In Mauritius, the total wealth now amounts to US$43 billion, while per capita wealth (average wealth per person) stands at US$33,000. According to a new report by AfrAsia Bank and New World Wealth, this makes Mauritius the wealthiest country in Africa (on an average wealth per person basis).
BusinessTech reports that, over the past 10 years (2007 to 2017), total wealth held in Mauritius has risen by 195% (in US$ terms). This is how Mauritius has become the fastest growing wealth market in Africa and one of the top 3 fastest growing worldwide over this period.
The report states that the island economy has reached this position by having strong economic growth, a stable government, as well as the ability to draw wealthy individuals to do business and live there. Also, the country benefits from its solid financial sector, specialising in offshore banking, fund management and private banking. Mauritius is also widely known for its appealing tax regime, secure ownership rights, and a relatively low barrier to gaining permanent residency.
Further reading on businesstech.co.za