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102 more join billionaires club

Bill Gates retains his slot; Lakshmi Mittal falls one place to No. 5

NEW YORK : As emerging stock markets surged during the past year, the number of billionaires around the world rose by 102 to a record 793 and their combined wealth grew 18 per cent to $2.6 trillion, according to Forbes magazine's 2006 rankings of the world's richest people.

Forbes editor Luisa Kroll noted that Russia's stock market jumped 108 per cent between February 2005 and February 2006, while India's market rose by more than 54 per cent during the same period. Brazil ``was another bright star'' with a market gain of 38 per cent, she said.

Mr. Kroll said the changes on the list which was released on Thursday, weren't driven by U.S. investments.

``The more exciting story is these emerging markets,'' she said. ``The U.S. stock market was quite a laggard with only a 1 per cent increase.''

The growth in emerging markets also meant the Czech Republic placed a billionaire on the list for the first time: Petr Kellner, who debuted at No. 224 with $3 billion. And while China's market grew just 3 per cent, the country added eight more billionaires, up from two last year.

Microsoft Corp. founder Bill Gates was again the world's richest man for the 12th year running. Mr. Gates grew wealthier, with his net worth rising to $50 billion from $46.5 billion. Investor Warren Buffett, the chairman of Berkshire Hathaway Inc., again ranked second; his fortune fell by $2 billion to $42 billion.

Major reshuffling

The rest of the top 10 underwent a major reshuffling, with three familiar names dropping out of that select group: German supermarket company owner Karl Albrecht, Oracle Corp.'s Lawrence Ellison and Wal-Mart chairman S. Robson Walton.

Mexican telecom mogul Carlos Slim Helu moved up one notch to No. 3 with $30 billion, replacing Indian steel magnate Lakshmi Mittal, who fell one place to No. 5 with $23.5 billion.

Ikea founder Ingvar Kamprad of Sweden rose two slots to No. 4 with $28 billion. Microsoft co-founder Paul Allen edged up to sixth place from No. 7, with a net worth of $22 billion. He was followed by France's Bernard Arnault, chairman and chief executive of LVMH and The Christian Dior Group, with $21.5 billion; Arnault was new to the top 10.

Saudi Arabian Prince Alwaleed Bin Talal Alsaud fell to eighth place from No. 5, with $20 billion; and Canadian publisher Kenneth Thomson and his family moved into the top 10, ranking No. 9 with $19.6 billion. Hong Kong's Li Ka-shing rose to No. 10 with $18.8 billion. Ka-shing is the chairman of Cheung Kong (Holdings) Ltd. and Hutchinson Whampoa Ltd.

Investors in new industry sectors popped up on this year's list, most notably those with holdings in alternative energy and online gaming.

Australian Shi Zhengrong, ranked No. 350, made his $2.2 billion fortune through his solar energy company out of China. India's Tulsi Tanti, whose company owns Asia's largest wind farm, arrived at No. 562 with $1.4 billion after his company went public in October. Parasol is also one of the 10 new women to make the list and the only female newcomer to be self-made. Only six of the 78 female billionaires are self-made; most attained their wealth through marriage or inheritance. — AP

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