New Delhi, June 1 -- India will witness the world's fastest growth in the number of ultra-high-net-worth individuals (UHNWIs), with their population expected to surge by 50 per cent between 2023 and 2028, according to a report by McKinsey & Company and BoF.

The state of fashion luxury report says that the Indian luxury market is expected to grow between 15 and 20 per cent in 2025, fuelled by demographic and structural shifts.

According to the report, new luxury malls and department stores, such as the Jio World Plaza and Galeries Lafayette, are increasing luxury real estate in tier-one cities. It further adds that the newly increased taxes on imported goods over Rs 700,000 (USD 8,400) are expected to encourage domestic spending, althoug...