Warren Buffet became the 5th richest person in the world

Warren Buffet has become one of the 5 richest businessmen in the world. This has happened when there is a huge fall in tech stocks in the US stock markets. Buffett's wealth has risen 7.2% this year to $116.7 billion. Because his shares of Berkshire Hathaway Inc. have soared, bringing him to fifth place on the Bloomberg Billionaires Index.

Billionaires like Tesla Inc.'s Elon Musk and Amazon's Jeff Bezos have seen their net worth drop by 15% or more during this period. This is the first time in a year that the 91-year-old Buffett has topped the list of the world's 500 richest people. He was ranked 11th in October.

Investors have given up on investing in tech stocks in recent weeks following the ongoing fighting between Russia and Ukraine. The Nasdaq Composite Index fell 3.6% on Monday to its lowest level in nearly a year. US stocks overall fell by the most in 17 months as Russia's invasion of Ukraine raised fears of a prolonged oil shortage and accelerating inflation.