11 Mar 2011

Hart lower on list but still NZ's richest

9:01 am on 11 March 2011

Businessman Graeme Hart is still New Zealand's richest person, despite dropping more than 40 places on Forbes magazine's annual global rich list.

With an estimated fortune of about $US5.5 billion ($7.4 billion), Mr Hart ranks 185th on this year's list.

Mexico's Carlos Slim took out the top spot, followed by Microsoft founder Bill Gates.

Mr Gates could have been No 1 if he didn't give so much of his money away. He and his wife, Melinda have donated about $38 billion in stock to their own charitable foundation.

They have also started the Giving Pledge initiative, which encourages America's wealthiest to publicly promise to donate to charity.