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India, China face exodus of millionaires: report

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Washington: India and China are facing an exodus of their wealthiest citizens with tens of thousands of “high-net-worth individuals” (HNWIs) having left to seek greener pastures, according to a new report. inidian-nri

As many as 61,000 Indian millionaires left the country and settled overseas in the last 14 years, second only to China which saw an exodus of 91,000, according to a report by consultancies New World Wealth and LIO Global.

France, Italy, Russia, Indonesia, South Africa and Egypt round out the top eight, according to the study cited by Time magazine.

The study, released this month, looked at immigration data from 2000 and 2014 indicating applications for a second citizenship or change of domicile (permanent residence).

Britain — its capital city London, in particular — appears to be the most popular destination for the world’s rich to settle down in, followed by the US, Singapore, Australia and Hong Kong.

The report said Indians tend to move to countries like Australia and the United Arab Emirates, while Singapore and Hong Kong are popular destinations for China’s wealthy.

Despite the large-scale departure of millionaires, India still has the tenth largest number of millionaires at 226 800, while China stands fifth with 608,500. The US tops the list with 4,105,000 millionaires.

Those who leave generally cite reasons like “turmoil in home country, security concerns and optimizing education of children,” the report said.

Highlights:

Britain was the top beneficiary of HNWIs from abroad. Most of these HNWIs came from Europe, Russia, China and India.

Inflows into the US predominantly came from China. Notable numbers also came from Britain, India and Russia.

Singapore in second place benefited from a strong migration of HNWIs from China, India and Indonesia.

Australia was boosted by strong inflows from the Asia Pacific region (India, China, Indonesia), as well as Britain and South Africa.

The UAE (mainly Dubai) saw strong inflows from North Africa, India and Middle Eastern countries.

Indian HNWIs tended to move to the UAE, Britain, the US and Australia.

(IANS)

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Oracle Witnessing Double-Digit Growth in India For Past 3 Years

The Oracle Autonomous Database now has the capability to automatically scan for security threats and apply security updates while running to help prevent cyberattacks and data theft

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Cloud major Oracle, which is seeing high demand in the Banking, Financial Services and Insurance (BFSI), telecom and manufacturing sectors in India, has witnessed double-digit growth in the country for the past three years, a top company executive has said.

Start-ups and small and medium businesses (SMBs) are fast adopting Oracle’s Software-as-a-Service (SaaS) in the country.

“We are seeing double-digit growth (on an average) in the country. In fact, that’s both in our NetSuite business as well as our enterprise business.

“The India Cloud business is really booming. Overall, the double-digit growth has been there for the last three years in the country, which has been the best-performing region in the Asia-Pacific for us,” Shaakun Khanna, India SaaS GTM Lead, Oracle, told IANS in an interview.

The company competes with major Cloud players like Amazon Web Services (AWS), Google Cloud Platform and Microsoft Azure and provides services such as SaaS, Platform-as-a-Service (PaaS) and Data-as-a-Service (DaaS).

According to Oracle, as a corporation, the firm is on track to become the top SaaS company in the world.

The company offers innovative and proven Cloud suite of SaaS applications that enable customers to transform their business with the latest intelligent technologies such as Artificial Intelligence (AI) and Machine Learning (ML).

“From a perspective of completeness of our enterprise applications, there’s no one who can compare with us. So, that’s pretty much our objective and vision in India as well,” Khanna added.

Oracle Launches Intelligence Map for Close Look at Internet.
Witnessing double-digit growth in India for past 3 years: Oracle. IANS

According to the company, going “autonomous” gave it an edge over rivals in the country.

Larry Ellison, Co-Founder and Executive Chairman of Oracle, in October unveiled the second generation Oracle Cloud with autonomous capabilities, improved security and upgrades for enterprises at the company’s annual user conference “Oracle Open World 2018” in San Francisco.

According to Khanna, autonomous is probably the biggest thing because, with autonomous, the ability to engage technologies like AI, ML, UI-UX, is there.

“I think the other advantage is our diversity, because if you look at it, we are the only company of our stature in the world that has everything — it’s not just the applications that are ours, the hardware, the infrastructure, the database, everything is Oracle,” Khanna noted.

Also Read- China, US Set To Take Action Against Each Other

The Oracle Autonomous Database now has the capability to automatically scan for security threats and apply security updates while running to help prevent cyberattacks and data theft.

“If you look at the way Oracle built its first set of Cloud infrastructure is very similar to how Google built it, how Amazon built it, how Microsoft built it, almost everyone built it and we are doing exactly the same.

“Larry and the other founders who started Oracle — they were working for a CIA project and then they came out and started Oracle. So we understand security from our DNA,” said Mitesh Agarwal, Vice President, Key Accounts, Oracle India.

“Almost all of our competitors have never managed to move an enterprise workload to the Cloud — not a single one of them. They all have peripheral applications that have moved to the Cloud. That’s still only about 5-6 per cent of the workloads in the world,” Agarwal informed. (IANS)