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To be precise, as a foreign national, he will receive an honorary knighthood and according to etiquette should not addressed as 'Sir'. As an American, he follows in the footsteps of other honorary knights such as George Bush senior and Steven Spielberg.

The award is believed to be in recognition for both his support of charities and for Microsoft's contribution to the UK economy.

Bill Gates, of course, is one of the richest men in the world, but he is also quite well-known for his philanthropic acts.

The Microsoft founder is currently visiting London to take part in Gordon Brown's mini economic summit. There is also speculation that he will use the visit to lobby against the adoption of Linux and open source software by UK public bodies, such as the NHS.