The richest man in the world is no longer Bill Gates

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Bill Gates' 13-year reign as the wealthiest man on the planet, according to Forbes magazine, is over. Warren Buffett, the investor known as 'The Sage of Omaha', is now top of Forbes magazine's annual ranking of the world's wealthy, with a fortune worth $62 billion.

Gates fell to third place in the list, worth a mere $58 billion, with Mexican telecomms businessman Carlos Slim taking second place with $60 billion.

According to the list, there are 49 billionaires living in Britain. The Duke of Westminster is the wealthiest Briton at number 49, although Lakshmi Mittel, who ranked fourth, is the wealthiest British resident.

According to Forbes the youngest billionaire is Mark Zuckerberg, aged 23, who set up the social networking website Facebook.

www.forbes.com/lists