Mauritius is reportedly the richest African country with an income of USD 34,000 per capita, according to the Africa Wealth Report just published.
It is far ahead of South Africa (USD 10,970) and Namibia (USD 9,320). Five countries account for more than half of total wealth on the continent: South Africa, Egypt, Nigeria, Morocco, and Kenya.
Wealth in Mauritius reportedly grew by 74% over the past 10 years.
According to the report, several factors explain the Mauritian success. First, Wealthy individuals have flocked to Mauritius in recent years.
Then, Mauritius ranked 13th worldwide in World Bank’s Doing Business Report and no inheritance tax or capital gains tax are imposed in the country.
Mauritius is also said to be the safest country in Africa while the financial services sector is still doing well.