New York - Mexico's telecommunication tycoon Carlos Slim Helu has earned the coveted distinction of being the world's richest person for the third consecutive year, according to the 2012 billionaire list released by Forbes magazine on Wednesday.

Despite a $5 billion decrease in his fortune the 72-year-old Slim Helu, who is the son of Lebanese immigrants and born in Mexico City, was listed as the world's richest person with a net worth of $69 billion as of March 2012. Mr. Helu was listed ahead of Bill Gates' $61 billion and Warren Buffet's $44 billion.

With more than half of his net worth linked to telecom enterprise America Movil, Slim Helu's $5 billion decrease is primarily due to a lower share price for the company. In addition, he has been spending more time working with his Carlos Slim Foundation as well as the Telmex Foundation.

This year marks the first time since he initially made the list in 1991, that Slim's fortunes were not on par with the economy of Mexico, which grew last year.

In fourth and fifth place on the list are two Europeans, Bernard Arnault, the chairman and chief executive of French luxury goods group LVMH, and Amancio Ortego, the founder of Spanish fashion business Zara.

Mr Arnault is estimated to be worth $41 billion, and Mr Ortega $37.5 billion.

They are followed by Larry Ellison, the founder and chief executive of US software group Oracle. He is estimated to be worth $36 billion.

Li Ka-Shing, in ninth position on $25.5 billion, is the highest-placed Asian. The Hong Kong-based owner of Hutchison Whampoa and Cheung Kong Holdings is the world's biggest operator of container terminals.

Indian steel boss Lakshmi Mittal, in 21st place, was one of the biggest fallers on the list this year, dropping out of the top 10. His wealth is now estimated at $20.7 billion, down by $10.4 billion as a result of higher costs and lower steel demand in Europe.

The richest newcomer is Alejandro Santo Domingo Davila, a 35-year-old Colombian financier who lives in New York City and took over his father’s conglomerate, Santo Domingo Group. Davila is reportedly worth $9.5 billion.

This was the magazine's 25th annual issue on the world's wealthiest people, and it included a record 1,226 people. Check out Forbes complete list of the world's richest people.