Forbes magazine has released a list of the world's wealthiest people.

And it will come as no surprise that Microsoft founder Bill Gates comes out on top, as reported by the BBC.

It said Mr Gates' fortune rose to $86billion from $75billion, followed by investor Warren Buffett, up $14.8billion to $75.6billion.

It was reported that US President Donald Trump, has slipped to 544th position with a fortune estimated at $3.5billion.

The number of US billionaires on the list was 565, which Forbes says is due to the recent stock market surge since Mr Trump's November election victory.

Forbes says it was a record year for the richest people with the number of billionaires jumping 13 per cent to 2,043 from 1,810 last year.

The magazine said their total net worth rose by 18 per cent to $7.67 trillion, also a record.

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