One African town full of Ferraris and Lamborghinis has the quickest-growing millionaire population on the continent.
The rate of millionaires in this coastal village in Mauritius grew by 95 percent between 2013 and 2023, making it the fastest-growing in Africa, according to Henley and Partners 2024 Africa Wealth Report.
Once an exclusive tourist spot known for its idyllic white beaches, Grand Baie is now home to some of the wealthiest business leaders who commute to nearby Port Louis for its international banks and insurance companies.
Lavish developments have popped up in recent years to cater to the new residents, with Henley and Partners reporting that prices could reach over $5,000 (£3,963) per square metre across the area.
Paulo di Giovanni, who set up a beach club N’joy on La Cuvette with his wife Olivia, said real estate projects were in high demand and businesses keen to invest.
Speaking to the Telegraph in 2022, he said: “When we arrived five years ago, Grand Baie was stagnant and no one wanted to invest, but businesses are now upgrading, there’s a waiting list for real estate projects from abroad and I have never seen so many Porsches, Lamborghinis and Ferraris being driven around.”
Mauritius’ tax system attracts international investors, with no capital gains tax or inheritance tax, and a flat rate of 15% on corporate tax – in the UK it stands at 25% for businesses making more than £250,000 in annual profit.
Income tax also ranges from 10% to 25% in Mauritius, contrasting the structure in the UK, which ranges from 20% to 45%.
One visitor commented on their trip to Cuvette beach, saying: « Very nice, quite and beautiful beach. The blue lagoon looks fabulous.
It is also a perfect beach for snorkeling with clear sand, water and beautiful corals. »
The report showed that total investable wealth in Africa amounted to $2.5 trillion and its millionaire population was set to rise by 65% over the next ten years.
Across the continent, there were 135,200 high-net-worth individuals with investable wealth of $1 million or more.
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