While Warren Buffet, the Berkshire Hathaway investor, takes the title of the world's richest man from Microsoft chief Bill Gates who slips to third place after a 13-year reign at the top, Britain-based industrialist Lakshmi Mittal has climbed one spot from last year to be ranked fourth this year in the US magazine's annual list of billionaires released on Wednesday.
With a net worth of $45 billion, Mittal heads the world's largest steel maker ArcelorMittal.
Just behind Mittal is Mukesh Ambani at No 5. With a net worth of $43 billion, he is Asia's richest resident. He heads petrochemicals giant Reliance Industries, India's most valuable company by market cap. His fortune is up $22.9 billion since last year, making him the world's second biggest gainer in terms of dollars. His rank last year was 14.
Mukesh's estranged brother Anil Ambani is the biggest gainer. He now ranks sixth in the world, climbing 12 places from last year. He gained $23.8 billion over the year and is now worth $42 billion. His biggest asset is his 65 per cent stake in telecom venture Reliance Communications. He raised $3 billion last month from the Reliance Power IPO, the biggest in India's history. Despite the hype, the stock tumbled 17 per cent immediately after it was listed.
KP Singh, chief of real estate developer DLF, has climbed from 62nd place to eighth, helped by his company's listing which tripled his fortune to $30 billion.
The world's three richest men remain the same from last year, though their ranks have been changed around. Behind Buffet at $62 billion on the top is Mexican telecom tycoon Carlos Slim Helú who has doubled his fortune in two years to $60 billion. Gates has been relegated to third place with $58 billion.
The number of billionaires Forbes could identify has crossed into four figures, reaching 1,125. The total net worth of the group is $4.4 trillion, up $900 billion from last year.
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