The richest people in the world are now worth a combined $6.4 trillion, according to Forbes. That record breaking number is up from $5.4 trillion last year.

The 2014 Forbes' Billionaires list is composed of 1,645 billionaires, up 219 from 2013 —also the highest ever.

Forbes says the massive wealth creation is attributed to the strong bull market. The was up nearly 30 percent for 2013.

In a CNBC interview, Forbes Chairman and Editor-in-Chief Steve Forbes said "despite everything Washington is doing, the U.S. is increasing billionaires."

Two-thirds of the billionaires on the list are self-made, said Forbes.

Microsoft founder and philanthropist Bill Gates pulls in the top spot with a net worth of $76 billion.

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly.