Microsoft founder Bill Gates, 51, has been ranked the wealthiest person in the US for the 14th year in a row with an estimated fortune at more than £29billion.

Investment guru Warren Buffet was in second place, with a net worth of nearly £26billion.

Casino magnate Sheldon Adelson came third on Forbes magazine’s list of the 400 richest Americans. Even the lowest-ranked people were worth at least £65million.

Investor Kirk Kerkorian was the biggest mover, his fortune doubling to £9billion in the past year, putting him in seventh place.

Matthew Miller, editor of the Forbes list, said: “Wall Street really led the charge this year.”

The collective net worth of the rich list totalled £760billion.