India's ultra-rich population to rise 50% by 2028, fastest globally: Report
New Delhi: 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, although the domestic Goods and Services Tax on luxury goods remains high at 28 per cent.
Compared to the Indian growth, the Japanese luxury market is expected to grow between 6 and 10 per cent in 2025, retaining its position as a core luxury market. The growth in Japanese markets will be driven by both solid domestic demand and tourism spending.
Recently, NITI Aayog CEO BVR Subrahmanyam announced that India has overtaken Japan to become the world's fourth-largest economy.
Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark.
As per the report, Japan is home to the second-largest number of UHNWIs in Asia, which is expected to grow by more than 12 per cent from 2023 to 2028. The growth rate of UHNWIs in India is more than that of Japan.
According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion.
The report added that over the past five years, the luxury industry experienced a period of exceptional value creation. Between 2019 and 2023, unprecedented demand for personal luxury goods -- fashion, handbags, watches and jewellery among them -- combined
With a deep well of supply allowed the sector to achieve a 5 per cent compound annual growth rate.
Luxury brands outperformed global markets and achieved new profitability records. But in the year 2025 so far, the luxury industry has faced a significant slowdown that has hit even top brands hard. For the first time since 2016 (excluding 2020), luxury value creation declined.
Several of the industry's growth-driving engines have stalled. Macroeconomic headwinds --especially in the key China market, which grew more than 18 per cent annually from 2019 to 2023 -- are weighing heavily on the sector, the report highlighted.
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Times of Oman
6 hours ago
- Times of Oman
RCB create history, end 18-year wait for IPL trophy as PBKS fall short in pulsating final
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Chasing a challenging 191, PBKS started off well with the opening pair of Priyansh Arya and Prabhsimran Singh taking down Bhuvneshwar Kumar with a four and six, taking 13 runs in over one. Priyansh tried to dominate Josh Hazlewood with two fours, but a stunning catch from Phil Salt near the ropes took Priyansh back to the pavillion for 24 in 19 balls, with four boundaries. PBKS was 43/1 in five overs. At the end of six overs, PBKS was 52/1, with Prabhsimran (15*) and Josh Inglis (8*) unbeaten. Prabhsimran was playing plenty of dot balls, but liberated himself with a six against Suyash Sharma, who ended his first over, conceding a total of 15 runs, including a six each from the duo. Krunal, who had conceded just three in his opening over, continued to put pressure, and finally it was Prabhsimran (26 in 22 balls, with two sixes) who became its victim, giving an easy catch to Bhuvneshwar Kumar at covers. PBKS was 72/2 in 8.3 overs. 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Krunal Pandya followed Shepherd's footsteps after he holed it straight to Shreyas. Arshdeep capped off the innings with Bhuvneshwar Kumar's scalp as Bengaluru settled for 190/9.
Times of Oman
13 hours ago
- Times of Oman
IMF experts commend Oman's continued economic growth
Muscat: The International Monetary Fund (IMF) mission concluded its preliminary meetings with the government of the Sultanate of Oman during the period 21-29 May 2025 within the framework of Article IV consultations for the year 2025. The Fund's team and the Omani side discussed the most prominent recent economic developments, fiscal and monetary policies, and structural reform progress in the Sultanate of Oman. At the conclusion of the visit, the IMF commended Oman's continued economic expansion, with real GDP growth reaching 1.7% in 2024, up from 1.2% in 2023, primarily driven by strong performance in non-hydrocarbon sectors, notably manufacturing, logistics, tourism, and renewable energy. Growth is projected to accelerate to 2.4% in 2025 and 3.7% in 2026, supported by the gradual lifting of OPEC+ oil production cuts and ongoing economic diversification efforts. Inflation remains contained, recorded at 0.9% year-on-year for the first four months of 2025. The IMF acknowledged the government's prudent fiscal stance, with a fiscal surplus of 3.3% of GDP in 2024, despite increased investment in infrastructure and essential public services. The surplus is expected to moderate to an average of 0.5% of GDP during 2025–2026, reflecting lower oil prices, but is forecast to strengthen over the medium term. In the area of fiscal management, the IMF noted the reduction in public sector debt to 35.5% of GDP in 2024, alongside a continuing commitment to fiscal reforms and investment in priority sectors. Structural reforms across the public sector, including improvements in State Owned Enterprises (SOEs) governance by Oman Investment Authority. The IMF confirmed that Oman's banking sector remains robust, supported by strong asset quality, ample capital and liquidity buffers, and sustained profitability. Private sector credit growth continues to be solid, underpinned by an expanding deposit base and a positive net foreign asset position. The IMF also welcomed the CBO's continued progress in enhancing its liquidity management framework, alongside broader financial sector initiatives aimed at expanding access to credit and deepening financial inclusion. The external sector also performed positively, with a current account surplus of 2.2% of GDP in 2024. While a temporary shift to a modest deficit is projected in 2025–2026 due to softer oil prices and slower export growth, the balance is expected to return to surplus as hydrocarbon output gradually ramps up. The IMF further recognized Oman's steady progress in implementing structural reforms. These include tax administration modernization by Oman's Tax Authority, operational success of Future Fund Oman in mobilizing private capital, and active efforts to develop the renewable energy sector, including green hydrogen initiatives. The upcoming 11th Five-Year Development Plan (2026–2030) will build on these gains to accelerate economic diversification under Oman Vision 2040. The Central Bank of Oman expressed appreciation for the IMF's positive assessment and remains committed to maintaining financial stability, advancing banking sector resilience, and supporting the Sultanate of Oman's vision for a diversified and sustainable economy.
