Africa’s riches create huge opportunities for Mauritius
The number of ultra-high net worth individuals, worth more than $30 million, living in Africa has increased by sixty-five percent in the past decade and is expected to grow a further fifty percent by 2025, a rate of increase that far surpasses North America which is expected to grow by thirty percent, and Europe by twentyseven percent, over the coming decade.
Africa’s burgeoning riches create huge opportunities for the continent’s newest international financial centre of Mauritius, where a jurisdiction best known for corporate services is beginning to target wealth management business.
“Mauritius has been more of a corporate structuring jurisdiction than a private client jurisdiction historically,” says Assad Abdullatiff, chief executive of Axis Fiduciary, a leading Mauritius-based trust company. “That’s because of…