Mauritius, fastest growing African wealth market (Pic. Agencies)

PORT LOUIS – A renowned intelligence company says the number of millionaires on the offshore island of MAURITIUS has grown by 20 percent in the last year, making it the fastest growing wealth market in AFRICA.

The NEW WORLD WEALTH has published a study detailing the performance of high-net-worth-individuals in selected AFRICAN countries between 2006 and 2016.

The INTERNATIONAL INVESTMENT online magazine says the report places MAURITIUS at the top in the continent, with a growth of 230 percent.

It says the high-net-worth-individuals, or HNWIs, refer to persons with wealth of ONE-MILLION US dollars or more.

The study also says the strong growth in millionaires in MAURITIUS has been driven by the relocation of large number of wealthy individuals over the past decade, especially from FRANCE and Southern AFRICA.

It says ownership rights are strong in MAURITIUS, which encourages locals and foreigners to invest in property and businesses in the INDIAN Ocean country of ONE-MILLION-268-THOUSAND-315 people.

Le Caudan Waterfront, a commercial development in Port Louis (Pic. Agencies)

About 280 millionaires have moved there from SOUTH AFRICA alone since 2006, since individuals living in MAURITIUS are free to invest overseas with no exchange controls; which encourages wealthy people to use the country as a business and investment hub.

AFRASIA, the MAURITIUS based bank that ordered the study, says the situation has created a growing financial services sector, particularly in offshore banking, fund management, and private banking.

The offshore tax jurisdiction also offers automatic permanent residency to individuals who buy a 500-THOUSAND US-dollar home in the country and low taxes that appeal to wealthy individuals and retired persons.

The intelligence company says the trend is likely to continue over the next decade, with analysts expecting to see an increase of millionaires by 130 percent in MAURITIUS, followed by ETHIOPIA and RWANDA at 100 percent./Sabanews/cam

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