Times of Oman
19 hours ago
- Times of Oman
PM Modi expresses deep appreciation to Paraguay for its strong condemnation of Pahalgam terror attack
New Delhi: Prime Minister Narendra Modi on Monday expressed his "deep appreciation" to Paraguay for its "strong condemnation" of the April 22 Pahalgam terror attack as he held a "comprehensive discussion" with President Santiago Pena Palacios in the national capital. According to the MEA, the two leaders held a comprehensive discussion at the Hyderabad House in New Delhi on the entire spectrum of bilateral relations, including trade and investment, health and pharmaceuticals, defence and security, infrastructure, mining and mineral resources, agriculture and food security, green energy, digitalisation, innovation and people-to-people links among others. During a press briefing, P Kumaran, Secretary (East) at the Ministry of External Affairs (MEA), highlighted that both leaders "unequivocally condemned terrorism and violent extremism in all forms," with President Pena extending deep solidarity with the victims and their families. President Pena is in India for a three-day state visit, which will conclude on June 4. "Prime Minister Modi expressed his deep appreciation to Paraguay for its strong condemnation of the terrorist attack... as well as for the sincere condolences and solidarity expressed with the people and the government of India. Both leaders unequivocally condemned terrorism and violent extremism in all its forms and manifestations. On behalf of the Paraguayan people, President Pena expressed his deep solidarity with the victims and families of the terrorist attack," Kumaran stated during the briefing. Kumaran further noted that during Pena's meeting with PM Modi at the Hyderabad House earlier today, both leaders welcomed the establishment of a Joint Commission Mechanism (JCM) at the Secretary/Vice Ministerial level to advance cooperation in areas of mutual interest. Recognising India's growing global economic role, the MEA emphasised President Pena's keen interest in attracting Indian investments to Paraguay. "The two sides welcomed the establishment of a Joint Commission Mechanism at the Secretary/ Vice Ministerial level. The JCM will serve as a key platform to review and advance cooperation in priority areas of mutual interest. recognising India's growing global economic role, President Pina expressed keen interest in attracting Indian investments to Paraguay. He engaged with prominent Indian business leaders in Delhi. He is scheduled to travel tomorrow to Mumbai and interact with top Indian business leaders and companies," Kumaran added. President Pena will also be meeting with President Droupadi Murmu at Rashtrapati Bhawan in the evening, where a banquet will be hosted. "The two leaders held a comprehensive discussion on the entire spectrum of bilateral relations, including trade and investment, health and pharmaceuticals, defence and security, infrastructure, mining and mineral resources, agriculture and food security, green energy, ICT, digitalisation, innovation, disaster management, science and technology and people-to-people links. The President is scheduled to meet President Droupadi Murmu in the evening at Rashtrapati Bhawan, where a banquet will be hosted for him," Kurmaran stated. "The bilateral relationship was expanded steadily with growing cooperation in sectors such as trade, agriculture, health, pharmaceuticals, and information technology. Paraguay is a growing trade partner for India in the Latin American region," he added. Earlier in the day, President Pena paid tribute to Mahatma Gandhi at Rajghat, laying a wreath at the memorial. The visit is part of his three-day state visit to India, which will conclude on June 4.
