![]() Over time, African countries are becoming less dependent on extractive industries, and business conditions are continuing to improve nearly across the board. The country has struggled in recent years with high unemployment, corruption, and an over-reliance on crude oil. On the flip side of the equation, Nigeria-which is Africa’s largest economy-saw a steep drop in total wealth. Financial sector – A growing local financial services sector and stock market (SEMDEX)Īs a result, Mauritius has seen the strongest growth in total private wealth over the past decade, followed by Rwanda and Ethiopia.Safety – Mauritius was recently rated by New World Wealth as the safest country in Africa.Low taxes – There is no inheritance tax or capital gains tax in the country.Ease of doing business – Mauritius ranked 13th worldwide in World Bank’s Doing Business Report. ![]() HNWI growth – Wealthy individuals have flocked to Mauritius in recent years.Here are a few reasons why the island nation comes out on top: Mauritius is Africa’s wealthiest nation on a per capita basis. Here is how major African countries compare in terms of per capita wealth. In one stark data point, the report points out that “there are 15 South African born billionaires in the world, but only 5 of them still live in South Africa.” ![]() That said, the country has faced challenges in recent years.Īn estimated 4,500 high net worth individuals (wealth of US$1 million or more) have left South Africa over the past decade, migrating to places like the UK, Australia, and the United States. The country is also ranked second on the continent in per capita wealth. South Africa is a still a major stronghold of wealth in Africa, with a robust luxury real estate market and ample wealth management services. There also an estimated 21 billionaires in Africa today.ĭrawing from the latest Africa Wealth Report, here’s a look at where all that wealth is concentrated around the continent. The continent of Africa contains more than 50 countries, but just five account for more than half of total wealth on the continent: South Africa, Egypt, Nigeria, Morocco, and Kenya.ĭespite recent setbacks in Africa’s largest economies, wealth creation has been strong in a number of areas, and total private wealth is now estimated to be US$2.1 trillion.
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