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flag India's luxury market is booming, set to grow faster than Japan's, with ultra-high-net-worth individuals rising by 50% by 2028.

flag McKinsey & Company and BoF report projects a 50% rise in India's ultra-high-net-worth individuals by 2028, making it the world's fastest-growing market for luxury goods. flag India's luxury market is forecasted to grow 15-20% in 2025, with new malls like Jio World Plaza and Galeries Lafayette opening. flag Increased taxes on imported goods over $8,400 are expected to boost domestic spending. flag Meanwhile, Japan's luxury market growth is predicted to be 6-10% in 2025. flag India has surpassed Japan to become the world's fourth-largest economy.

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