Mauritius is the richest country in Africa in terms of wealth per capita, according to the Africa Wealth Report 2022 published on Wednesday.
With 34,500 US dollars per person, the tourist island in the southwest of the Indian Ocean is ahead of South Africa with 10,970 US dollars, indicates this study carried out by Henley & Partners in partnership with New World Health (a company of South African economic intelligence).
Africa’s total private wealth currently stands at $2.1 trillion. But according to the Africa Wealth Report 2022, this amount is expected to increase by 38% to reach $3 trillion over the next decade, due to the growth of the technology and professional services sectors.
According to forecasts, it is in Mauritius, Rwanda and Uganda that non-state wealth is expected to increase the fastest, at least 60%. Kenya, Morocco, Mozambique and Zambia are also expected to perform well.
The CEO of MyGrowthFund Venture Partners, Busi Thembekwayo, says that “Africa’s history is one of polar dominance, with the largest centers of wealth management traditionally located in the far south – South Africa – and in the far north – Egypt and Morocco”.
Mr. Thembekwayo also notes the rise of economies such as Mauritius and Seychelles, which are positioning themselves as preferred investment destinations.
Africa currently has 136,000 High Net Worth Individuals (HNWIs) worth $1 million or more. South Africa leads in the number of HNWIs, and Egypt took over for the most billionaires. This is due to a trend observed in the South African HNWI migration report. For example, of the 15 South African billionaires living today, only five still live in their country of origin.
