. Bernard Arnault – $193 billion

LVMH Chairman and CEO Bernard Arnault is the richest person on the earth today. His net worth is $193 billion resulting from his business across an empire of more than 70 brands including Louis Vuitton and Sephora.

2. Elon Musk – $174 billion
Elon Musk is working to revolutionise transportation both on Earth – through electric car maker Tesla, and in space – via rocket producer SpaceX. Currently, his net worth is $174 billion. Musk became the owner and CEO of Twitter in October last year after acquiring the social media company for $44 billion.

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3. Jeff Bezos – $136 billion
Amazon founder and CEO Jeff Bezos ranks as the third richest person on the earth today. He has remained at the top even after divorcing his wife MacKenzie in 2019 and transferring a quarter of his stake in Amazon to her. Founded in 1994 out of Bezos’s garage in Bellevue, Washington, the e-commerce giant has reaped the benefits of the coronavirus pandemic, with more people shopping online.

4. Bill Gates – $115 billion
The co-founder of Bill & Melinda Gates Foundation, Bill Gates has a net worth of $115 billion. Having founded the software giant Microsoft along with Paul Allen, Bill Gates eventually sold away much of his stakes in the company retaining just 1% of the shares and investing the rest in stocks and other assets. The Bill & Melinda Gates Foundation is the world’s largest private charitable foundation.

5. Warren Buffet – $108 billion
Popularly known as the Oracle of Omaha, Warren Buffet is seen as one of the most successful investors of all times. He runs Berkshire Hathaway that owns over 60 companies including Geico insurance, Duracell and Dairy Queen Restaurant. His net worth is $108 billion. The son of a US congressman, he bought his first stock at the age of 11.

6. Larry Ellison - $102 billion
Larry Ellison has a net worth of nearly $102 billion which he earned from Oracle, the software firm he co-founded in 1977. He quit as the CEO of the company in 2014 and since then he functions as the chairman of the board and chief technology advisor of the company. Ellison has also been on the board of Tesla since December 2018 after he purchased 3 million shares earlier that year. He owns nearly all of Hawaiian island Lanai.

7. Larry Page – $98.4 billion
Larry Page, the co-founder of Alphabet, the holding company for Google, has a net worth of $98.4 billion and ranks eighth among the world’s richest persons. He has also invested in Planetary Resources, the famed space exploration company, and is also funding “Flying Car”, startup companies Kitty Hawk and Opener.

8. Sergey Brin — $94.6 billion
The co-founder and board member of Alphabet, Sergey Brin has a net worth of $94.6 billion which places him in the ninth position among the world’s richest persons. He co-founded Google along with Larry Page in 1998 which went public in 2004 and became Alphabet in 2015.

9. Steve Ballmer – $94 billion
The owner of the Los Angeles Clippers basketball team, Steve Ballmer has a net worth of $94 billion, ranking him tenth among the world’s top richest persons. Ballmer joined Microsoft in 1980 as employee No. 30 and became its CEO in 2000 succeeding Bill Gates.

10. Carlos Slim – $84.2 billion
Carlos Slim controls America Movil, the biggest mobile telecom firm in Latin America. His net worth is $84.2 billion and he also owns stakes in New York Times and commercial banks. Through his family’s investment vehicle, he is also invested in the Mexican construction industry.

11. Francoise Bettencourt Meyers – $82.1 billion
Counted among the richest women on the earth, L’Oreal founder’s granddaughter Francoise Bettencourt Meyers owns 33% stake in the company, which is the world’s largest cosmetics maker.

12. Mukesh Ambani – $80.3 billion
A Stanford dropout, Ambani has been one of the richest men in Asia, for over a decade now. He is the owner and chairperson of Reliance Industries, which owns the world’s largest oil refining complex. He also owns the Mumbai Indians professional cricket team.

13. Mark Zuckerberg - $ 69.8 billion

14. Zhong Shanshan – $69.3 billion
The Chinese billionaire held a variety of jobs, including as construction worker and news reporter before building his own business, Nongfu Spring. He is also the major shareholder of a pharma company, Beijing Wantai Biological Pharmacy Enterprise.

15. Charles Koch - $69.1 billion
The American billionaire is Chairman of Koch Industries, a multi-industry conglomerate based in Wichita, Kansas and one of the largest privately held companies in the US. Koch is known for his philanthropy and political activism, particularly in support of libertarian and conservative causes.

16. Julia Flesher Koch & family - $68.8 billion
The American socialite and philanthropist is one of the richest women in the world, who inherited her fortune from her husband David Koch, who died in 2019. Together with her three kids, she inherited a 42% stake in Koch Industries.

