Why Mauritius is Africa’s new magnet for 1,200 millionaires from China, France 

Over the past decade, Mauritius has quietly emerged as Africa’s fastest-growing hub for High-Net-Worth Individuals (HNWIs), attracting nearly 1,200 dollar millionaires and cementing its status as the continent’s premier wealth destination.

HNWIs are individuals with liquid assets of at least $1 million. As of June 2025, about 4,800 such individuals live in Mauritius, including 14 ultra-wealthy centi-millionaires, according to data from New World Wealth.

The global wealth intelligence firm estimates that roughly 1,200 HNWIs migrated to Mauritius between 2015 and 2025, primarily from South Africa, China, and France.

Mauritius ranks second only to Morocco, which attracted about 1,400 millionaires over the same period. Namibia placed third with around 200 HNWIs, followed by Seychelles with 150.

A recent report by Mauritius Commercial Bank, Stewards Investment Capital, and New World Wealth says Mauritius is “perfectly positioned to become the world’s next major millionaire hotspot,” citing its thriving financial services sector, advanced digital infrastructure, competitive tax regime, and, critically, its strong safety and security relative to neighbouring countries.

“Perhaps most notably, Mauritius ranks as the wealthiest country in Africa on a per-capita basis at $40,800, well ahead of second-placed South Africa at $11,700,” the report said. “Wealth per capita is arguably the most accurate measure of an economy’s underlying financial health.”

Globally, the countries with the highest wealth per capita include Monaco, the Cayman Islands, Bermuda, Luxembourg, and Switzerland.

New World Wealth’s in-house indices show that total investable wealth in Mauritius rose by 67 percent between 2015 and 2025, making it Africa’s fastest-growing wealth market over the decade. Rwanda followed with 48 percent growth, Morocco with 40 percent, and Seychelles with 35 percent.

On the other hand, Nigeria—Africa’s most populous country—recorded the biggest decline, with its millionaire population shrinking by 47 percent to about 7,200, largely due to two major currency devaluations in the past two years.

Read also: Mauritius beats Nigeria, becomes Africa’s leading private equity destination

Private capital follows wealth

Mauritius’s growing appeal is also evident in private equity flows. In the first nine months of this year, the island emerged as Africa’s top destination for private equity deal value, overtaking Nigeria, according to DealMakers Africa.

With six transactions, Mauritius attracted $1.25 billion in deal value—a 311.3 percent year-on-year surge from $38.9 million and its highest level in three years. Nigeria, despite recording 45 deals, saw deal value plunge to $987.5 million from $3.8 billion in the same period last year.

A stable, diversified economy

With a population of about 1.3 million, Mauritius is an upper-middle-income economy driven by tourism, manufacturing, fisheries, and financial services. World Bank data show that GDP rose to $14.95 billion in 2024 from $14.1 billion a year earlier.

Although the country briefly attained high-income status in 2020 before the pandemic setback, recovery has been steady. Poverty is projected to decline from 13 percent to 11 percent by 2027, while fiscal consolidation is expected to reduce public debt from 87 percent of GDP in 2024 to 82 percent by 2027.

Mauritius has also evolved into one of Africa’s most sophisticated international financial centres, leveraging a strong legal framework, competitive tax policies, and a strategic location bridging Africa, Asia, and Europe.

A thriving financial services ecosystem

The island hosts a robust financial services industry spanning banking, fund management, wealth advisory, and fintech. Ebene Cybercity has become a regional financial and technology hub, providing HNWIs with a stable and well-regulated environment to manage and grow wealth.

The Economic Development Board says Mauritius is home to more than 450 private equity funds managing nearly $40 billion in assets across infrastructure, renewable energy, agriculture, telecommunications, logistics, financial services, and fintech.

“For private equity funds, family offices and multinational corporations, structuring through Mauritius offers tax efficiency, simplified governance and alignment with international compliance standards,” said Mauritius-based consulting firm StraFin Corporate Services Limited.

Safety, tax efficiency, and investor-friendly policies

Safety remains one of Mauritius’s strongest selling points. The island consistently ranks as Africa’s safest country on the 2025 Global Peace Index and also the world’s top 30, offering wealthy individuals a secure environment for themselves and their families.

Its tax regime is equally attractive. Corporate tax stands at 15 percent, while the top personal income tax rate is capped at 20 percent. There is no capital gains tax and no estate duty, making Mauritius a tax-efficient base for long-term wealth preservation.

The absence of exchange controls also allows residents to invest freely abroad, reinforcing the island’s appeal to global investors. Strong foreign direct investment inflows from France, the United Kingdom, and the United Arab Emirates continue to support this momentum.

Real estate, residency, and lifestyle appeal

Mauritius’s real estate-linked residency programmes are another draw. New World Wealth notes that foreigners who purchase property worth at least $375,000 automatically qualify for permanent residency.

“This policy not only encourages relocation but also brings substantial foreign exchange into the economy,” the firm said. Prime residential areas such as Tamarin and Grand Baie offer luxury housing, world-class amenities, and high living standards.

Beyond finance, Mauritius delivers a compelling lifestyle—combining political stability, scenic beaches, a pleasant climate, and premium eco-estate developments that emphasise sustainability.

Over the past decade, Mauritius has paired political stability with economic resilience, creating a rare mix of security, opportunity, and quality of life. For a growing number of global millionaires, experts say that combination is proving hard to resist.