According to the latest Africa Wealth Report published by Henley & Partners end of April 2022, Mauritius has the highest wealth per capita in Africa amounting to 34, 500 USD as at 31st December 2021, followed by South Africa and Namibia. Mauritius is acknowledged as being the fastest growing wealth market in Africa with a projected growth of 80% over the next decade. As per the report, Mauritius has positioned itself as one of the fastest growing high - income markets globally (in percentage growth terms), together with Australia, Malta, New Zealand, and Switzerland and is expected to reach to over 8000 HNWI numbers by 2031.
The report also emphasizes on the various attributes of Mauritius which strengthen the positioning of the island economy as the fastest wealth growing market in the African continent. The report underscores that the following key factors behind this growing trend are notably:
- The Ease of Doing Business Regime - Mauritius ranks 1st in Africa and 13th worldwide in the World Bank’s 2020 Doing Business Report;
- Low taxes, which encourage business creation and appeal to retirees. Notably, there is no inheritance tax or capital gains tax in Mauritius;
- Safety - Mauritius was recently rated by New World Wealth as the safest country in Africa, along with Namibia and Botswana. Notably, safety is one of the key drivers of wealth growth in any country;
- Strong Millionaire Growth - a large number of wealthy individuals has relocated to Mauritius over the past decade. In addition, many locally born HNWIs have been created as the economy has grown. Mauritius is now home to around 4,800 HNWIs, compared to 2,700 HNWIs a decade ago;
- A fast-growing local financial services sector and stock market (SEMDEX).
The report also reveals that Mauritius attractiveness as a destination for luxury real estate in the last decade has been pivotal for Mauritius’ growth as a wealth market. Investment migration programs which offer the possibility of investing in real estate as a means of access to residence rights or the acquisition of citizenship, are particularly popular with African investors.
About Africa Wealth Report 2022
The Africa Wealth Report is published by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with South African wealth intelligence firm New World Wealth. The report provides a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent.