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India ranked second in the outflow of high net-worth individuals (HNWIs) from the country, according to a new report.
 The report by <keyword id="2460132" type="UNKNOWN" weightage="80" keywordseo="New-World-Wealth">New World Wealth</keyword>, global wealth sector information consulting service firm, said that the number of rich people changing domicile has increased dramatically since the turn of the century, reported the Economic Times. 

	The country has witnessed 61,000 HNWIs left India over the last 14 years (2000-14). It was second only to China, which witnessed 91,000 millionaires move out of it. 
 The top five destinations for Indian millionaires were the UK, US, Australia, UAE and <keyword id="6356662" type="COUNTRY" weightage="60" keywordseo="Singapore">Singapore</keyword>, in that order, said Andrew Amoils, head of research, New World Wealth. 

	The reasons for most global millionaires to leave their country include turmoil in their homeland, security concerns and pursuit of better education prospects for their children. 
 The reasons for Indians leaving the country are different. The biggest draws have been standard of living and tax saving. "The UK, Australia and the <keyword id="6355055" type="COUNTRY" weightage="80" keywordseo="USA">USA</keyword> appeal to people due to language, standard of living, schooling and security. The UAE and Singapore also have a low tax structure," ET quoted Amoils. 

	While these HNWIs have made homes elsewhere, it has not been verified if they are holding more than one passport. "We have not checked them individually. They may hold 2-3 passports. We looked at where they were living in 2000 and where they were in 2014," says Amoils. 
 

	The top eight destinations for millionaires were: UK, US, Singapore, Australia, Hong Kong, UAE, Canada and Turkey. The UK was the top beneficiary of HNWIs from abroad, most of who came from Europe, Russia, China and India. 

	 
	(Image: Indiatimes)

India ranks 2nd in outflow of high net-worth individuals

<ul><li>On May 24th, the <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> granted <keyword id="6365770" type="UNKNOWN" weightage="20" keywordseo="angel-investors">angel investors</keyword> a complete tax exemption on their equity investments in small <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword>. </li><li>Until now, a tax of 30% was levied on the amount that the shares issued by startups to investors exceeded their fair value. </li><li>The ruling is expected to encourage high-net-worth individuals and give a significant boost to the startup funding landscape in India. </li></ul>A ruling by India’s Central Board of Direct <keyword id="6368033" type="UNKNOWN" weightage="20" keywordseo="taxes">Taxes</keyword> (CBDT) just made it easier for high-net-worth individuals to invest in startups. On May 24th, the CBDT granted angel investors a complete tax exemption on their equity investments in small startups, above their fair value. The move has been made effective retroactively from April 11th this year. Until now, a tax of 30% was levied on the the value of shares issued above their fair value, by startups to investors, based on the budget released by former finance minister Pranab Mukherjee in 2012. This was done to prevent money laundering and selling of shares at a higher value than they were worth for the purpose of bribery. However, this discouraged angel investors from buying shares at a premium, unlike venture capital funds and foreign investors, which benefited from a tax exemption for the same transaction. The premium received by these startups from angel investors for their equity was oddly classified as “income from other sources” and taxed accordingly. Hence, a lot of startups weren’t able to get the funding they needed in order to grow and compete for investments from VCs. As a result of the ruling, angel investors will be given the same treatment, for tax purposes, as venture capital funds. This is expected to incentivise high-net-worth individuals and give a significant boost to the startup funding landscape in India. Fair value? The major issue of contention here related to the “fair value” of a startup - which fails to take into account intangible assets like goodwill or brand buzz - leaving them vulnerable to higher taxes on their angel investments if authorities feel the investment is well above what their valuation should be. If startups aren’t incentivised to sell their shares at a price above their fair value, their valuation will remain the same, regardless of their progress. The CBDT’s notification also included a change in the entity responsible for assessing the fair value of startups. From now on, only merchant banks, as opposed to chartered accountants, are allowed to determine the value of an enterprise. Strings attached There are some conditions to the tax exemption, however. Firstly, it only applies to startups with a paid-up capital of ₹100 million or less following the share issue. So this covers the bulk of early-stage startups, which still bodes well for India’s startup ecosystem. Secondly, to qualify as an “angel investor”, an individual needs to have a minimum net worth of ₹20 million or an average income of ₹2.5 million in the previous three years. Thirdly, the startup will have to procure a certificate indicating the fair value of the shares from a merchant banker. While the cost of obtaining the certificate from a merchant banker is definitely higher than getting a chartered accountant to sign off on a startup’s fair value, the greater flow of financing will likely make up for this.

