Buffett is world's richest man

US investment guru Warren Buffett has overtaken Bill Gates as the world's richest man according to Forbes magazine.

The Microsoft co-founder had topped the Forbes business magazine's rich-list for the past 13 years.

Mr Buffett's wealth increased by $10bn (£5bn) last year to $62bn.

Mr Gates's fortune climbed by $2bn during the same period, dragging him down to third on the list with a fortune of $58bn.

He was narrowly pipped into second place by the Mexican communications magnate Carlos Slim Helu, whose $60bn net worth has doubled in the past two years.