American investor and philanthropist Warren Buffett has taken the title of the world's richest man away from his friend Bill Gates after 13 years.

American investor and philanthropist Warren Buffett has taken the title of the world's richest man away from his friend Bill Gates after 13 years.

Mr Buffett's wealth hit £31.2billion as the price of Berkshire Hathaway stock surged and he topped the list of dollar billionaires.

For the first time, the Forbes' 2008 list revealed that more than 1000 people made it in to the ultra-rich club which has a combined net worth of £2.2trillion, with two-thirds classified as self-made.

Among the 1125 people on this year's list, a record 50 people are under the age of 40.

These include the world's youngest billionaire, 23-year-old Facebook founder Mark Zuckerberg, who ranked 785 with £756m.

Microsoft founder Mr Gates, whose fortune rose to £29.2bn, lost his top spot to Mr Buffet after 13 years and also missed out on second place to Mexican telecoms tycoon Carlos Slim Helu with £30.2bn.

Indian steel magnate Lakshmi Mittal was the UK's richest resident with £22.7bn, putting him fourth on the list behind Mr Gates.

A total of 35 UK citizens are dollar billionaires, but the UK is home to 49, with 36 calling themselves Londoners.

The Duke of Westminster, Gerald Cavendish Grosvenor, is the richest Briton, coming in 46th place with £7.1bn after making his money through real estate and his family.

Harry Potter author JK Rowling is Britain's only woman on the list, coming in 1062nd with £504m.

Rupert Murdoch comes 109th in the list with his media empire making him a personal fortune of £4.2bn, and fellow media owner Richard Desmond comes in 605th with £1bn.

The world's richest woman, Liliane Bettencourt, takes 17th place on the list with £11.5bn.