Gates reduced to world's second richest man

Bill Gates is worth an estimated $53bn

Microsoft chairman Bill Gates is no longer the world's wealthiest man, according to the latest rich list from Forbes magazine.

The top spot was taken by Carlos Slim, the Mexican telecoms mogul, whose estimated worth last year rose by $18.5bn to $53.5bn.

Gates's wealth rose by $13bn to $53bn, while third placed Warren Buffett's fortune rose by $10bn to $47bn.

This is the first time since 1994 that the list has not been headed by Gates or Buffett, but Forbes noted that both would have scored higher if they had not donated so much money to charity.

Slim, who made the bulk of his money after buying Mexico's state telecoms company almost two decades ago, has said publicly that "poverty is not solved by donations". Shares in his América Móvil company rose by over 50 per cent last year.

Oracle chief executive Larry Ellison is the sixth richest man in the world with a net worth of $28bn, according to the list, while Google co-founders Sergey Brin and Larry Page were equal 24th with $17.5bn each.

Microsoft chief executive Steve Ballmer is the 33rd richest man with $14.5bn, while Michael Dell, chairman and chief executive of Dell, dropped from 25th to 37th with an estimated worth of $13.5bn.