The richest people in the world

Gates has held the number one spot 17 of the last 22 years, according to the magazine, although his wealth has shrunk to $75 billion (USD), down from $79.2 billion last year. Spanish retail giant Amancio Ortega came in second, with a net worth of $67 billion. Ortega is best known for his fashion chain Zara. - Reuters

NEW YORK:Forbes Magazine announced its annual list of the world's richest persons on Tuesday (March 1), which was topped by Microsoft founder Bill Gates for the 17th time.

Gates has held the number one spot 17 of the last 22 years, according to the magazine, although his wealth has shrunk to $75 billion (USD), down from $79.2 billion last year.

Spanish retail giant Amancio Ortega came in second, with a net worth of $67 billion. Ortega is best known for his fashion chain Zara.

The Oracle of Omaha, Warren Buffett remained in the third spot, despite the fact that his net worth dropped by $11.9 billion to $60.8 billion.

Mexican telecom giant Carlos Slim dropped two spots to number four, after his wealth decreased by $27 billion, to $50 billion compared to 2015.

Amazon.com founder and CEO Jeff Bezos moved up ten spots to number five, his net worth now estimated at $45.2 billion.

At number six is Facebook founder Mark Zuckerberg, who is the biggest gainer on the 2016 list. Zuckerberg's fortune is up $11.2 billion for a total net worth of $44.6 billion.

The richest woman in the world is French cosmetics giant L'Oreal heiress Liliane Bettencourt, with an estimated net worth of $36.1 billion.

This year, the magazine says 1,810 billionaires made the list, down from 1,826 in 2015. Their average net worth is $3.58 billion, down $280 million from $3.86 billion in 2015.

The United States has the most billionaires with 540, followed by China with 251, Germany with 120, India with 84 and Russia with 77. - Reuters