New Zealanders can brag to the Aussies about at least one thing – Graeme Hart is now richer than any Australian, according to Forbes magazine.

The magazine’s The World’s Billionaires 2009 report sees Mr Hart, owner of a packaging empire that includes Carter Holt Harvey, jump from 201 to 110 in the rankings of the world’s richest people, at an estimated wealth of $US4.5 billion.

This puts him 22 places ahead of media mogul Rupert Murdoch, who is valued at $US4 billion.

Other Australian tycoons overtaken by Mr Hart include Frank Lowy and James Packer.

It says a lot about the state of the world economy that Mr Hart made his big leap up the rankings despite dropping $US600 million from his estimated value of $US5.1 billion last year.

The number of billionaires has shrunk from 1125 to 793 since last year, the average net worth of those on the list has dropped 23% to $US3 billion and those at the top of the list have made some massive losses.

Microsoft founder Bill Gates has again claimed the title of world’s richest man, despite his net worth dropping $US18 billion to $US40 billion.

Warren Buffett drops to number two after dropping $US25 billion to $US37 billion, while Mexican investor Carlos Slim Helu also sheds $US25 billion to come in third at $US35 billion.