Bill Gates Knighted by Queen Elizabeth

UPDATED The world's wealthiest man has obtained a new honor commemorating his contribution to private enterprise and efforts to reduce poverty around the world. Microsoft Chairman and co-founder Bill Gates was knighted Wednesday by Queen Elizabeth II at Buckingham Palace in the United Kingdom.

Gates joins the Most Excellent Order of the British Empire as a Knight Commander, but will not be granted the title "Sir," which is reserved exclusively for the Queen's subjects.

News of the knighthood was first announced last year and resulted in Microsoft saying that Gates was, "absolutely delighted." Gates will also be honored in public by British Foreign Secretary Jack Straw who had consulted with The Queen to knight Gates.

"Finally someone found something appropriate to give to the world's richest man. After all, a knighthood is something money can't buy," quipped Jupiter Research senior analyst Joe Wilcox. "What is the proper etiquette? Will Microsoft employees now call him Sir Bill, or Sir BillG?"

Other Americans have received Britain's top honor including Nobel prize-winning scientist James Watson, George Bush Senior, former Mayor of New York Rudolph Giuliani, and Hollywood director Steven Spielberg.