Where do the rich in Africa hide away? You will find them in the little island nation of Mauritius. Afrasia Bank’s Africa Wealth Report says Mauritians are Africa’s wealthiest individuals with an average of $25,700 per person while Zimbabweans are the poorest with a paltry $200 per individual. Mauritius has had the fastest growth in number of millionaires with the percentage growth reaching as high as 230% in a period of 10 years. Ethiopia is not doing too bad too with its 219% growth.
What is really happening in Mauritius?
The short answer is: strong economic growth. However, many other factors like migration, secure ownership rights, a low crime rate, low inflation rate and ease of doing business have also contributed to the growth in wealth. The government does not over-regulate the business sector and the country also offers automatic permanent residency when one buys a home costing at least $500,000. Mauritius has consistently topped Economic performance rankings in Africa with the World Economic Forum crowning it Africa’s most competitive country in its 2017-2018 Global Competitiveness Index. As at the end of 2016, Mauritius had 3,800 millionaires and this number is only expected to grow.
How does it compare with the rest of the world?
Mauritius was ranked 45th of 138 countries in the Global Competitiveness Index. Its wealth per capita of $25,700 is, however, below the global average of $27,000. While still significantly trailing the world’s biggest players like Switzerland and Australia with wealth per capita of over $200,000, Mauritius is on its way to the top.