Business mogul and Mexico's wealthiest person, Carlos Slim slipped down a notch in his world ranking this month. Slim's $56.6 billion net worth now ranks him as the fifth richest person in the world.

While Slim might have slipped down to number five, another Latino name has taken his place on the number four spot, a report with La Voz said. Amazon tycoon Jeff Bezos rose up to the fourth spot with a $56.7 billion net worth.Amazon.com's stock price rose sharply and that was the very reason for Bezo's toppling over the Mexican telecom mogul.

The Independent reports that Amazon's shares increased dramatically from $310.3 at the end of 2014 to $659.7 at the close of trading yesterday. Additionally, Amazon's shares have surged by a whopping 113 percent this year -- earning the 51-year-old Bezos $29.6 billion since the start of the year.

Amazon.com shares had reportedly increased last month after it posted a 23 percent increase in net sales during the third quarter of 2015, with a reported net income of $79 billion.

The online retail giant had recently launched a new $50 Kindle Fire tablet that the Amazon.com founder said would "set a new bar for what customers should expect from a low-cost tablet." The Mexican-born mogul founded Amazon.com in 1994 after a drive from New York to Seattle. Bezos left his well-paying job in hedge funding after he learned of "the rapid growth in internet use." Like many business moguls, Bezos is known for his keen eye to business detail.

Bezos has been known to never give into complacency, being consistent with Amazon.com's work ethics as well as business dealings and code of ethics.

"A company shouldn't get addicted to being shiny because shiny doesn't last." the 51-year-old business mogul said of what it meant to be on top of the online retail game.

Bezos also purchased The Washington Post on Aug. 5, 2013 and his personal investments are managed through his company Bezos Expeditions. Some of the companies that was funded by Bezos Expeditions include Airbnb, Basecamp, Blue Origin, Twitter and Uber among others.

Amazion.com is now getting itself ready for Black Friday. The online retail giant expects to beat last year's Black Friday performance, when reportedly more than 5.5 millions items were sold, at an astounding rate of around 64 items being sold per second.

Both Bezos and Slim still trail behind Microsoft founder and philantrophist, Bill Gates who still remains the richest man in the world with a net worth of $85 billion.