Hedge fund managers had a healthy representation on Forbes’ 2009 billionaire list, but it’s always instructive to see who’s up and who’s down.

George Soros is the first hedge fund manager to appear at No. 35. Although Soros’ $14 billion was more than last year’s $11 billion, he still moved down the list from his No. 29 slot in 2008.

Steven Cohen of SAC Capital was also someone who was running just to keep in place. Although Cohen racked up $6.4 billion in 2009 as compared to $5.5 billion in 2008, his rank fell from No. 87 to No. 113.

The most impressive climb up the list was John Paulson, he of shorting the subprime mortgage debacle fame. In 2009, Forbes put Paulson at No. 45 with $12 billion up from No. 76 in 2008 with $6 billion.

No. 1 on the list was not the perennial Bill Gates, even though his personal wealth went up to $53 billion in 2009 from $40 billion in 2008. The top slot was taken over by Mexican businessman Carlos Slim with $53.5 billion.