Microsoft chief Bill Gates is being awarded an honorary knighthood for his "outstanding contribution to enterprise" in the UK.
Mr Gates, 48, who is the richest man in the world, will be presented with the Knight Commander of the Most Excellent Order of the British Empire (KBE) at a later date.
The Foreign Office said the award was "in recognition of his outstanding contribution to enterprise, employment, education and the voluntary sector in the United Kingdom".
The statement continued: "He has also made significant contributions to poverty reduction in parts of the Commonwealth and elsewhere in the developing world."
Honorary awards to foreign nationals are conferred by the Queen on the advice of Foreign Secretary Jack Straw.
Mr Straw said he was "delighted" that American Mr Gates had been honoured.
He added: "He is one of the most important global business leaders of this age.
"Microsoft technology has transformed business practices and his company has had a profound impact on the British economy, employing 2,000 people and contributing to the development of the IT sector."
Mr Gates, who set up Microsoft in 1975 with his childhood friend Paul Allen, has topped the annual Forbes magazine's rich list for the last decade.
His personal wealth increased by
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) to be called Sir Bill. I don't think his wife will become Lady Gates either. In fact it means very little at all. Tis all a load of old cobblers anyway. 
