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02 Oct 2020

Mauritius, the only African country to attract HNWIs- AfrAsia Bank Global Wealth Migration Review 2020

AfrAsia Bank strengthens its collaboration with New World Wealth, a leading South African wealth intelligence company, for the AfrAsia Bank Global Wealth Migration Review 2020.

The report examines wealth migration trends worldwide for the period January to December 2019.  This year, we have a special section focussing on the impact of the Covid-19 pandemic on global wealth during the first half of 2020.

 

Andrew Amoils, New World Wealth analyst stated that “With the unpredictable prevailing market conditions, wealth migration figures remain a significant gauge of the health of an economy as confirmed by the report findings. The greater the HNWI inflow towards a specific country, its attractiveness is further reinforced both in terms of lifestyle and business opportunities. Conversely, the opposite is also true. HNWI expectations are evolving, representing key opportunities for wealth firms to explore.

 

Key highlights of the report

 

Australia remains the top performing country for the 3rd consecutive year with a net inflow of 12,000 HNWIs followed by the United States of America and Switzerland. Moreover, with the Covid-19 outbreak, the resilience of several economies worldwide has been tested resulting in a 14% decrease in global private wealth for the first half of 2020. This drop was driven mostly by declining income levels, massive job losses, shrinking of the property market, rising household debts, weakening of major currencies and contraction of the global stock markets.   

 

Despite the global challenges and corona virus impact, Mauritius’ performance is noteworthy as it remains the only African country which has attracted a steady number of HNWIs over the past decade. This is due to our ease of doing business as confirmed by the World Bank’s Doing Business 2020 report 2020 where we are ranked 13th on the international front while maintaining its leading position in Africa over the past 14 years.

 

AfrAsia Bank is privileged to be associated with the Global Wealth Migration Review 2020. As in the earlier reports, we are delighted to learn that Mauritius continues to enjoy the preferred status for being considered as a safe place for wealth migration and management. The challenges around FATF and the EU Black Listing have been taken head on and the government, regulators and the financial services industry will fight collectively to ensure that this is suitably addressed and it is done in quick time. We remain confident that Mauritius will preserve and improve its preferred status as the destination for HNWI to migrate self and their wealth.” highlighted Sanjiv Bhasin, CEO of AfrAsia Bank.

 

For further analysis and ranking, the report is accessible through AfrAsia Bank’s website and/or Facebook page.