High net-worth individuals have a greater incentive to invest in Indian startups now

<ul><li>The number of ‘wealthy elite’ in India expected to rise nearly 87% in the next five years, according to a report titled ‘<keyword id="7123834" type="UNKNOWN" weightage="20" keywordseo="IIFL-Wealth-Index-2018">IIFL Wealth Index 2018</keyword>’. </li><li>The survey was put through after integrating the interviews of about 500 ‘high networth individuals’ in India — which includes individuals with a personal wealth of ₹65 million and above. </li><li>India’s wealthy have succeeded on their own, and this rich category of people in India is extensively involved in overseas investments for business, property and even for education abroad, said the report. </li><li>The report demonstrates that the country has 284,100 wealthy individuals accounting to ₹95 trillion of capital. In fact, the figure is likely to grow to ₹188 trillion by 2021.</li></ul>The number of India’s ‘wealthy elite’ is expected to rise by nearly 87% in the next five years with their combined wealth nearly doubling, according to a report titled <a href="https://www.iiflwealth.com/wealth-x-2018">‘IIFL Wealth Index 2018’</a>. IIFL Wealth Management in collaboration with Wealth-X, has revealed interesting numbers on wealthy people around the world. The report analysed India’s wealth index across three different verticals — ‘Quantum Leap, The Investor Mindset, and Shake up those Assets.’ The survey compiled the interviews of about 500 ‘high networth individuals’ in India — which includes individuals with a personal wealth of ₹65 million and above. Talking of the country’s global presence, India ranks fourth across the world for the number of new wealthy individuals added in the next five years after US, Japan and China, said the report. Interestingly, India’s wealthy have succeeded on their own, and have plans to invest overseas into business, property and for personal higher education. However, one in five HNIs has not chalked out a plan for the future. The report demonstrates that the country has 284,100 wealthy individuals accounting to ₹95 trillion of capital. In fact, the figure is likely to grow to ₹188 trillion by 2021. Keeping in view the statistics recorded, the report says that the Indian wealth factor has just started to create an impact. See also: <a href="https://www.businessinsider.in/After-spending-5-years-studying-millionaires-Ive-found-that-there-are-3-types-of-people-who-end-up-the-wealthiest/articleshow/65392761.cms">After spending 5 years studying millionaires, I've found that there are 3 types of people who end up the wealthiest</a> <a href="https://www.businessinsider.in/these-are-the-10-richest-people-in-india/articleshow/65957318.cms">These are the 10 richest people in India</a> <a href="https://www.businessinsider.in/indias-richest-mans-plan-to-revolutionize-its-telecom-industry-with-cheap-data-seems-to-be-working/articleshow/65878495.cms">India's richest man's plan to revolutionize its telecom industry with cheap data seems to be working</a>

India’s ‘wealthy elite’ are expected to increase by 87% over the next five years: Report

