Following 13 years of Gates reigning over Forbes’ richest men on Earth list, it is now time to welcome Warren Buffet as the holder of the biggest fortune in the world. Estimated at around 62 billion dollars, Forbes announced on Wednesday.

Microsoft’s co-founder slipped to the third position in the elite list despite the fact that he got 2 billion dollars richer, with 58 billion dollars. According to analysts, Gates might have still be among the first two positions if Microsoft’s shares wouldn’t have dropped by 15 percent after it made the bid for Yahoo.

However, he was surpassed by Buffet and the Mexican telecommunications mogul Carlos Slim Helu, whose fortune was estimated at a net worth of 60 billion dollars, double than two years before.

Buffet, the chairman of Berkshire Hathaway and the biggest holder of the company’s shares, saw his wealth increase by as much as 10 billion dollars in the last twelve months, mainly thanks to the continuously rising stock value. Forbes reported that the 77-year-old businessman had no comment on his financial status.

The Berkshire Hathaway shares are at the moment the most expensive shares on the New York Stock Exchange, as they rose by 28 percent during the last 12 months ending on February 11, reaching a record value of 139 dollars each.

Forbes reported that Buffet was a great investor and a man with a sense for business beginning at the early age of 13, when he filed for the first tax return, demanding a 35 dollars deduction for the bicycle that he had when he was delivering newspapers.