The annual Forbes rich list has ranked Mexican businessman Carlos Slim as the wealthiest person in the world, ousting Microsoft founder Bill Gates from top place. Mr Slim has estimated assets of 53.5 billion dollars, half a billion more than Bill Gates. Third place goes to US investor Warren Buffet with 47 billion dollars.

According to Forbes the number of billionaires rose by 300 to slightly over 1,100 last year. Their joint assets are around 3,600 billion dollars. Forty percent are US citizens, but the proportion of US billionaires on the list is dropping. China is home to the largest number of non-US billionaires.

The wealthiest woman in the world is Christy Walton of the US Walmart chain, with estimated assets of around 22 billion dollars.