<ul><li>The world's richest people aren't happy about how much it's costing them to manage their money, according to a new survey from consultancy <keyword id="10863" type="COMPANY" weightage="60" keywordseo="CapGemini">Capgemini</keyword>.</li><li>33% of millionaires surveyed were found to be unhappy with the fees their wealth manager charges them, Capgemini's World Wealth Report showed.</li><li>More than one in five of those high net-worth individuals might switch firms in 2021 with high fees being the main driver of any switch for 42% of those surveyed, it said.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The world's richest people aren't happy about how much it's costing them to manage their money, according to a new survey from consultancy Capgemini.The pandemic eliminated more than $18 trillion from global <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> between February and March before a slight recovery in April, as per Capgemini's <a href="https://www.capgemini.com/gb-en/news/research-world-wealth-report-2020/">World Wealth Report 2020</a>. Many rich investors became increasingly critical of high money management fees and a third of those individuals, having over $1 million in investable assets, said they were uncomfortable with charges in 2019."HNWIs [high net-worth individuals] are also becoming increasingly critical over wealth managers' fees," the report said.That may drive a further wedge between asset managers and clients in 2020 as uncertainty and volatile markets could foster higher scrutiny around advising fees, the report said.More than one in five of those high net-worth individuals might switch firms in 2021 with high fees being the main driver of any switch for 42% of those surveyed.They also cited a leaning towards service-based fees as compared to asset-based ones — a percentage based on a portfolio's market value — demonstrating a higher interest in value delivered, the report showed.Read More: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fstock-market-investing-strategy-advice-2020-us-election-outcomes-ubs-2020-7" target="_blank" rel="noopener noreferrer">UBS has compiled an investing playbook for all the possible election outcomes. Here are the 6 trades it recommends to profit from a Trump triumph — and 10 for a Biden blue wave.</a>Capgemini's report comes soon after investment bank UBS <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20200623-separately-managed-accounts.html?campID=CAAS-ActivityStream">announced</a> its super-rich clients would have access to zero management fee strategies from July 7 onwards. The zero-fee client offering was limited to three funds from Natixis, Breckinridge Capital Advisors, and Goldman Sachs Asset Management.Another potential opportunity for firms was a budding interest in <keyword id="6954789" type="UNKNOWN" weightage="60" keywordseo="sustainable-investing">sustainable investing</keyword> (SI), which regards environmental, social and governance standards, the Capgemini report said.<div type="image" title="Screenshot 2020 07 09 at 10.40.41 AM" height="286" width="753" msid="76874531" hostid="261"></div>40% of those wealthy people, with over $30 million in investable assets, are willing to put their cash into sustainable investing, according to the report.80% of <keyword id="153884" type="COMPANY" weightage="60" keywordseo="wealth-management">wealth management</keyword> firms have implemented sustainable investing options, the survey showed.The main reasons behind rich people's interest in SI are higher returns and lower risks. Early in the year, equities were the most favored asset class and made up 30% of the rich's portfolio while 17% went to fixed income, 15% in real estate, 13% in alternative investments, and 25% in cash.Read More: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fstock-picks-to-buy-market-beating-returns-coronavirus-spikes-evercore-2020-7" target="_blank" rel="noopener noreferrer">Buy these 15 stocks that are shielded from COVID-19 fallout and primed to beat the market even as virus cases spike, Evercore says</a>

The world's richest people are getting more and more annoyed at how much it costs them to look after their money

The <a href="http://www.businessinsider.in/searchresult.cms?query=startup+">startup</a> culture is growing in India as high networth individuals (HNIs) have invested more than Rs 1,200 crore into <a href="http://www.businessinsider.in/searchresult.cms?query=venture+capital+">venture capital</a> funds focused on helping early-stage entrepreneurs. 
 These <keyword id="6362476" type="ORGANIZATION" weightage="60" keywordseo="investments">investments</keyword> have flowed in over the past year into these venture <a href="http://www.businessinsider.in/searchresult.cms?query=capital+funds+">capital funds</a> - <keyword id="2491409" type="ORGANIZATION" weightage="80" keywordseo="Orios-Venture-Partners">Orios Venture Partners</keyword>, Zodius Capital, Your-Nest Angel, Kalaari Capital and Blume Ventures - which have together raised Rs 4,360 crore, data shared by these funds with the Economic Times reveal. 
 