17. Jim Walton – $65.6 billion
The youngest son of Sam Walton, the founder of Walmart, Jim Walton has 44% stakes in Arvest Bank. He and the other two heirs of the Walmart founder own more than half of the world’s largest retailer.

18. Rob Walton – $64.8 billion
Robson Walton, also called Rob Walton is the eldest son of Sam Walton, the founder of Walmart. His net worth is $64.8 billion. He and the other two siblings of the Walmart founder own more than half of the company’s shares.

19. Amancio Ortega - $64.6 billion
The Spanish billionaire is the founder and former chairman of Inditex, the world’s largest clothing retailer. The company is best known for its chain of Zara and Bershka clothing and accessories shops. Ortega has a net worth of $64.6 billion.

20. Alice Walton – $63.1 billion
The daughter of Sam Walton, the founder of Walmart, Alice Walton focused on curating art instead of working for Walmart as her two siblings did. In 2011, she instituted a museum called Crystal Bridges Museum of American Art.

See Also -
Top 10 richest actor in India
Top 10 businesswomen in India
Top 10 Richest Actress in India
Top 10 largest economies in the world

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A look at the global fintech landscape and how countries are embracing digital disruption in financial services

LEA NONNINGER

MAR 4, 2020, 15:42 IST

A look at the global fintech landscape and how countries are embracing digital disruption in financial services

This is a preview of the "Global Fintech Landscape" premium research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

Digitally active customers who use fintech

Since sprouting in the US and UK around 10 years ago, fintech has spread globally. Now, after years of proliferation, countries around the world are starting to see their fintech industries mature. Additionally, we continue to see the emergence of new hotbeds for fintech. This indicates that the space is still far from being fully developed, and that there are many new ways in which startups and their technologies continue to change financial services.

The fact that many new players are emerging in the space also suggests that attention is shifting away from the main countries where fintech is prevalent, and that investors are seeing the potential of newer, conventionally untapped markets.

The spread of fintech can be largely seen in the emergence of fintech hubs - cities where startups, talent, and funding congregate - which are proliferating globally in tandem with ongoing disruption in financial services. These hubs are all vying to become established fintech centers in their own right, and want to contribute to the broader financial services ecosystem of the future. Their success depends on a variety of factors, including access to funding and talent, as well as the approach of relevant regulators.

In this report, Business Insider Intelligence compiles various fintech snapshots, which together show the global proliferation of fintech, and illustrate where fintech is starting to mature and where it is just breaking onto the scene. Each snapshot provides an overview of the fintech industry in a particular country, and details what is contributing to or hindering its further development. We also include notable fintechs in each geography, and discuss what the opportunities or challenges are for that particular domestic industry.

Here are some of the key takeaways from the report:

Besides the US and UK, there are plenty of other countries developing strong fintech hubs. Australia, Switzerland, and China, which are profiled in this report, have managed to leverage their stable financial centers of Sydney, Zurich, and Shanghai, respectively, to spur fintech development and attract funding.
There are also a number of emerging fintech markets, including Brazil, Israel, and Canada, that are likely to play a big part in the global fintech ecosystem in the future. These countries have nascent but rapidly developing fintech hubs, as well as supportive regulatory environments, that could help them cement strong positions in the broader fintech scene.
Many more fintech hubs will likely morph into big fintech players. This could push investors to increasingly wake up to the opportunities in new markets, leading fintech funding to become more diversified in the future, particularly outside of the UK and US.

In full, the report:

Outlines how the fintech industry has changed over the past 10 years.
Details which cities are the most likely to succeed as fintech hubs at present and going forward.
Highlights notable fintech startups in each of these markets.
Discusses the potential opportunities and challenges these countries are facing today and in the future.

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Purchase & download the full report from our research store. >>Purchase & Download Now
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The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of Fintech.

Read the latest banking news and featured articles:
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Top cryptocurrencies in India gain 10-50% after the SC verdict quashing RBI ban

PRABHJOTE GILL

MAR 5, 2020, 23:22 IST

Top cryptocurrencies in India gain 10-50% after the SC verdict quashing RBI ban

This is how major cryptocurrencies in India reacted to the Supreme Court’s order quashing RBI’s banBI India

WazirX Tokens have nearly doubled in value after the Supreme Court announced that it is now legal for Indian banks to deal in cryptocurrencies.
Other currencies like Chainlink and Substratum cooled off after the initial burst, but WazirX Token and Matic Network continue to hold strong.
International currencies like Bitcoin and Ethereum have not reacted to the news, but investors believe they will likely surge once the US markets open.

