Warren Buffett Exits Top 10 Billionaires List as Rob Walton's Wealth Surges

In a notable shift among the world's wealthiest individuals, renowned billionaire Warren Buffett has dropped out of the top 10 richest list, overtaken by Rob Walton, the eldest son of Walmart's founder, according to the Bloomberg Billionaires Index.

Walton's net worth increased by approximately $3.4 billion, bringing his total to $149 billion, which matches Buffett's fortune, which saw a rise of $1.87 billion to reach the same figure.

Despite this tie in wealth, the index has placed Buffett outside the top ten, marking a symbolic loss for him in the elite billionaire club.

In terms of corporate leadership, Buffett passed the reins of his company, Berkshire Hathaway, to Greg Abel earlier this year, after more than 60 years at the helm.

Although Buffett has stepped back from executive decisions, he continues to monitor the company's operations while leaving major investment decisions to Abel.

Berkshire Hathaway is recognized for holding significant cash reserves in the business world, following a series of early divestments from major investments, including Apple. The company has recently allocated its cash into U.S. Treasury bills and bonds, raising speculation about a potential market downturn earlier last year.