BUSINESS
08/14/2008 05:15 pm ET Updated May 25, 2011

Warren Buffett The World's Richest Man: Forbes

Warren Buffett is the richest man on the planet.

Riding the surging price of Berkshire Hathaway (nyse: BRKA - news - people ) stock, America's most beloved investor has seen his fortune swell to an estimated $62 billion, up $10 billion from a year ago. That massive pile of scratch puts him ahead of Microsoft (nasdaq: MSFT - news - people ) co-founder Bill Gates, who was the richest man in the world for 13 straight years.

Gates is now worth $58 billion and is ranked third in the world. He is up $2 billion from a year ago, but would have been perhaps as rich--or richer--than Buffett had Microsoft not made an unsolicited bid for Yahoo! (nasdaq: YHOO - news - people ) at the beginning of February.

See Forbes' full list of the world's billionaires.

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Read about how the Yahoo bid may have cost Gates his "World's Richest" title.