The first place you gain fat is the last place to lose it from. For guys, it's generally the lower mid-section and then it gradually works its way to up the upper back and chest.

For females, usually on their butt and thighs first.

But it really depends on the individual. Remember a pro-wrestler in the WWF from about 93, 94 called Yokozuna (the sumo)? He had the most massive butt and thighs I've ever seen, male or female. But you'll rarely see a guy with fat legs. Most truck drivers and the like have a huge gut but skinny legs.