thewealthnet     About Us    |    FAQs    |    Contact Us
 
  Search
 
     
  Advanced Search       RSS Feed  twitter  linkedin 
Welcome to thewealthnet    |   Europe, Middle East & Africa Get The App   |   Login
  Tue 23rd Oct 2018  |    Make this my homepage  
Subscribe now!
Credit Cards Accepted
World Map
    
Mauritius is the fastest growing wealth market in Africa - research
11/07/2018 , News Team

The total wealth held in Mauritus has risen by 195 percent over the past 10 years (2007 to 2017), making it the fastest growing wealth market in Africa and in the top three worldwide, according to a report from AfrAsia Bank and New World Wealth.

Mauritius now holds $43 billion total wealth, whilst per capita wealth is $33,000, which makes Mauritius the wealthiest country in Africa.

According to the report, the growth in wealth in Mauritius is due to a range of factors, including: economic growing, a growing financial services sector, particularly in offshore banking, fund management and private banking, growth in the number of high net worth individuals (HNWI), Mauritius now has 4,600 HNWIs, compared to 3,800 a year ago and only 1,400 HNWIs 10 years ago. This could in part be due to the ease of doing business, as Mauritius was ranked first in Africa in the World Bank’s 2018 doing business report.

Other attractions to HNWI individuals include its developed banking system and stock exchange, together with low unemployment and inflation rates. Also, anyone who buys a property worth more than $500,000 is granted automatic permanent residency. Property prices are rising, Grand Baie is now the second most expensive city in Africa behind Cape Town, making it a worthwhile investment, according to the research.

The report also praises Mauritius’ secure ownership rights, which are critical for successfully creating wealth globally. These encourage locals and foreigners to invest in property and businesses in the country. It also highlights the low taxes, as Mauritius has a similar tax structure to Singapore. Company and personal income tax rates are only 15 percent, and there is no inheritance or capital gains tax.

According to the Bank of Mauritius, other countires are investing in the country, including France, China, South Africa and the UAE.

New World Wealth is a global market research group, based in Johannesburg, South Africa. AfrAsia Bank Limited is headquartered in Mauritius and specialises in banking that connects Africa and Asia to the rest of the world.

 

 

 

Share with Linkedin Share with Twitter
 RATE THIS ARTICLE
Poor   Average   Good   Excellent
thewealthnet archives contain 50,334 articles dating back to 1997,making it the largest single source of information on the wealth management industry world-wide. To search for more articles, please click here.

 

© This article originally featured on thewealthnet. It is protected by international copyright law. If you copy this article illegally, you will be liable to prosecution. All rights in and relating to this article are expressly reserved. No part of this article may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the publishers.

 
    Latest Headlines:    by Topic | All News
  Advertise   |   Contribute   |   Press Release   |   Terms of Use   |   Privacy   |   Contact Us Copyright Pam Insight Ltd., All Rights Reserved