Forbes Magazine released their 2008 list of the world's richest billionaires Thursday as Bill Gates ended his 13-year streak as the world richest man.
Warren Buffett, the chairman and CEO of Berkshire Hathaway, is now No. 1 after his fortune increased to an estimated $62 billion, up $10 billion from a year ago.
Gates is now No. 3 with $58 billion, up $2 billion from last year. However, Mexican telecommunications tycoon Carlos Slim Helú has moved up to No. 2 with an estimated net worth of $60 billion. His fortune has risen $11 billion since last March.
For the first time ever, the number of billionaires Forbes could identify entered into four figures, reaching 1,125. The total net worth of the group is $4.4 trillion. Americans account for 42% of the world's billionaires and 37%, of the total wealth.
Lakshmi Mittal, who heads the world's largest steelmaker, is fourth with $45 billion. His company, ArcelorMittal, accounts for 10% of all crude steel production in the world.
Mukesh Ambani rounds out the top five with $43 billion. Ambani, Asia's richest resident, heads petrochemicals giant Reliance Industries, India's most valuable company by market cap.
His younger brother Amil is actually Forbes' No. 6 billionaire with $42 billion as the brothers both inherited their fortune from their late father, renowned industrialist Dhirubhai Ambani.
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