Gates reduced to world's second richest man

The top spot was taken by Carlos Slim, the Mexican telecoms owner who's estimated worth last year rose $18.5bn, to $53.5bn. By contrast Gates' fortune rose $13bn to $53bn, with Warren Buffett, coming in third with $47bn, a rise of $10bn.

This is the first time since 1994 that the list hasn't been headed by either Gates or Buffett, but the magazine noted that both would have scored higher if they hadn't donated so much of their money to charity. By contrast Slim has said publicly that “poverty is not solved by donations.”

Slim made the bulk of his money in telecoms after buying Mexico's state telecommunications company almost two decades ago. Shares in his América Móvil company rose by over 50 per cent last year.

Oracles Larry Ellison is the sixth richest man in the world according to the list, with a net worth of $28bn while Google's Sergey Brin and Larry Page were 24th with $17.5bn.

Steve Ballmer is the 33rd richest man, with a fortune of $14.5bn while Michael Dell's dropped from 25th to 37th on the list after his net worth was estimated at $13.5bn.