MAURITIUS: SECOND FASTEST GROWING WEALTH MARKET WORLDWIDE
Category Economy
Mauritius was the second fastest-growing wealth market worldwide between 2008 - 2018, losing only to China according to a report.
The 2019 Africa Wealth Report by AfrAsia Bank and New World Wealth reveals that Total wealth held in Africa rose by 14% over those 10 years (2008 to 2018). Mauritius was the top-performing individual market during this period.
The small island achieved a 124% wealth growth rate between 2008 and 2018, boosted by a large number of wealthy individuals (HNWIs) who have moved there over the past decade, especially from Europe and Southern Africa. Mauritius is now home to around 4,400 HNWIs, compared to 1,800 HNWIs ten years ago.
With a thriving and growing financial services sector, Mauritius has a very similar tax structure to Singapore: Company and personal income tax rates are only 15%, with no inheritance or capital gains tax.
In addition, a large number of locally-based HNWIs have reached HNWI status as the local financial sector has grown. Mauritius has also been ranked 1st in Africa and 20th worldwide in the World Bank's 2019 Doing Business Report.
According to the report, Mauritius was also the 2nd fastest-growing wealth market worldwide during this period, after China.
Author: Pedro Gonçalves