Bill Gates is back as world's richest

The world has become a wealth wasteland. Like the rest of us, the richest people in the world have endured a financial disaster over the past year. This year the world's billionaires have an average net worth of $3 billion, down 23% in 12 months. Today there are 793 people on the list of the World's Billionaires, a 30% decline from a year ago, down from 1,125 people.

Bill Gates regained his title as the richest man in the world, with $40 billion after slipping to third last year when he was worth $58 billion. He lost $18 billion. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway fell nearly 50 per cent in 12 months, but he still managed to slip just one spot to No. 2. Mexican telecom titan Carlos Slim Helu also lost $25 billion and dropped one spot to No. 3.

It was hard to avoid the carnage, whether you were in stocks, commodities, real estate or technology. Even people running profitable businesses were hammered by frozen credit markets, weak consumer spending or declining currencies.

The biggest loser in the world this year, by dollars, was last year's biggest gainer. India's Anil Ambani lost $32 billion - 76% of his fortune - as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.