Microsoft founder, Bill Gates, has been defeated from the top spot by investment mogul Warren Buffett, according to Forbes magazine.
Buffett, the 77-year-old veteran chairman of Berkshire Hathaway, reportedly increased his wealth by $10 billion to $62 billion during the past year.
Buffett’s increase in wealth came through gains in the acquired shares held by his investment company.
Gates’ fortune rose by $2 billion to an estimated $58 billion, dropping him to third spot in the prestigious list.
In second place was Mexican telecommunications mogul Carlos Slim, who has an estimated wealth of $60 billion.
Forbes says that the composition of the world’s top 20 billionaires has also shifted.
In 2006 nearly half of the top 20 came from the US, but in 2007 that figure had dropped to just four.
Russia has also overtaken Germany as the country with the second-richest country in terms of billionaires.