Bill Gates, has been declared the richest man in the world for the 16th time by Forbes.

The Microsoft founder, Bill Gates, has been declared the richest man in the world for the 16th time by Forbes Magazine’s annual ranking of global billionaires. Bill Gates again beat Mexican businessman, Carlos Slim to the top spot. Mr Gates’ net worth rose by over $3bn (£1.94bn) from $76 billion to $79.2 billion putting the Microsoft Corp co-founder at the top for the 16th year in the last 21, Forbes said on Monday.

Mexico Telecommunications mogul, Carlos Slim Helu ranked second, worth $77.1 billion, while Berkshire Hathaway Inc. Chief Warren Buffett was third, at $72.7 billion.Legendary US investor, Warren Buffett, regained third place in the list with a net worth of $72.7bn, from Amancio Ortega, the founder of Spanish fashion chain, Zara.Amancio Ortega, the Spanish founder of Inditex SA, which includes clothing retailer Zara, was fourth at $64.5 billion, while Oracle Corp Chairman, Larry Ellison, was fifth at $54.3 billion.There are a record 1,826 billionaires in the world, Forbes said, an increase of 181 in the past 12 months.