09 Mar '11, 2am

Bill Gates lost his title of richest man

NEW YORK - Bill Gates didn't lose his title as the world's richest man last year; he gave it away by plowing billions into his charitable foundation, experts say. Forbes will release its 2011 billionaires list on Wednesday and Gates, investor Warren Buffett and last year's richest man, Mexican tycoon Carlos Slim, will almost certainly be in the top three. The trio have topped the list for the past five years. But it would be no contest if Microsoft co-founder Gates had not already given away more than a third of his wealth to the Bill and Melinda Gates Foundation, which focuses on global health and development and U.S. education. "It wouldn't be a competition," said David Lincoln, director of global valuations at wealth research firm Wealth-X. " would have a comfortable margin if he had never discovered philanthropy." Lincoln said Gates was currently worth about $49 billio...

Full article: http://sg.news.yahoo.com/rtrs/20110308/ttc-tech-us-wealth...

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