A new analysis from AfrAsia has it that Mauritius is fast rising and has the highest increasing number of millionaires in Africa although South Africa remains the lead country for highest number of millionaires. According to the report, the country experienced an exponential rise in per capita wealth – estimated at around 20 per cent and had the highest wealth per capita in Africa for the year 2016. The estimated value per capita for Mauritius was $25,700 followed by South Africa at an estimated $11,300.
Mauritius wealth and growth has been attributed to property and real estate investment. The country has some of Africa’s finest beaches and sceneries which attract wealthy people from other parts of the world – notably, France and South Africa either for business, holidays, or vacations. More to it, the country has low taxes coupled with flexible government regulations which makes the environment favorable for foreign investors and business growth.
While acknowledging success and growth, some nations are also on the edge of retrogressing. Zimbabwe and Nigeria fell back to $200 and $1,600 wealth per capita in 2016 while the entire of West Africa saw a decrease of 20% in the number of millionaires. Over the last decade, the continent as a whole achieved a rise in number of millionaires at an estimated 19%, however for the year 2016, he number dropped by 2 per cent with a positive forecast predicting 36 per cent growth in millionaires over the next 10 years. Cumulatively, Africa has 145,000 millionaires with a total wealth estimated at $800 billion.