(Agence Ecofin) – Mauritius tops the ranking of African countries with the highest growth in the number of millionaires between 2006 and 2016, according to the “Africa Wealth Report 2017”, published at the end of March 2017 by British research firm New World Wealth and AfrAsia Bank. This island state in the Indian Ocean has seen the number of millionaires living on its soil increase by 230%, during the period under review, to 3,800 high net worth individuals (HNWI).
The enthusiasm of these people who have 1 million dollars, excluding their main residence, for Mauritius is explained in particular by the strong growth of this country as well as by the arrival of several hundred HNWI, notably from the ‘South Africa and France, over the past decade. New World Wealth and AfrAsia Bank estimate, in this context, that 280 millionaires from South Africa have settled in Mauritius since 2006.
Besides the presence of several offshore banks, asset managers and wealth managers on its soil, Mauritius is a fiscal paradise. There is only one income tax bracket in this pearl of the Indian Ocean, at 15%. Dividends on shares and capital gains on securities or real estate are not taxed. No property tax or wealth tax. Another advantage: unlike most countries which grant tax advantages, Mauritius does not require taxpayers to place their money in a local establishment.
Ethiopia is second on the podium with 219% growth in the number of its HNWIs between 2006 and 2016, notably thanks to strong economic growth, low inflation and a favorable business environment. Then come Rwanda (+ 107%), Uganda (+ 97%) Kenya (+ 93%), DR Congo (+ 85%), Angola (+ 82%), Tanzania (+ 82%) ) and Ghana (+ 49%).
On the other hand, three of the 19 countries studied recorded a drop in the number of HNWIs residing there: Morocco, Egypt and Algeria.
Ranking of African countries with the highest growth in terms of number of millionaires between 2006 and 2016:
1-Mauritius (+ 230% / 3,800 millionaires at the end of 2016)
2-Ethiopia (+ 219% / 3,100 millionaires)
3-Rwanda (+ 107% / 600 millionaires)
4-Uganda (+ 97% / 1400 millionaires)
5- Kenya (+ 93% / 9,400 millionaires)
6-DR Congo (+ 85% / 600 millionaires)
7-Angola (+ 82% / 6,100 millionaires)
8-Tanzania (+ 82% / 2,400 millionaires)
9- Ghana (+ 49% / 2,900 millionaires)
10-Ivory Coast (+ 45% / 2,500 millionaires)
11-Nigeria (+ 40% / 12,300 millionaires)
12-Mozambique (+ 37% / 1,100 millionaires)
13-Zambia (+ 27% / 1000 millionaires)
14-Namibia (+ 21% / 3300 millionaires)
15-Botswana (+ 19% / 2,800 millionaires)
16-South Africa (+ 8% / 40,400 millionaires)
17- Morocco (-10% / 4,600 millionaires)
18- Egypt (-15% / 18,100 millionaires)
19-Algeria (-18% / 4,500 millionaires)
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