Bill Gates Reclaims Title as Richest Man in World

The global economic crisis has reduced the number of billionaires and made the richest people in the world poorer, according to Forbes magazine.

Forbes found 793 billionaires in 2009, down 30% from a year earlier. This is the first decline since 2003.

The total net worth of people on the magazine's list this year fell 46% to $2.4 trillion. The average billionaire is now worth $3 billion, 23% less than in 2008.

Despite losing $18 billion in the past year, Microsoft Corp. co-founder Bill Gates reclaimed the title of richest man in the world, with a total net worth of $40 billion.