The Africa Wealth Report 2023 revealed that the number of millionaires in Mauritius grew by 69% – the biggest increase in Africa.
The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners.
The report comprehensively reviews private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends.
It also provides insights into investing in Africa, the investment migration sector, and economic mobility on the continent.
The report highlighted that Mauritius has become a top investment destination in Africa and a hub for business.
Apart from being positioned between Asia and Europe, there are many other factors attracting rich individuals to the island.
- A fast-growing financial services sector and stock market, supported by the country’s strong democracy and political stability.
- Ease of doing business – Mauritius ranked first in Africa and 13th worldwide in the World Bank’s 2020 Doing Business Report.
- Low taxes, which encourage business formation and appeal to retirees.
- Safety and security – New World Wealth’s in-house safety index for 2022 shows that Mauritius is the safest country in Africa and among the 20 safest countries on earth.
- High per capita income levels – The World Bank officially classified Mauritius as a high-income country in July 2020.
- Prime real estate in exclusive residential areas such as Grand Baie and top-end lifestyle estates such as Anahita, Heritage Villas Valriche, and Mont Choisy.
- Great beaches, nature, scenery, and weather.
The Africa Wealth Report 2023 highlighted that the growth projections for Mauritius are strong.
The island nation is expected to experience wealth growth of 75% over the next decade. This makes it the fourth fastest-growing country in the world in millionaire growth in percentage terms.
By 2032, Mauritius’s millionaire population is predicted to exceed 8,500. It is driven by steady inward wealth migration and rapid growth in the local entertainment, financial services, real estate, and tech sectors.