These funds have the mandate to invest in app-makers, <a href="http://www.businessinsider.in/searchresult.cms?query=radio+taxi+">radio taxi</a> companies, food-ordering platforms and <a href="http://www.businessinsider.in/searchresult.cms?query=healthcare+">healthcare</a> aggregators and such Internet businesses and other <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword>. In some funds, over 50% of the corpus raised has come in from high networth individuals. 
 The trend to invest in startups started with top executives and businessmen. "People who are exposed to various asset classes have now begun seeing value in venture funds," says <keyword id="1768757" type="PERSON" weightage="60" keywordseo="Sunil-Goyal">Sunil Goyal</keyword>, CEO of YourNest Angel Fund. 
 
He said: “Even traditionally wealthy investors are warming up to the idea of investing in startup funds." 
 
These numbers are in line with an ET CXO poll on startup investing published on Monday. Over 60% of the 100-plus CXOs polled by ET said they had already invested a portion of their wealth in startups. Another 25% expressed interest in such investments in the future. 
 
· Low awareness level "The HNI response to startup funds has been pretty good, but awareness level is still low," says Rehan Yar Khan, founder-partner at Orios Venture Partners. These funds, Khan says, are not yet as popular as <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> or equity funds. 
Orios Venture mobilised close to Rs 150 crore from HNIs in its earlier fund, which closed in August 2014. It is now raising Rs 1,200-crore fund and expects to get Rs 300 crore from rich Indian investors. 
Zodius Capital recently raised over 45% of its Rs 700-crore fund from rich domestic investors. 
 
· Ticket sizes have grown 
Individual ticket sizes have also grown over the past few months with average investment ticket sizes of Rs 10-20 crore. Wealth managers seek larger investments as these funds have a high failure rate. A portfolio of 20 companies may only have 3-4 multi-baggers (yielding returns of over 50 times), the rest being average performers and many turning plain duds. 
 
Wealth managers say funds will have to generate gross returns in excess of 20 per cent to make a meaningful case. "We'll have to wait and see how the first batch of funds delivers in terms of returns. Vintage funds in this segment will set the tone for future investments in startups," said Karthik Reddy, managing partner at Blume Ventures. 
 
 (Image: Indiatimes)

Rich people from around the world have invested more than Rs 1,200 cr in Indian startups

<ul><li>India’s millionaires are fleeing homeland in large numbers. </li><li>India stands third on the list for the number of emigrants, behind China and Russia. </li><li>Nearly 2% of the total High Net-worth Individuals (HNIs) — that account for nearly 6,000 millionaires — migrated from India in 2018.</li></ul>While India’s ‘wealthy elite’ are increasing as the country’s economy grows at a faster pace, more of it’s <a href="https://www.moneycontrol.com/news/india/over-5000-millionaires-migrated-from-india-in-2018-report-3966211.html">millionaires are fleeing</a> from the country. A recent report titled <a href="https://economictimes.indiatimes.com/news/economy/indicators/millionaires-fleeing-india-in-larger-numbers-report/articleshow/69292477.cms">'Global Wealth Migration Review' (GWMR) 2019</a> put out jointly by AfrAsia Bank and New World Wealth, a research organisation has revealed that nearly 2% of the total High Net-worth Individuals (HNIs) — that account for nearly 6,000 millionaires — migrated from India in 2018. India stands third on the list for the number of emigrants, behind China and Russia. In fact, despite the ongoing Brexit issues in the United Kingdom (UK), the outflow in India was recorded more than that in the UK. While, China recorded the maximum number of migrations amid the trade war with the US. Interestingly, a large part of the outflow preferred <a href="https://www.financialexpress.com/economy/despite-the-jump-in-ease-of-doing-business-india-sees-huge-exodus-of-millionaires/1576919/">settling in</a> the US, Canada and Australia, thanks to the climatic conditions, better education — universities and schools, healthcare and tax system. Talking of the country’s global presence, <a href="https://www.businessinsider.in/indias-wealthy-elite-are-expected-to-increase-by-87-over-the-next-five-years-report/articleshow/67088805.cms">India ranks fourth </a>across the world for the number of new wealthy individuals added. Keeping in the view the statistics recorded, nearly half of the wealth in India reclines with HNIs. Predicting the rise in the wealthy elite, the report suggests that India may also surpass the UK and Germany in terms of wealth creation with its capital New Delhi driving the way for economy, followed by the IT hub Bengaluru and Hyderabad. Separately, India’s HNIs are expected to rise by nearly 87%, five years down the line, with their combined wealth nearly doubling, highlighted the IIFL Wealth Index 2018. See also: <a href="https://www.businessinsider.in/indias-wealthy-elite-are-expected-to-increase-by-87-over-the-next-five-years-report/articleshow/67088805.cms">India’s ‘wealthy elite’ are expected to increase by 87% over the next five years: Report</a>

