SHOPPING mall tycoon Henry Sy and his family, with a net worth of $2.7 billion, overtook taipan Lucio Tan in Forbes magazine?s list of the world?s richest men this year.

Sy, whose empire includes 31 SM malls and the country?s largest bank, Banco de Oro Unibank, shot up to no. 234 this year, from no. 843 in 2008.

In the same period, his net worth almost doubled from $1.4 billion last year despite a decline in the share prices of his listed companies.

Lucio Tan, who controls Philippine Airlines, Fortune Tobacco, Asia Brewery and ventures in banking, property development and mining, saw his net worth decline to $1.4 billion from $1.5 billion in 2008.

But reflecting the declining fortunes of other billionaires, Tan?s ranking in the Forbes list of the world?s richest men rose to no. 522 this year from no. 785 in 2008.

Microsoft founder Bill Gates was again the world?s richest man in a year when even billionaires felt the heat of the global recession, Forbes magazine said.

The wealthy few did not escape big shocks this year, with the net worth on the list of 793 billionaires?down from 1,125 billionaires in 2008?plummeting to $2.4 trillion from $4.4 trillion, Forbes said.

?The biggest news today is that we are here and there still are billionaires,? Forbes spokesman Monie Begley joked at a press conference.

The much-watched annual rich list put Gates back on top with a net worth of $40 billion, although he saw his bank balance lose $18 billion over the last 12 months.

In second came investor Warren Buffett with $37 billion, despite losing $25 billion this year in the value of his Berkshire Hathaway shares.

Also losing $25 billion, Mexican telecoms king Carlos Slim still managed to come in third with $35 billion.

The US surge sent billionaires from India, Russia and Turkey into retreat.

US rich filled 10 of the 20 top spots and New York replaced Moscow as home to most billionaires, with 55 to 27. London comes in second with 28.

Russia, where wealth is closely tied to commodity prices, lost almost two thirds of its billionaires, down to 32 from 87.

Russian oligarchs have long been famous for flaunting their wealth, but this year none of them make it into the elite top 20, compared to four in the 2008 list.

India lost more than half of its billionaires, with the total going to 24 from 53.

The biggest loser in the world this year, by dollars, was last year?s biggest gainer. India?s Anil Ambani lost $32 billion?76 percent of his fortune?as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.

Ambani is one of 24 Indian billionaires, all but one of whom lost money this year.

Two Indians appear in the top 20, including steel magnate Lakshmi Mittal with $19.3 billion after losing $25.7 billion over the last year.

New York Mayor Michael Bloomberg, at number 17, was notable as the only top 20 member to see a net gain.

That was not because of his salary, which is a symbolic one dollar a year, but thanks to re-evaluation of Bloomberg financial news agency after the mayor bought a 20-percent stake from Merrill Lynch last year for $4.5 billion.

About 64 percent of the billionaires are self-made and their average age is 63.7, a slight rise resulting from the lower number of rich Russians and Chinese, whose average ages last year were 46 and 48.

By contrast with that aging trend, Gates is a relatively youthful 53. Bloomberg and AFP