Mauritius has the fastest growing wealth market on the African continent with 3,200 millionaires, according to a report issued by the New World Wealth Investment Review.
The average person on the island is worth $ 21,700, which is more than second-placed South Africa, Africa’s biggest economy where the average person is worth about $10,300. “The number of USD millionaires living in Mauritius has increased by 340 percent since 2000, to reach 3,200 in 2015 and the number is expected to rise by another 130 percent in the next 10 years, reaching 7,400 by 2025, making it the fastest growing African market for millionaires over this period”.
The economy is projected to grow at a rate of 3.8 percent this year, an increase from 3.7 percent in 2015, as several sectors including real estate, information and communication, financial and insurance sectors enjoying a boom.
In the first quarter of the year, real estate attracted 80 percent of the total Foreign Direct Investment (FDI). The island’s projected FDI inflow by the end of the year is $395 million, an increase from $270.9 million in 2015.
Source: CNBC Africa