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Warren Buffett, the CEO of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) is considered one of the smartest and successful businessmen around the world.

Buffett has a net worth of $81.8 billion and is the seventh wealthiest man in the world as of October 12, according to Forbes' list real-time of billionaires.

People call him the legendary investor and the "Oracle of Omaha" because of his investing acumen, thus he has avid followers who want to learn his secret to becoming a billionaire. In fact, some of his followers are willing to pay millions of dollars to have the opportunity to have a private lunch with Buffett and of course, learn from him. Proceeds from the annual lunch with Buffett go to the Glide Foundation, a charity in San Francisco that helps the impoverished, homeless, and those suffering from substance abuse.

If you don't have millions, you can still learn from Warren Buffett by reading his annual letters to shareholders and his favorite books. One of his fundamental advice on how to get smarter and become successful is to accumulate knowledge by reading. He once said, "I just sit in my office and read all day." He said also said, "That's how knowledge builds up, like compound interest."

Here are Buffett's ten favorite business books.

1. Business Adventures by John Brooks

At their first meeting in 1991, Bill Gates asked Warren Buffett to recommend his favorite business book. Without hesitation, Buffett knew right away what book to recommend.

"It's Business Adventures by John Brooks. I'll send you my copy," Buffett said to him.

2. The Ten Commandments for Business Failure by Donald R. Keough

Like many great businessmen and women before him, even Buffett believes there are lessons to be learned from failure. After all, it is said that if history is not studied and learned from, it will repeat itself.

"Keough's best ability is to cut to the chase on an issue, to cut through the bureaucratic fog. Keep it simple is his principle and mine too."

3. How to Win Friends & Influence People by Dale Carnegie

This is not just one of Buffett's favorites. In fact, despite being written in 1936, the book still ranked 19th on Time Magazine's list of 100 most influential books.

"In my office, you will not see the degree I have from the University of Nebraska, or the master's degree I have from Columbia University, but you'll see the certificate I got from the Dale Carnegie course."

4. Limping on Water by Phil Beuth

In this book, Phil Beuth chronicles his 40 rises at startup media company Capital Cities/ABC-TV. I guess like many others, Buffett enjoys reading about people who work their way from the bottom all the way to the top.