Warren Buffett unseats Ortega to become world's 3rd richest person

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Warren Buffett unseats Ortega for being world's 3rd richest person

New York: Within weeks of publishing its annual global rich list, Forbes on Tuesday said legendary investor Warren Buffett has become the world's third richest person, unseating Zara billionaire Amancio Ortega.

At the conclusion of trading session on Monday, Buffett's value stood at USD 54.9 billion, while Ortega's market capitalisation stood at USD 54.5 billion.

"After Monday's markets closed, Ortega was down USD 2.5 billion from his net worth back then we finalised our numbers for that 2013 Forbes billionaires list, which we published on March 4 using February 14, 2013 stock prices. Buffett, by comparison, was up USD 1.4 billion," Forbes said.

On Monday, Buffett's Berkshire Hathaway shares rose 0.03 percent, while Ortega's Inditex, sank 0.15 percent about the Madrid exchange.

"Those are tiny shifts, but because of the concentrated holdings every one of the billionaires has in these companies, along with the constantly moving dollartoeuro exchange rate, modifications were enough for the billionaires to flip flop positions about the Forbes ranks," Forbes said.

According to the annual ranking authored by Forbes on March 4, Mexican business tycoon Carlos Slim was the wealthiest in the world having a networth of USD 73 billion, then Bill Gates (USD 67 billion), Amancio Ortega (USD 57 billion), Warren Buffett (USD 53.5 billion).

Besides, the flip flop from the rankings of Buffett and Ortega, other rankings in the Forbes list remain unchanged.

Based on the latest Forbes ranking Mukesh Ambani was ranked 22nd, as the secondrichest Indian Lakshmi Mittal is a 41st position with a networth of USD 16.5 billion..

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