New Delhi: India has seen the fourth-biggest outflow of high net worth individuals globally in 2015 with shifting of 4,000 millionaires overseas, says a report.
According to a report by New World Wealth, some 4,000 uber-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country.
The report however noted that the migration of super rich from China and India is not a “concern”.
“The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing,” the report said and added that “once the standard of living in these countries improves, we expect several wealthy people to move back.”
In terms of countries ranked by millionaires outflow, France was followed by China in the second place with 9,000 millionaires leaving the country while for Italy, at third position, the figure stood at 6,000.
On France, the report said, the country is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.
“We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate,” the report said.
It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.
Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each.In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the US (7,000) and Canada (5,000) in the second and third place respectively.
Millionaires, otherwise known as “high net-worth individuals” or “HNWIs” refer to individuals with net assets of $1 million or more excluding their primary residences.
The dream to acquire a full-frame mirrorless camera is gaining momentum among both entry-level and professional photographers in India and Japanese camera and digital imaging company Canon is optimistic to see sales being picked up well with the wedding and festival season around the corner.
According to Kazutada Kobayashi, President and CEO, Canon India, since the company brought its first full-frame mirrorless camera EOS R to India last year and its lightest and smallest full-frame mirrorless camera EOS RP in February this year, the inquiries about both the cameras have grown multi-fold at its shops across the country.
“We could see that several professional photographers who used DSLRs with mirror have started to convert their thinking to acquire full-frame mirrorless devices.
“There is a rush of active inquiries at our shops on full-frame mirrorless cameras. I expect a good business to start from September onwards with the herald of wedding and festival season,” Kobayashi told IANS here in a free-wheeling interview.
The 30.3MP EOS R camera costs Rs 189,950 and with the EOS R kit (RF24-105mm f/4L IS USM Lens), the price is Rs 278,945. The EOS RP camera starts at Rs 110,495 and with the EOS RP kit, the camera costs Rs 199,490.
“We are shifting focus from low to mid and high camera segment. Our camera business in India stays as it is at this point of time and I expect it to grow further in coming months,” said the Canon executive.
Excluding the impact of GST, Canon registered net growth of double digit (over 10 per cent) in the country last year. At present, the Japanese major is leading the DSLR segment in India.
According to Kobayashi, he is happy with the progress in the first half of the year across verticals – in both B2B and B2C – in the Indian market.
“Though a bit short of my original aim of double-digit growth this year, the company is still making a good progress on both B2B and B2C fronts,” he noted.
Canon India in June expanded its PIXMA G Series line-up with the new category launch of Monochrome Ink Tank Printer and two variants in the colour Ink Tank printers.
The new line-up features the popular integrated Ink Tank design, automatic two-sided printing, large paper feeding capacity, and full network compatibility, making them ideal for customers with high-print volume demands.
“Our foray into the ink tank category was a critical milestone to our printer business, which has led to a steady growth in our market share in the inkjet category. This has also led to the Consumer System Products division become one of the highest contributing businesses for us in India,” informed Kobayashi.
With an ultra-low printing cost of approximately eight paisa per print, the latest G series printers are equipped to reduce the cost of printing by almost 90 per cent, as compared to mono laser printers which costs approximately Rs two per print with original toners.
“I am optimistic that the launch will further enhance our presence in India, and increase our market share by 25 per cent in the ink tank category,” said Kobayashi, who has completed nearly eight years at Canon India.
He is bullish on the Indian market amid political stability in the country.
“Good news is that the Indian economy is greatly maintained owing to Prime Minister Narendra Modi and his initiatives like Digital India. It gives us all the reason to push the envelope in the country across verticals and develop user-friendly and cost-effective cameras and printers in years to come,” stressed Kobayashi. (IANS)