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 n 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.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award winning writer.
He could be contacted at udohrapulu@gmail.com