India’s millionaires are fleeing from homeland -- and these are the countries where they are headed

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Dan Kitwood/Getty</div></div></div>The private wealth management industry had a strong year in 2017 with 25 of the leading global players increasing their assets under management (AUM) by almost 14%, as the number of high net-worth individuals and affluent investors has continued to grow.UBS tops the rankings with $2,402.8 billion AUM, over double that of its closest rival. China Merchants Bank also entered the top 10 in 2017 and was the first Chinese bank ever to do so.Much of this success is the result of greater wealth across the Asia-Pacific region and growing interest in professional management by the high-net worth individuals there. This meant Chinese growth was about 3.5% higher then the rest of the top wealth managers, according to the research by GlobalData and Private Banker International.Deutsche Bank, EFG International and ABN Amro were the only wealth managers in the ranking to lose ground in 2017.

The 15 biggest wealth managers in the world

<div class="KonaFilter image-container display-table"><div><div class="image on-image">VCG via Getty ImagesFireworks explode over Victoria Harbour to celebrate the National Day on October 1, 2017 in Hong Kong, China. China is celebrating the 68th anniversary of the founding of the People's Republic of China.</div></div></div><ul class="summary-list"><li>Hong Kong has officially surpassed New York City as the place with the highest concentration of super-wealthy people. </li><li>Hong Kong has seen a 31% increase in the number of ultra-rich residents worth at least $30 million, according to a new <a href="https://www.wealthx.com/wp-content/uploads/2018/09/Wealth-X_WUWR_2018_PDF.pdf">report</a> from the data firm, Wealth-X.</li><li>Tokyo, Los Angeles, and Paris were among the top-ranked cities, but major US cities largely dominated the list. </li><li>Property prices in Hong Kong have increased to reflect the growing wealth of its residents, though the country is in the midst of a housing crisis with limited zoning allocated for residential development. </li></ul>Hong Kong has officially surpassed New York City as the place with the highest concentration of super wealthy people. Hong Kong has seen a 31% increase in the number of ultra-rich residents worth at least $30 million, according to a <a href="https://www.wealthx.com/wp-content/uploads/2018/09/Wealth-X_WUWR_2018_PDF.pdf">report</a> released Thursday from the data firm, Wealth-X. The region had just over 10,000 residents who fall into the "ultra-high net-worth" category, <a href="https://money.cnn.com/2018/09/06/investing/world-richest-people-cities/index.html">compared to roughly 9,000 ultra-high net-worth people in New York City</a>.Tokyo, Los Angeles, London, and Paris were also among the top 10 cities on the list.Globally, the number of ultra-wealthy people rose by 13% in 2017, totaling over 250,000. According to the data, that cohort has a combined net worth of $31.5 trillion.A majority of the super-rich made between $30-$100 million, while more than 2,700 people - or roughly one percent - made $1 billion or more last year. Women accounted for nearly 14% of ultra-high net-worth individuals, a record high for the group.Asia saw the fastest growth of mega-millionaires, driven mainly by Hong Kong and mainland China. According to 2017 estimates, <a href="https://www.businessinsider.com/one-in-7-in-hong-kong-is-a-millionaire-2018-3">one in seven people in Hong Kong is a millionaire</a>. And property prices in the country have increased to reflect the growing wealth of its inhabitants. Hong Kong has broken several property records over the last year. It was there in November 2017 that the <a href="https://www.businessinsider.com/most-expensive-apartments-hong-kong-149-million-2017-11/">most expensive apartments in Asia sold for a combined $149 million.</a>And in June, a single parking space in Hong Kong that was originally purchased for $430,000 <a href="https://www.businessinsider.com/hong-kong-world-record-most-expensive-parking-spot-2018-6">resold for nearly double the price</a>.Hong Kong is currently <a href="https://www.businessinsider.com/hong-kong-coffin-homes-housing-crisis-2017-6">suffering from a housing crisis</a>, where a <a href="http://www.pland.gov.hk/pland_en/info_serv/statistic/landu.html">fraction of its land area is zoned for residential property development</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/medical-breakthroughs-future-medicine-stem-cell-2018-8">Medical breakthroughs we will see in the next 50 years</a></h3> <div> </div> </div>

