Millionaires in Mauritius

Where have all the millionaires gone? Mauritius, apparently! Mauritius has experienced a population growth of millionaires in recent years. In 2016, Mauritius was ranked as having the fastest growing population of millionaires, having experienced an increase of 20%.

In 2016, Mauritius was ranked as the wealthiest country in Africa, even beating South Africa, Namibia, Botswana, Egypt and Angola. Based on New World Wealth’s extensive research covering the wealth market in Africa, the report shows that wealth per person for those living in Mauritius increased from $21,700 to $25,700 in one year. The island also had the highest growth rate (over 20%) in Africa. [Source: New World Health:]

From 2006-2016, Mauritius had a 230% growth in millionaires. According to the AfrAsia Bank Africa Wealth Report 2017, the main reason for this massive growth is Mauritius’s favourable business environment. “Secure ownership rights … are the most critical component of successful wealth creation globally,” the report notes. “Ownership rights are very strong in Mauritius, which encourages locals and foreigners to invest in property and businesses in the country.”

Millionaires from France and South Africa in particular have made Mauritius their new home for this exact reason. Beyond their favourable business conditions, Mauritius also offers low taxes and relaxed government regulations, making it even more appealing for business people. Despite its small island size, Mauritius has a competitive economy. The island is a hub for various key sectors such as tourism, economic processing zones, and financial services. The best industries to work in include the finance, manufacturing, business outsourcing, and tourism sectors. And, of course, we cannot forget about the magnificent beauty Mauritius has to offer. As a result, Mauritius is experiencing a development of a “thriving and growing financial services sector, particularly in offshore banking, fund management and private banking.”

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