Beffett

By MIKE BARRIS
March 6, 2008 10:22 a.m.

Investor Warren Buffett has displaced Microsoft Corp. co-founder Bill Gates at the top of the list of the world's richest individuals for 2008, Forbes magazine said.

In addition, Mexican telecom tycoon Carlos Slim again took the No. 2 spot, reflecting the increasing prominence of emerging-markets wealth on the world stage. Mr. Slim, who was listed as the world's second-richest man by Forbes last year, pushed Mr. Gates into third place, Forbes said.

Mr. Buffett, Berkshire Hathaway Inc.'s chairman, was worth an estimated $62 billion as of Feb. 11, up $10 billion from last year, Forbes said. Mr. Slim's wealth climbed $11 billion to an estimated $60 billion while Mr. Gates's rose $2 billion to $58 billion.

While Mr. Slim's flagship telecommunications company Telefonos de Mexico SAB has lost some of its luster, mobile spin-off America Movil SAB has seen its subscribers, profits and share price soar. America Movil L shares were up 33% in the past 12 months, closing Wednesday at 31.81 pesos ($2.97). Telmex L shares were up 11% in the past year at MXN18.20.

Steel magnate Lakshmi Mittal, one of four Indians on the list, placed fourth, followed by Indian brothers Mukesh and Anil Ambani, in fifth and sixth place respectively.

Ingvar Kamprad, whose Ikea chain of affordable furniture has made him worth $31 billion, came seventh; Indian real estate baron K.P. Singh was eighth at $30 billion. Russian Oleg Deripaska, with a net worth of $28 billion, was ninth; and retired German supermarket mogul Karl Albrecht was 10th, with a net worth of $27 billion.

Facebook founder Mark Zuckerberg, a 23-year-old worth $1.5 billion, is the world's youngest billionaire, according to Forbes.

Forbes said it identified 1,125 billionaires, up 179 from last year, with total net worth of $4.4 trillion. Two-thirds are self-made, "having built their empires from scratch," the magazine said.

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Source: www.wsj.com