Li Ka-shing, a billionaire from Hong Kong, became the richest Chinese with US$13 billion, according to Forbes magazine's 2005 rankings of the world's billionaires.

For the eleventh year in a row, Microsoft Corp. founder Bill Gates led the latest Forbes' Billionaires List with a net worth of $46.5 billion, slightly less than his $46.6 billion last year.

The number of billionaires grew to a record 691 from the last year's 587, and their total net worth rose by $300 billion to $2.2 trillion.

The United States, with 341 billionaires, still ranked No. 1 in the world.

Meanwhile, new names appear among the very richest on Forbes' Billionaires List. These include Indian steel mogul Lakshmi Mittal, Mexican telecom magnate Carlos Slim Helu and Ikea founder Ingvar Kamprad of Sweden.

The falling US dollar and positive performance by many stock markets around the world are two of the factors contributing to the increase of the number of billianaires as well as their wealth, Associate Press reported, quoting Forbes associate editor Luisa Kroll.

Steve Forbes, Forbes Magazine's chief executive and editor-in-chief expects yet more billionaires for 2006, saying a key factor that contributes to the increasing number of billionaires is economic recovery and growth.

The ranking of the world's 20 richest people:

1. William Gates III, Washington, 49, $46.5, Microsoft

2. Warren Buffett, Nebraska, 74, $44, Berkshire Hathaway

3. Lakshmi Mittal, India, 54, $25, steel

4. Carlos Slim Helu, Mexico, 65, $23.8, telecom

5. Prince Alwaleed Bin Talal Alsaud, Saudi Arabia, 48, $23.7, investments

6. Ingvar Kamprad, Sweden, 78, $23, Ikea

7. Paul Allen, Washington, 52, $21, Microsoft, investments

8. Karl Albrecht, Germany, 85, $18.5, supermarkets

9. Lawrence Ellison, California, 60, $18.4, Oracle

10. S. Robson Walton, Arkansas, 61, $18.3, Wal-Mart

11. Jim Walton, Arkansas, 57, $18.2, Wal-Mart

12. John Walton, Arkansas, 59, $18.2, Wal-Mart

13. Alice Walton, Texas, 56, $18, Wal-Mart

14. Helen Walton, Arkansas, 85, $18, Wal-Mart

15. Kenneth Thomson and family, Canada, 81, $17.9, publishing

16. Liliane Bettencourt, France, 82, $17.2, L'Oreal

17. Bernard Arnault, France, 56, $17, LVMH

18. Michael Dell, Texas, 40, $16, Dell

19. Sheldon Adelson, Nevada, 71, $15.6, casinos, hotels

20. Theo Albrecht, Germany, 83, $15.5, supermarkets

Source: agencies/Xinhua