Hong Kong now has more super-millionaires than New York City

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">techcrunch/flickrElizabeth Holmes, founder and CEO of Theranos, is the youngest female billionaire in the world.</div></div></div>Some of the most successful people in the world didn't become millionaires, let alone billionaires, <a href="http://www.businessinsider.com/24-people-who-became-highly-successful-after-age-40-2015-6">until after age 40</a>. Some, however, experienced the opposite trajectory.Our friends at <a href="http://www.wealthx.com/home/">Wealth-X</a>, a firm that does research and net-worth valuations on ultra-high net worth individuals, compiled a list of the richest people in the world under 35.From Norwegian and Chinese heirs to the self-made billionaire founders of Snapchat and Facebook, here are the 20 wealthiest people under 35.

The wealthiest people in the world under 35

<ul class="summary-list"><li>The world's richest people saw huge wealth gains as stocks rallied after the election on Wednesday.</li><li>The biggest gainers include Elon Musk, Larry Ellison, and Warren Buffett. </li></ul>The world's richest people saw huge gains in their net worth on Wednesday as markets cheered the outcome of the 2024 election. Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Jensen Huang saw their wealth soar on Wednesday, propelled by huge stock gains after former President Donald Trump sailed to victory in the presidential election.Together, the billionaires gained over $55 billion by the time the market closed on Wednesday. Their gains were <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">driven by euphoric stock investors</a>, who see a coming era of less regulation and lower taxes driving higher corporate profits. These were the top net-worth gainers on Wednesday, according to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Forbes' real-time billionaires list</a>. <h2 id="c3a32e82-837e-4695-818a-c29a082da794">1. Elon Musk</h2>Daily wealth gain: $20.9 billionNet worth: $285.6 billionElon Musk, the CEO of Tesla, saw his wealth surge by $20.9 billion on Wednesday, further solidifying his spot as the highest net-worth individual on the planet with nearly $286 billion.The billionaire's wealth is tied to his stake in his many companies, primarily Tesla and SpaceX. His gain on Wednesday came as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Tesla stock rose almost 15%</a>, even as other EV stocks sold off amid fears Trump will pull back on Biden-era rebates and tax incentives. Traders are betting both Musk and his company will benefit from close ties to Trump as the former president retakes office."In our view, TSLA and CEO Elon Musk are perhaps the biggest winners from the election result," CFRA Research senior analyst Garrett Nelson said in a Wednesday note.<h2 id="4570c782-d339-42a6-bf95-c9a58879f17b">2. Larry Ellison</h2>Daily wealth gain: $11.7 billionNet worth: $220.8 billionLarry Ellison, the founder and chief technology officer of Oracle, gained $11.2 billion as Oracle shares rallied with the broader tech sector. The stock ended the day 5.5% higher. That gain brings Ellison's total net worth to over $220 billion, putting him third on the list of the richest people in the world. <h2 id="e1c823e7-38bc-489b-ab61-69729fbea3f9">3. Warren Buffett</h2>Daily wealth gain: $7.6 billionNet worth: $147.4 billionFamed investor Warren Buffett also saw $7.2 billion added to his net worth on Wednesday, bringing his total wealth to $147 billion.The famed investor is the is the chairman and CEO of conglomerate Berkshire Hathaway, which saw its shares soar 5.55% in the session. <h2 id="a3df8438-ae7f-4210-aaa8-743d0c25aa87">4. Jeff Bezos</h2>Daily wealth gain: $7 billionNet worth: $223.5 billionJeff Bezos added $5.5 billion to his net-worth, bringing the total to $222 billion. That amount puts him second only to Musk on the list of the world's wealthiest individuals. Bezo's retail powerhouse Amazon saw notable moves on Wednesday, up almost 4% to trade at an all-time high of $207 per share.<h2 id="50d93be9-206d-45c9-97a9-d37f99559cff">5. Jensen Huang</h2>Daily wealth gain: $4.9 billionNet worth: $126.9 billionJensen Huang, CEO of Nvidia, gained about $5.3 billion to bring his total wealth to $127.4 billion on Wednesday as shares of his chip giant rose to a record high. Nvidia stock gained 4% on Wednesday amid a wide-rangin tech rally that pushed the Nasdaq up 3%. The gain further solidified the chip maker's position as the most valuable company in the world after it overtook Apple on Tuesday. The sector's gains come even as Trump has said he could curtail the Chips Act, which pledges to funnel billions into supporting US chip production.Trump has also said, however, that he prefers a "hands-off" approach to AI, which would be in line with his campaign's promises of less regulation for corporations.

