GRAND Baie, a once-sleepy coastal town in Mauritius, has transformed into Africa’s fastest-growing millionaire enclave, boasting a staggering 95 percent increase in high-net-worth individuals over the past decade. This surge, reported in the 2024 Africa Wealth Report by Henley & Partners, places the town at the forefront of Africa’s booming private wealth sector.
A rising luxury destination
With its pristine beaches, upscale resorts, and tax-friendly policies, Grand Baie has become a magnet for business moguls and global investors. The town’s millionaire population has skyrocketed, surpassing growth rates seen in any other African region between 2013 and 2023.
Entrepreneurs and professionals commute from Grand Baie to the capital, Port Louis, where international banks, finance firms, and insurance companies thrive. As a result, luxury real estate prices have soared, with some properties now selling for over $5,000 per square metre.
Paulo di Giovanni, co-owner of the beach club N’joy, told British daily The Telegraph that demand for real estate has surged dramatically.
‘When we arrived five years ago, Grand Baie was stagnant, and no one wanted to invest. Now, there’s a waiting list for property developments, and I’ve never seen so many Ferraris, Lamborghinis, and Porsches on the streets,’ he said.
Mauritius’ wealth-friendly policies drive growth
Mauritius has become a top destination for the wealthy, thanks to its attractive tax structure. The country imposes:
- No capital gains tax or inheritance tax, making it highly appealing to global investors.
- A flat 15 percent corporate tax rate, significantly lower than the UK’s 25 percent rate for businesses with profits over £250,000.
- Personal income tax ranging from 10 percent to 25 percent, compared to the UK’s 20 percent-45 percent brackets.
These policies, coupled with the island’s political stability and investor-friendly regulations, have positioned Mauritius as a key financial hub in Africa.
Africa’s wealth boom continues
Henley & Partners’ report estimates that Africa’s millionaire population will grow by 65 percent over the next decade, fuelled by rising investment opportunities across the continent. Currently, Africa hosts 135,200 high-net-worth individuals, with a combined investable wealth of $2.5 trillion.
As Grand Baie continues its rapid transformation, the town is solidifying its status as a premier wealth hub, redefining Africa’s luxury living and business landscape.
