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Warren Buffett overtakes Bill Gates as world's richest man

06/03/2008

US investor Warren Buffett has overtaken Microsoft co-founder Bill Gates as the richest man in the world.

Surging share prices in Berkshire Hathaway, Mr Buffett's investment company, have boosted his fortune to $62 billion (£30.8 billion), ahead of Mr Gate's $58 billion (£28 billion).

Gates is now ranked third in the Forbes Rich List, behind Mexican telecoms tycoon Carlos Slim Helu, with an estimated worth of $60 billion (£29.9 billion).

Buffett is as well known for his philanthropy as for the astute investments which made his fortune. He has donated much of his wealth to charity, and is planning to give most of his Berkshire shares to the Bill and Melinda Gates Foundation.

Gates may have retained his top spot had Microsoft not made a bid for internet search engine Yahoo, however; shares in the software giant have slipped 15 per cent since the move.

Claiming the fourth spot is head of Arcelor Steel, Lakshmi Mittal, with a fortune of $57 billion (£28.3 billion), making him Europe's richest resident.

At five, with $50 billion (£24.9 billion), is Mukesh Ambani, who heads petrochemical giant Reliance Industries. His estranged brother, Anil Ambani, holds the sixth spot, with $42 billion (£20.9 billion).

The richest woman in the world, Liliane Bettencourt, ranks number 17 with a net worth of $22.9 billion (£11.4 billion). Daughter of L'Oreal founder Eugene Schueller, 88, still has a controlling stake in the cosmetics giant.