Bill Gates named richest man in the world

After five years out of the top spot, Bill Gates has regained the title of the world's richest man.

The co-founder of Microsoft recaptured the coveted title from Mexican  telecom king Carlos Slim whose net worth has dropped about $3 billion due to regulatory issues with his company, America Movil SAB, according to the Bloomberg Billionaires Index, Bloomberg reported.

It is the first time Gates has held the mantle since 2007. 

His fortune is valued at $72.7 billion, after it hit a five-year high Thursday, ABC News reported.

Gates also takes the title of “world’s most generous person,” by promising to give half his wealth to charitable causes as part of The Giving Pledge, an organization he formed with his wife Melinda. 

The 57-year-old has donated $28 billion of his fortune to the fund, and encourages other billionaires in philanthropic pursuits, USA Today reported.