Microsoft’s Bill Gates Is Richest in World

Microsoft Corp. mogul Bill Gates is the world’s richest private individual with a $12.9-billion fortune, displacing a Japanese real estate magnate from the top of the annual list compiled by Forbes magazine.

Gates’ wealth rose from $8.1 billion during the past year as Microsoft’s stock price soared, Forbes says in its July 17 issue, released Tuesday. Gates was the richest American a year ago but ranked second worldwide.

Investor Warren Buffett was second with $10.7 billion, up from $7.9 billion a year ago. Stock in Buffett’s investing company, Berkshire Hathaway, rose 38% in the past year. It was the first time in the nine years that Forbes has been compiling the list that two Americans were on top.

Japanese real estate magnate Yoshiaki Tsutsumi, who had held the No. 1 spot for the last eight years, fell to a third-place tie with Hans Rausing, the Swedish head of packaging company Tetra Laval, at $9 billion. The heirs of the late retailer Sam Walton remained the world’s richest family, with $23.4 billion, slightly less than a year ago.