Once referred to as the world's richest man, it seems that Bill Gates has outgrown the title by choosing to give away a third of his wealth to the Bill and Melinda Gates Foundation. The foundation, which has so far received $28 billion and is the largest in the US, focuses on global health and development and U.S. education.

According to Forbes, which will be releasing its annual billionaires list this Wednesday, this means that Gates (who is worth $49 billion) may no longer be sharing the top three spots with investor Warren Buffett ($47 billion) and Mexican tycoon Carlos Slim ($60 billion). The trio have topped the list for the past five years. It's also speculated that had Gates not donated the money, he would still be leading pack with networth of $88 billion.