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Castro, who says his net worth is nil, is likely the beneficiary of up to $900m, based on his control of state-owned companies, the US financial magazine said in its annual tally of "Kings, Queens & Dictators" fortunes on Thursday.
Kings and sheikhs of the oil-rich Gulf Arab states still top the Forbes list, to be published in its May 22 edition.
Saudi King Abdullah is number one with an estimated $21bn, followed by Sultan Hassanal Bolkiah of Brunei at $20bn and United Arab Emirates' President Sheikh Khalifa bin Zayed al-Nahayan at $19bn.
Perhaps the most industrious of the leaders listed is Sheikh Mohammed bin Rashid al-Maktoum, ruler of Dubai, with a net worth of $14bn.
Forbes estimates the renowned racehorse breeder also helped raise Dubai's gross domestic product from about $8bn to nearly $40bn since 1994 by diversifying its industries outside of oil and making successful investments overseas.
"He would probably be the shrewdest of the bunch," said Luisa Kroll, associate editor at Forbes.
Africa's Teodoro Obiang Nguema Mbasogo, president of Equatorial Guinea, made the list of wealthiest leaders for the first time. He is estimated to hold up to $600m, the magazine said, although an oil boom has not prevented his country's slide down the United Nations' development rankings.
Castro had said he was considering suing after Forbes released its 2005 list, scoffing then his wealth was estimated to be close to that of the queen of England.
"Do they think I am (former Zairian President) Mobutu (Sese Seko) or one of the many millionaires, those thieves and plunderers that the empire has suckled and protected?" he said last year, referring to his capitalist archenemy, Washington.
This year, Castro would be well above the British monarch. Queen Elizabeth came in with some $500m in estates, gems and a stamp collection built by her grandfather. The list does not include Buckingham Palace or the crown jewels.
A copy of the list, compiled by Forbes editors and not confirmed by the royals themselves, was released on Thursday.
"People are always intrigued. What is the ultimate fantasy but being a rich princess or prince?" said Kroll, who edits the magazine's annual list of global billionaires.
Kroll said: "We keep it separate from the billionaires because there are some very tricky things about these folks. It's very hard to separate state from personal wealth. Some of these fortunes literally go back 800 years."
For the complete forbes list, click here.
