Africa Wealth Report: Mauritius, the island paradise of multi-millionaires

Africa Wealth Report: Mauritius, the island paradise of multi-millionaires

Mauritius remains the richest country in Africa in terms of wealth per capita. This is what was found in the 4th edition of the AfrAsia Bank Africa Wealth Report, released on Thursday 22 April. According to the report, Mauritius has 4,400 dollar millionaires and 190 multimillionaires.

4,400 millionaires in dollars

Mauritius holds the 11th position in the ranking of private wealth on the African continent, with a total private wealth of $40 billion, just behind Tanzania ($54 billion), Angola ($48 billion) and Côte d’Ivoire ($41 billion).

4,400 individuals in Mauritius are classified as HNWI or High Net Worth Individuals, meaning they have a fortune of more than $1 million.

The archipelago also has 190 multi-millionaires with a personal fortune of over $10 million.

The big five of the ranking

According to the report, the big five wealth markets are South Africa, Egypt, Nigeria, Morocco and Kenya, which account for over 50% of Africa’s total wealth. The latter, which includes all assets of individuals such as property, cash, stocks and business interests, minus their debts, and which declined by 16% over the decade 2010-2020.

The report, which highlights the gap between rich and poor in the country, forecasts that total individual wealth held in Africa will increase by 30% to $2.6 trillion by 2030.

Tianah.R

Photo credits: rsdsc

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