While majority of African countries recorded a significant economic slump last year, the tiny island of Mauritius recorded a momentous rise in the number of millionaires in the country.
According to a recent report by AfrAsia Bank, there were about 145,000 people with net assets worth $1 million or more living in Africa at the end of 2016, suggesting a 2 percent drop from the previous year.
In the meantime, the number of millionaires in Mauritius grew by 20 percent in 2016 to approximately 3,800, which is much higher than in larger economies like Ghana and Ethiopia.
According to the report, Mauritius, an island nation with a population of 1.3 million people, has more than tripled its number of millionaires in the last one decade, compared with an average of 19 percent across the African continent.
“Mauritius retains its spot as the wealthiest country in Africa, ranking ahead [of] South Africa, Namibia, Botswana, Egypt and Angola. Wealth per person for those living in Mauritius increased from $21,700 to $25,700 in one year,” the report reads in part.
It further ranks Zimbabweans as the poorest in Africa, while South Africa remains the most popular destination for the super-rich, with approximately 15,000 multi-millionaires visiting the country in one year.
Millionaires from Elsewhere
Despite the tremendous rise in the number of millionaires in Mauritius, the country’s economic growth remains modest, with its GDP estimated to grow by 3.8 percent this year, up from 3.5 percent last year.
The sluggish economic growth is an indication that the island mostly attracts existing millionaires from other parts of the world instead of creating new ones.
Much of this rise can also, to a large extent, be attributed to the growing interest in the island nation as both a tourist and investment destination.
With its amazing white beaches and surrounding scenery, Mauritius remains one of the most popular destinations for tourists and well-to-do residents.
Since the government of Mauritius opened its doors to foreigners who want to acquire permanent residence in the country, it has been easy for foreigners to acquire property on the tiny island.
Buying a property worth $500,000 gives you automatic permanent residence in Mauritius – a policy that has attracted wealthy residents from countries like South Africa and other parts of the world.
AfrAsia estimates that close to 280 South African millionaires have relocated to the island nation since 2006, allowing its average per-capita wealth to grow exponentially.
But this influx of millionaires has left experts worried about the rising levels of inequality in the country, although the government has established social welfare programs to eradicate poverty and minimize the inequality gap.
Anthony Madu, the 14-year-old Nigerian dancer from Lagos who gained admission to a prestigious ballet…
Actor-host Wayne Brady recently opened up about his early financial struggles in his now thriving…
Mia Arianna, also known as @mia.ariannaa on TikTok, helped her son become an honorary team…
Alvin Gauthier, a Grand Prairie USPS postman, recently went above and beyond to brighten a…
Maj. Gen. Fatuma Gaiti Ahmed is the first female commander of the air force and…
Benjamin E. Mays High School brought together its 272 senior class members for a meeting…
Afrika Owes' emotional response to learning that she had passed the bar exam on her…
A 49-year-old New York attorney was on April 26 sentenced to 10 years in federal…
During an appearance on The Jennifer Hudson Show on Wednesday, pop legend Cher opened up…
Authorities in Florida said an 11-year-old boy was accidentally shot and killed by his 14-year-old…
The famous Taylor Schlitz family is making headlines once more as the youngest of the…
Sony Pictures Entertainment has appointed Tahra Grant as its Chief Communications Officer. She replaces Robert…
Meet Ashley M. Fox, the founder of Empify and the first in her family to…
Tyra Banks, the iconic former host of Dancing With the Stars, has made a delightful…
A Brazilian woman named Érika de Souza, 42, is under investigation for manslaughter after authorities…