I have a large file of size 500 mb to compress in a minute with the best possible compression ratio. I have found out these algorithms to be suitable for my use.
If you are only aiming for high compression density, you want to look at LZMA and large-window Brotli. These two algorithms give the best compression density from the widely available open-sourced algorithms. Brotli is slower at compression, but ~5x faster at decompression.