Have you ever wondered which African country houses the majority of richest Africans? The truth is that with the way most African nations are struggling economically, ranks among the richest Africans are continually declining.
Last year was especially tough for the wealthy in Africa. By the end of 2016, there were approximately only 145,000 people with net assets worth $1 million or more living in Africa. The number had gone down 2% from the previous year, according to a report by AfrAsia Bank.
The small island nation, Mauritius, however, managed to not only survive the downward swing but actually showed an increase in millionaires. The number of millionaires in Mauritius grew by 20% in 2016, to 3,800, more than in much larger countries like Ethiopia and Ghana.
Mauritius has really become a case study for making the most of the scenic white beaches and turquoise oceans that it is known for. With a modest economic growth that should see GDP rise by 3.8% this year, up from 3.5% in 2016, the island focuses on attracting existing millionaires from elsewhere instead of creating new ones.
With that plan, the number of millionaires in Mauritius (population 1.3 million) has more than tripled in the past decade, compared with an average growth of 19% across the continent.
According to World bank, it is considered the easiest African nation to do business in. With low tax rates that are very attractive to outsiders, the country has structured its economy to make sure that it is as attractive to investors as tourists.
For instance, people living in Mauritius are allowed to invest abroad with no exchange controls. Mauritius further threw open its borders to foreigners in 2002, allowing them to purchase properties outright. When they buy a property worth $500,000, they move a step closer to an automatic permanent residence.
Wealthy South Africans have been especially attracted to Mauritius; 280 South African millionaires have moved to the island since 2006. The success of Mauritius’diversification cannot be contested, the influx of wealthy residents has increased the average per-capita wealth of the country but there are some worries about rising inequality.
Now that we are done gushing about the impressive economic growth of Mauritius, here are some stats about where the richest Africans live.
Which countries in Africans have the highest number of wealthy Africans (worth $1 million or more);
- South Africa – 40,400
- Egypt – 18.100
- Nigeria – 12,300
- Kenya – 9400
- Angola – 6100
- Morocco – 4600
- Algeria – 4500
- Mauritius – 3800
- Namibia – 3300
- Ethiopia – 3100
Countries in Africa with a jump in wealthy Africans from 2006-2016;
- Mauritius – 230%
- Ethiopia – 219%
- Rwanda – 107%
- Uganda – 97%
- Kenya – 93%
- DRC – 85%
- Angola – 82%
- Tanzania – 82%
- Ghana – 49%
- Cote d’Ivoire – 45%
South Africa and Egypt still have the highest number of wealthy Africans but considering the size of Mauritius, their position is laudable. They have also seen the highest percentage jump in richest Africans as we pointed out earlier.