These 5 billionaires were the biggest net-worth winners today as stocks surged

<keyword id="15550684" type="General" weightage="20" keywordseo="streaming-company-roku" source="Orion">Streaming company Roku</keyword> has announced that it is laying off 200 <keyword id="4863674" type="General" weightage="20" keywordseo="us-employees" source="Orion">US employees</keyword>, or roughly 7 per cent of its workforce. According to the company, the cuts aim to reduce its "headcount expenses" by around 5 per cent because it is trying to spend less on operations in the face of "current economic conditions" in the advertising and streaming industry, reports The Verge. However, the 200 job cuts are a far greater reduction than the streaming company had expected when it released its Q3 earnings report just over two weeks ago. As stated in its shareholder letter, the employees had grown significantly since 2021 because Roku's leadership "believed that the economy was emerging out of pandemic-related disruptions". Therefore, the suggested solution was a slowdown in hiring rather than layoffs. "In Q2, the company said that it was selling fewer streaming boxes, which impacts its revenue in more ways than one," the earnings report mentioned. Since then, the company had increased the range of services it provides, by focusing on original content and introducing a range of smart home products. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/blackstone-backed-nexus-files-for-500-million-ipo/articleshow/95592564.cms" style="">Blackstone-backed Nexus files for $500 million IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/these-small-cap-companies-have-attracted-big-investments-from-high-networth-individuals/articleshow/95584844.cms" style="">These small cap companies have attracted big investments from high-networth individuals</a>

Streaming company Roku to fire 200 US employees

Mumbai, Mar 2 () Fintech non-bank financier SMEcorner on Monday said it has raised USD 30 million (around Rs 210 crore) through a combination of equity and debt in series B funding. The funding round was led by Paragon Partners, which invested USD 10.5 million, and the balance came from existing investors including Quona Capital, Accion Venture Lab, Bharat Shah and few other high networth individuals, according to a company release. "The additional capital will enable us to reach over 20,000 new customers and grow our distribution in the coming year," SMEcorner's founder and CEO, Samir Bhatia, said. Bhatia has also made an undisclosed investment in the current round of funding. The funds raised would go towards rapid business scale-up, lending partnerships and market expansion in the coming financial year. The SME-focussed fintech non-banking financial company plans to lend Rs 1,000 crore by the end of next financial year. The company got its NBFC licence in February 2018 and is currently present across 15 cities in four states of the country. It has over 8,000 customers and has disbursed over Rs 550 crore since obtaining the licence. The company's current assets under management stand at Rs 400 crore. HV ANSANS

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