Bill Gates is once again the world's richest man.

Forbes has declared Gates the world's most wealthy individual for the 16th time in its annual ranking of global billionaires.

The Microsoft founder has surpassed Mexican telecom mogul Carlos Slim at the top of the list, with a net worth of 79 billion US dollars.

Legendary US investor Warren Buffett has moved back up into third place.

The United States dominates the top 20, with 15 of the world's richest people on the Forbes list this year.

The latest list includes 290 newcomers, including 71 from China.

Dalian Wanda chief Wang Jianlin is listed as the richest man on the mainland, with an estimated fortune of 24 billion dollars, ahead of Alibaba founder Jack Ma.