Only his employees have to call him Sir William

Reuters | Bill Gates to Be Knighted by Queen Elizabeth
Microsoft co-founder and chairman Bill Gates will be awarded an honorary knighthood by Britain's Queen Elizabeth for an outstanding contribution to enterprise, officials said on Monday.

Gates, the world's wealthiest man, will receive the award from the queen at Buckingham Palace, but no date has been set.

"(Gates) is one of the most important business leaders of his age," British Foreign Secretary Jack Straw said in a statement.

"Microsoft technology has transformed business practices and his company has had a profound impact on the British economy," said Straw.

Gates will be made a Knight Commander of the Most Excellent Order of the British Empire, an honor that dates back to 1917.

But only British and Commonwealth citizens winning the honor are entitled to add Sir in front of their names.