Is Bill Gates Still The Richest Man on the Planet?

Yes, Bill Gates is still the richest man on the planet, according to the latest ranking by Forbes Magazine, with a net worth of $58.7 billion, but investing guru Warren Buffett, aka "The Oracle of Omaha," slipped past Microsoft's co-founder for second place.

Microsoft's Paul Allen moved behind Mr. Buffett after the net worth of the "Oracle of Omaha" increased to $32.3 billion. Mr. Allen, who was tied with Mr. Buffett for third place last year, has a net worth of $30.4 billion, according to list results.

The billionaire club increased to 538 members this year, up from 482 last year, because Forbes decided for the first time to include all billionaires. Previously, the magazine counted only "working rich" billionaires to differentiate between those who ran businesses and those who simply lived off their wealth. The rankings appear in the July 9 issue of Forbes, which reaches newsstands on June 22.

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