Carlos Slim Helu, a Mexican telecom tycoon, has surpassed Bill Gates as the richest person in the world according to Forbes' annual list of the twenty richest people. Slim Helu's net worth increased to $53.5 billion, $18 billion more than the previous year. While Americans still make up 40% of the world's billionaires, this is down from 45% in the previous year, showing that they are gradually losing their dominance at the top of the list. Bill Gates had held the top spot for fourteen of the past fifteen years.

1. WEALTH

2. Forbes has posted their annual list of the twenty richest people in the world. Number one is not Bill Gates, nor is it Warren Buffet. Mexican telecom tycoon Carlos Slim Helu edged out Gates with a net worth of $53.5 billion, which is $18 billion more than he had a year ago. U.S. billionaires still dominate the ranks–but they are losing their grip . Americans account for 40% of the world’s billionaires, down from 45% a year ago. Bill Gates was the world’s richest person fourteen of the past fifteen years.

3. Vocabulary edge out dominate net worth lose one’s grip Control total assets minus liabilities surpass lose one's hold over someone or something

4. WARM-UP How rich would you like to be-twice as rich as you are, a millionaire or a billionaire? If you had a million dollars, what would you spend it on? What’s more important?-health, wealth or happiness? Would you rather be rich or unknown or famous and poor? What are recognized symbols of wealth in your country?

5. Decide what the underlined words mean in the following sentences. A: Would you like another slice of cake? B: No, thank you. It’s too rich for me.

6. rich Very sweet

7. The palace was richly decorated in the Baroque style.

8. Having high value or quality

9. In some parts of the world people eat insects because they are protein- rich .

10. High in some component e.g. protein-rich cholesterol-rich

11. Burma is a poor country despite its natural riches .

12. resources

13. A: He said I was driving dangerously fast. B: Did he? That’s rich coming from him. He had four speeding fines in the last six weeks!

14. something that you say when someone criticizes you to show that you do not think they are being fair because they are as bad as you

15. Rolling in money To have a lot of money, more than they could possibly need. Ex. The man is rolling in money and he always has much money to spend.

16. filthy/stinking rich ( informal ) extremely rich Ex. I wouldn’t mind being filthy rich .

17. rich as Croesus Very wealthy This term alludes to Croesus, the legendary King of Lydia and supposedly the richest man on earth. Ex. They're rich as Croesus , with their penthouse, yacht, and horses.

18. loaded To be rich He works in the City and he's loaded !

19. Born with a silver spoon in one's mouth A person who is born with a silver spoon in their mouth is born into a very rich family. Ex. She never has to worry about money; she was born with a silver spoon in her mouth."

20. to be sitting on a goldmine to have or own something that is very valuable “ He will inherit everything. He’s sitting on a goldmine!"

21. go from rags to riches to start your life very poor and then later in life become very rich Ex. People who go from rags to riches are often afraid the good life will be snatched away from them.

22. Who are the richest people in your country? What do rich people in your country spend their money on? Do you think rich people generally spend their money wisely? Do you think rich people should be allowed to leave their children their money?

23. Is it better to earn money, win it or inherit it? What are the disadvantages of being rich. Do you think people in general are richer now than in the past? How many popular rags-to-riches stories can you think of?