Mauritius is the richest country in Africa, with total wealth held in the country now amounting to US$43 billion (R567 billion), while per capita wealth (average wealth per person) stands at US$33,000 (R435 138.00) as per a 10-year wealth growth study (2007-2017) by the New World Health and AfrAsia Bank.
Over the past 10 years, total wealth held in Mauritius has risen by 195% (in US$ terms). This also makes Mauritius the world’s third best performing wealth market, next only to Vietnam and China.
According to Business Report, the reasons for wealth growth in Mauritius include:
- A thriving financial services sector
- Well-developed banking system and stock exchange
- Strong Foreign Direct Investment (FDI) inflows
- Secure ownership rights – the most critical component of successful wealth creation globally
- Low taxes – company and personal income tax rates are only 15%, with no inheritance or capital gains tax
- Residents are free to invest overseas with no exchange controls
- Low level of government regulation in the local business sector
- Automatic permanent residency if one buys a US$500,000+ home in the country
- Ease of doing business in the country
- Low jobless rate and low inflation rate
- Developed, free media
- Safety – deemed the safest country in Africa
- Good schools
- Rising commercial and residential property prices
- Access to first class food and produce
