Mauritius: Africa’s regional hub for wealth management and global business
Overview of wealth management in Africa
According to a report by AfrAsia, the total wealth in Africa grew by 13% over the last decade, reaching USD 2.3 trillion by 2017 with around USD 920 billion (40%) held by 155,444 HNWIs. During this period, Mauritius was the top performing individual market with a growth of 195%.
Experts predict growth numbers to soar even further reaching 34% over the next 10 years, touching USD 3.1 trillion by the end of 2027. During this period, Mauritius (growth of 18% in 2017), Ghana (8% in 2017), Rwanda and Uganda (both at 6% in 2017) are expected to be the best performing wealth markets in Africa (90% to 150% growth rates).
The results were published as part of the 2018 edition of the Africa Wealth Report by AfrAsia Bank, that covers wealth, luxury, prime property and wealth management trends in Africa from 2007 to 2017, with forecasts to 2027.
Mauritius as a regional hub for wealth management and global business
To seize the opportunity, Dubai-based Continental Group – a leading insurance intermediary and financial services provider with presence in the United Arab Emirates, Switzerland and India – recently entered the Mauritius market to service the high-net-worth segment.
Under the new company ‘Continental Financial Services Ltd.’, assisted by international service provider Sunibel Corporate Services, Continental has recently obtained the ‘Insurance Broker’ and ‘Investment Adviser’ licences.
Companies operating within and from the Mauritius IFC – considered as the regional hub for Africa – benefit from the local bilingual (English and French) and skilled workforce. They also benefit from the island’s strong and diversified economy, bilateral and multilateral agreements, hybrid legal system, code of good governance and robust banking system amongst others.
Sunibel, a trustworthy international service provider for specialised licences
For Ruchika Athukorala, Compliance Manager at Continental Group: “we are proud to be the first company to receive both the Insurance Broker and Investment Adviser licences in Mauritius, and it is a major milestone for our company in our global expansion strategy. We would not have reached there without the support from Sunibel Corporate Services. They are highly professional and have been very attentive to our requirements. Their expertise and rigour are their greatest strengths, and are deeply rooted in their values. We are proud to say that Sunibel Corporate Services is a trustworthy international service provider for specialised licences”.
Nitin Collappen, Managing Director at Sunibel Corporate Services, noted: “we are glad to have helped Continental Group to obtain these licences. This success is the evidence of our high standards, of our dedication and commitment as we seek to constantly provide the best possible support to our clients, and of the trust they have in our team. The presence of Continental Group on our soil further reinforces the position of Mauritius as a regional hub for financial and business activities”.