Billionaires Feel Market Pain on Forbes Richest List

Forbes Billionaires List
Forbes Billionaires List Reuters

Forbes magazine has announced its annual list of the world's richest individuals. While most of the same people are on it, many have lost some of their wealth thanks to market turmoil.

Forbes annual billionaires' list, reveals a drop in average net worth for the first time since 2010.

Holding on to the top spot is Bill Gates. The Microsoft founder takes the crown for the 17th time, even though his wealth dropped more than $4 billion from last year.

He's followed by Spanish retail giant Amancio Ortega, the man behind fashion chain Zara. The Oracle of Omaha, Warren Buffett, saw his wealth plummet nearly $12 billion. But he still takes third place.

Mexican telecom tycoon Carlos Slim falls two spots to number four, as shares in his company tumbled. And CEO Jeff Bezos makes his debut in the top five.

Forbes says Facebook's Mark Zuckerberg made the biggest gains, adding $11 billion to his fortune.

While the richest woman in the world remains L'Oreal heiress Liliane Bettencourt.