India’s top court struck down a ban on trading in cryptocurrencies by the Reserve Bank of India’s (RBI) today, March 4. These currencies which trade heavily on sentiment, rallied sharply today. WazirX Tokens have nearly doubled in value today, as the SC move will allow banks to participate in the cryptocurrency market.

In fact, some of the currencies rallied so much that a few investors are already booking profits from the surge, by selling. Others are betting on the market to pump more coin once the Indian currency gets introduced.

Immediately after the announcement, WazirX Tokens rose by 25% followed by Chainlink, which surged by 13.24%.

In 2018, the potential size of India’s cryptocurrency market was estimated to be $12.9 billion according to a report by CREBACO, with the scope to add 25,000 to 30,000 jobs to the industry once it was regulated.

Before the ban, the average volume across five major exchanges in India was around 750 Bitcoins per day. However, top international cryptocurrencies — like Bitcoin and Etheruem — are yet to react to the news. Speculation hints that their value may surge once the US markets open.

Meanwhile, cryptocurrencies in India continue to ride the high even as many believe the ‘whales’ — individuals who hold large amounts of digital currency — are offloading.

After the initial burst, trading cooled off on most digital currencies. However, WazirX tokens and Matic Network continue to surge further.

See also:
Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'

India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath

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ACCOUNTS PAYABLE AUTOMATION: The multitrillion-dollar accounts payable market is finally digitizing - here's how payments providers can grab a piece of it

JAIME TOPLIN

MAR 4, 2020, 12:42 IST

ACCOUNTS PAYABLE AUTOMATION: The multitrillion-dollar accounts payable market is finally digitizing - here's how payments providers can grab a piece of it

This is a preview of the Accounts Payable Automation research report from Business Insider Intelligence.
Purchase this report.
Business Insider Intelligence offers even more consumer coverage with Payments & Commerce Pro. Subscribe today to receive industry-changing payments and commerce news and analysis to your inbox.

The $22 trillion business-to-business (B2B) US payments market is facing a paradox. High invoice volume (a business can see anywhere from hundreds to tens of thousands of invoices per month) and small departments that still use largely analog process are driving a desire to digitize: Enterprises using digital payables platforms can see 81% lower processing costs and 73% faster processing cycle times, per Kofax.

But accounts payable is a complex process, and entrenched habits and limited resources have stymied digitization and kept companies set in their ways.

Today, more firms are starting to seek accounts payable solutions that automate the invoicing and payments process, as they look to cut costs, decrease fraud, improve efficiency, and gain more visibility into payment data. These changes are bringing a deluge of providers - including software companies, card networks and providers, banks, and payment networks - into the ecosystem.

By moving into B2B payments, players in the space can diversify their businesses by capturing a new source of volume and attracting a new set of clients, attractive prospects as growth in digital consumer payments begins to slow.

For these providers, striking while the iron is hot and chasing the classes of businesses with the most opportunity - including small sellers, the middle market, cross-border companies, and the gig economy - will prove the top strategies in a successful pursuit of the B2B market.

In this report, Business Insider Intelligence will size the accounts payable market in the US; evaluate the breakdown between analog and digital processes at all three stages of an accounts payable transaction; and evaluate barriers toward digitization.

We will then identify four key segments where there's particular opportunity in accounts payable and assess the value in each. Finally, we will examine four best-in-class providers serving these areas and explain why their solutions could be a blueprint for other providers entering B2B.

The companies mentioned in this report are: Bottomline Technologies, Intuit, JPMorgan Chase, MineralTree, Oracle, SAP, SWIFT, Tipalti, Visa, Xerox.

Here are some key takeaways from the report:

The $22 trillion US B2B payments market has been slow to digitize, with 36% of firms using paper invoicing, 47% relying on manual processes for approval, and 49% of payments made by check.
Forty-four percent of businesses are looking to add automation to their payables processes as a way to capitalize on the efficiency and cost-cutting benefits it brings in, while also cutting fraud and increasing access to payment data.
Large enterprises have the highest budgets for digital solutions, but they're also the most likely to already be using them, which makes small businesses, middle-market companies, cross-border businesses, and the gig economy the ripest targets for innovation.

In full, the report:

Explains the typical accounts payable process and identifies pain points within each stage.
Lists the benefits of automating accounts payables and highlights friction points preventing businesses from digitizing.
Analyzes how payments providers can best move into the space and capture a large volume share as the market is on the cusp of rapid digitization.
Evaluates four best-in-class strategies that payments providers looking to move into payables can take to scale quickly.

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