According to the newly released Forbes Magazine list of the world's billionaires, there are now 1,426 billionaires in the world, with a combined net worth of $5.4 trillion, up from $4.6 trillion last year.
The United States is home to the most billionaires with 442, but the Asia-Pacific region is catching up with 386, according to Forbes. Europe has 366 billionaires, while Latin America has 129 and the Middle East and Africa have 103.
The top two spots on the list are the same as last year, with Mexican telecoms mogul Carlos Slim ranked number one and Microsoft's Bill Gates in the second spot. Slim unseated Gates from the top spot in 2010. U.S. investor Warren Buffett fell from the top three for the first time since 2000, replaced by Spain's Amancio Ortega.
Forbes has been publishing the billionaires list for 27 years.