshmi Mittal, Amancio Ortega, Eike Batista, Mukesh Ambani, and Christy Walton. All of these are familiar faces to the top ten except Christy Walton of Walmart, who replaced founder of the supermarket chain Aldi, Karl Albrecht.

These numbers were calculated by more than 50 reporters that met with the listed candidates. In order to obtain an accurate estimate, factors such as the deals they negotiate, the land they’re selling, the paintings they’re buying and the causes they give to are all kept track of. To estimate the net worth of billionaires, their assets, including stakes in public and private companies, real estate, yachts, art, cash, and account for debt were all valued in this process. All estimates reflect a snapshot as of 14 February 2011 when Forbes locked in stock prices and exchange rates around the globe.