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Research by New World Wealth reveals that people living in Mauritius are the wealthiest in Africa.
As part of new World Wealth’s 3rd annual Africa Wealth Report, African countries were ranked by average wealth per person (wealth per capita).
Wealth per person for those living in Mauritius comes to $21 700. Conversely, people living in Zimbabwe are the poorest, with $200 per person.
These figures are well below top ranked worldwide countries such as Switzerland and Australia, which have wealth per capitas of over $200 000.
Apart from Zimbabwe, all countries listed experienced a rise in per capita wealth during the period between 2000 and 2015, according to a statement by Andrew Amoils, head of research at New World Wealth.
As far back as 2000, Zimbabwe was one of the wealthiest countries in sub-Saharan Africa on a wealth per capita basis, ranked ahead of Nigeria, Kenya, Angola, Zambia and Ghana. However, now it is ranked well behind these countries, stated Amoils.
Among the contributing factors to Zimbabwe’s poor performance were erosion of ownership rights in the country and the banning of independent media in the country in the early 2000s, which deterred both foreign and local investment.
Contributing factors to high average wealth in Mauritius include secure ownership rights and a growing financial services sector. The low crime rate and relaxed lifestyle also appeals to wealthy retirees and in the last decade many well-off individuals have migrated to the country. The low level of government regulation in the business sector and low taxes encourages business formation. It also appeals to retirees. In addition, company and personal income tax rates are only 15%, with no inheritance or capital gains tax.
