'Harry Potter and the Philosopher's Stone' has become the second most successful film in cinema history with takings of more than $926m around the world.

The number one film, 'Titanic', has taken more than $1.8bn.

Harry Potter knocked 'Star Wars: Episode 1' - with total takings of $922m - into third place on the all-time box office chart this weekend.

The Harry Potter movie – the first of a series based on the books by JK Rowling - is also set to generate millions more dollars in merchandising, DVD and video sales. Analysts predict that the series could be worth as much as $10bn.

The second film, 'Harry Potter and the Chamber of Secrets', will be released in November 2002.