£18bn Gates loses richest crown

BILL Gates has been knocked off his perch as the world's richest man by legendary investor Warren Buffett.

A 6% plunge on Friday in the share value of Microsoft, the conglomerate that Gates co-founded, saw his net worth drop to $31.5bn (£18.6bn) as measured by his stake in the company. Four years ago, he was worth $100bn.

Meanwhile, Nebraska-based Buffett, 73, who has invested in such unadventurous sectors as insurance, ice cream and shoes, is now worth $36bn.

Gates, 48 on Tuesday, has been the world's richest person since toppling media magnate John Kluge in 1991.