Microsoft's philanthropic co-founder, Bill Gates has been named the richest man by Forbes magazine in its annual list of the World's richest. Mr Gates has been named the richest for the 16th time in 21 years. The most successful Harvard dropout cannot help but make more money even though he gives billions away in charity. He in fact is named the "most philanthropic American" as he gives away close to $3 billion every year to charity. Bill & Melinda Gates Foundation through which the charity works are done has played a very significant role in the eradication of Polio in India. Polio vaccines are donated to countries like Pakistan, Nigeria and Afghanistan where they are helping fight the paralytic disease. Still, Mr Gates is being blessed with more and more. His net worth rose to $79.2 billion from $76 billion a year earlier. He has regained the top spot after losing it to Mexico's telecommunications mogul - Carlos Slim Helu in 2010. Behind Mr Gates is Carlos Slim Helu who ranks second with a net worth of $77.1 billion, meanwhile Warren Buffett - Berkshire Hathaway Inc chief is ranked third at $72.7 billion. Facebook's co-founder Mark Zuckerberg with a net worth of $33.4 billion is placed 16th, one behind Amazon's Jeff Bezos at $34.8 billion. The latest Forbes list also includes 290 new billionaires including Basketball great, Michael Jordan who made a fortune from Nike payouts on his iconic Jordan brand. Along with "His Airness" in the newbies list, are young Snapchat founders - Evan Thomas Spiegel and Bobby Murphy and Uber founders - Travis Kalanick and Garrett Camp. United States has the most number of billionaires with 536, followed by China with 213, Germany with 103 and India with 90.