The U.S. all-star team used to lead the league. Now they're barely warming the bench.

Five years ago, nine of the top ten richest people in the world were U.S. citizens. Five were members of one family. Now, only Warren Buffett and Bill Gates are on the top-ten list, and just two other Yanks had vast enough fortunes to afford them a spot in the top 25.

The list of the world's richest folks is compiled by the editors of Forbes Magazine early each summer.  Bill Gates had been at the top of the list for more than a decade.  But this year he was finally dethroned this year by Buffett, his friend and bridge partner, as well as by Mexican telecom baron Carlos Slim, who snatched the No. 2 spot.  Gates' $58 billion hoard now ranks third -- though that can hardly be considered a bad place to be. In all, 31 Americans made

The short answer: The world woke up -- and got busy.

India and Russia have produced wealth at such a fast rate, and a few of their oligarchs have managed to grow their fortunes at such an astonishing clip that they're displacing even the most well-heeled Americans. To wit: Only one of the 100 wealthiest people hailed from India in 2003. Today 13 Indians are on that exclusive roster. The ranks of Russian billionaires, meanwhile, grew from three in 2003 to 19 today.

These international captains of industry reflect the dramatic growth playing out across the "developing" world. And the stock markets in Russia and India tell much of the story.  The Russian MICEX index has skyrocketed +672% since the beginning of 2003. In India, the returns have been a more modest +471% -- or roughly 38.6% annualized since January 2003. Here at home, the

If you want to see your fortunes rise, then you should look at some of the great companies overseas and cast off some of your American equities in favor of these international up-and-comers in places like India, Russia, China, Peru and even Slovenia.

These are not your father's emerging markets: These are, after all, the countries that have created enough wealth to relegate old-line U.S. dynasties like Walton, Mars, Pritzker and Newhouse to almost second-class status. 

It's true that as recently as a decade ago, the prospect of owning stock in any non-European foreign country would have seemed far too risky. But times have changed.

With the exception of our own dollar, currencies have stabilized.  Democratic reforms have cast tin-pot dictators onto the ash heap of history. Eastern European, South American, African and Far East markets have been opened to outside investment and have been stabilized by not only globalization but by the information revolution as well. These countries got with the program; all that's left is for you to join them.

In 2003, three Russians were on Forbes' list of 100 wealthiest people.  They were worth a combined $18 billion, a teeny little 4% fraction of the $414 billion held by U.S. billionaires. This year, the now 18 Russians on the list are worth $267 billion, nearly half the U.S. billionaires' $573 trove and a 1,383% increase overall.   

Are there any good investment opportunities left in Russia?

Yes. Investors are absolutely basking in red-hot Russian economy: They're not only inking huge returns, they're protecting their portfolios from the weak dollar. And many of the Russian stocks pay fat dividends, so these investors are raking in rubles, too. 

The good news is I profiled a world-beating fund in a recent issue of my premium newsletter, High-Yield International. It invests half its assets in Russia and is paying a stunning 19.5% dividend yield. It's benefiting from Russia's immense reserves of oil, natural gas, and other commodities, as well as its proximity to vital European and Asian markets.

Russia's most prominent corporate names -- Lukoil, Gazprom, Norilsk Nickel -- make up a quarter of this fund. And bear in mind that these three companies alone have added five names to the top 100 list of the world's wealthiest. Not one of these industrial barons was on the top 100 list five years ago: Today, they're worth a combined $78.6 billion.

You may not be able to become a billionaire -- that's a tall order. But you can make money from the same companies that are creating those megafortunes -- and without learning a new language or cultivating an affinity for vodka and zakuska. 

If you'd like to learn the name of this fund -- plus receive a steady stream of foreign stocks, preferreds, and other investing ideas with abnormally high dividend yields each and every month -- then I'd like to extend you a personal invitation to try my premium investing newsletter . . . High-Yield International.  Visit this link to learn more.

-- Nick Lanyi
Editor, High-Yield International