Gates dethrones Buffett as world's richest man

Renowned investor Warren Buffett has lost the title of the world's richest man to Microsoft (MSFT) founder Bill Gates, according to Forbes magazine's annual ranking of the wealthiest individuals.

Gates, who stepped down as the software giant's boss last year to focus on the charitable organization he runs with his wife, has some $40 billion to his name. With less than half of his vast fortune invested in Microsoft stock, he managed to deflect some of the damage as the shares plunged 45 percent last year.