Mauritius: Africa’s regional hub for wealth management and global business

Mauritius as a regional hub for wealth management and global business

To seize the opportunity and set up in Mauritius, the regional hub for wealth management and global business for Africa, 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.”

Former 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.”

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• Foundation in Mauritius: ideal structure for private wealth management
• The Private Trust Company in Mauritius

Overview of wealth management in Africa

According to a report by AfrAsia, the total private wealth held in Africa amounts to approximately USD 2.0 trillion as at December 2020. Experts predict growth numbers to soar even further, rising 30% over the next 10 years to reach USD 2.6 trillion by 2030. This growth will be driven by strong growth in the billionaire and centi-millionaires segments, especially in fast growing economies such as Ethiopia, Mauritius, Rwanda, Kenya and Uganda (60%+ growth rates).

Between 2010 and 2020, Mauritius recorded a growth of 76%, and the country remains the wealthiest country in Africa with a wealth per capita standing at USD 31,900. With 4,400 HNWIs and 190 multi-millionnaires, Mauritius positions itself as Africa’s regional hub for wealth management.

The results were published as part of the 2021 edition of the Africa Wealth Report by AfrAsia Bank, that covers wealth, luxury, prime property and wealth management trends in Africa from 2010 to 2020, with forecasts to 2030.