A report by the New World Health and AfrAsia Bank has put Mauritius in focus and said that it is the richest country in Africa.
According to the report, Mauritius’ wealth has been primarily due to having a strong economic growth, stable government and its ability to draw wealthy individuals to do business and live there.
These are other reasons that make Mauritius great:
- Strong economic growth
- A thriving and growing financial services sector
- Well-developed banking system and stock exchange
- Strong 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
Total wealth held in Mauritius now amounts to US$43 billion, while per capita wealth (average wealth per person) stands at US$33,000.
Over the past 10 years, total wealth held in Mauritius has risen by 195% (in US$ terms), making it the fastest growing wealth market in Africa.
Additionally, this also makes it one of the top 3 fastest growing worldwide over the same period.
According to New World Wealth, Mauritius’ policies are very similar to other thriving business destinations like Singapore and its government intervention and ownership rights stand in contrast to places like South Africa and Zimbabwe.
Author: Staff Writer