Bill Gates named world’s richest person with $79 billion fortune

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Microsoft founder Bill Gates has been named the richest man in the world for the sixteenth time by Forbes magazine.

The tech guru’s net worth rose by over $3bn ($1.95bn) from $76 billion (£50bn) to $79.2 billion (£52bn), as Gates was named the richest man by Forbes for the 16th time in the past 21 years.

The Bill and Melinda Gates Foundation was set up in 2000 by Gates and his wife.

In their annual letter about the work of the organisation this year, said: “When we reach that point in the region with the most dense HIV transmission in the world, cases will start going down everywhere around the globe for the first time since the disease was discovered more than 30 years ago.”

Bill Gates has donated over $30 million (£20 million) to the foundation.

Gates earlier this year predicted that a vaccine, and new more intensive drugs to combat HIV will be available in the next fifteen years.

According to the list, a record number of billionaires now exist, with the number having increased by 181 to 1,826 in the last year.