The latest edition of the Africa Wealth Report, published by Henley & Partners in collaboration with New World Wealth in August 2025, confirms Mauritius’ status as one of the continent’s fastest-growing wealth markets. With a 63% increase in its millionaire population over the past decade and strong projected growth ahead, the island continues to strengthen its position as a strategic wealth hub.

Ashtee Bullyraz, Head of Private Wealth at Intercontinental Trust Limited (ITL), and Willem du Preez, Executive Director and Head of ITL’s Representative Office in South Africa, shed light on why Mauritius remains particularly attractive to African and global high-net-worth families.

Beyond Mere Commercials: A Holistic Value Proposition

Mauritius’ appeal is no longer limited to fiscal considerations. According to Ashtee Bullyraz, the island offers a rare convergence of regulatory sophistication and quality of life. No wonder, Mauritius now boasts 4,800 millionaires and 150 billionaires, making it the continent's 6^th largest wealth market on the back of political stability, tax efficiency, and a robust residency by investment programme.

“Mauritius offers a unique blend of lifestyle and business advantages," she notes, highlighting the cherished combination of political stability, regulatory transparency, legal certainty, and a robust treaty network that draws investors to its shores.

Increasingly, wealthy families are seeking more than structuring vehicles. They are looking for jurisdictions that allow them to align wealth planning with residence, education, healthcare, and long-term family governance. Mauritius’ international schools, modern healthcare facilities, high-end residential developments, and secure environment reinforce its attractiveness as a long-term family base rather than a purely transactional financial centre.

As a jurisdiction with heart that offers something for everyone in the family, Mauritius sets itself apart with a warm marriage of island hospitality and commercial considerations.

The South African Perspective: Practical and Credible

From South Africa, Mauritius is viewed through a pragmatic lens. Proximity plays a significant role, but so does regulatory comfort.

Willem du Preez describes Mauritius as “a very practical and credible jurisdiction for international expansion and diversification," noting that its accessibility allows clients to engage directly with trustees, bankers and advisers — an important factor when implementing complex cross-border structures.

South African families place strong emphasis on regulatory recognition and operational substance. Mauritius’ established legal framework, combined with the ability to build real presence and substance, offers reassurance, Willem explains.

The jurisdiction’s time zone alignment, professional depth, treaty network, and responsiveness within its banking ecosystem further strengthen its position as a gateway for African and global investment flows, avers Willem.

Case studies showcasing Mauritius’ appeal to South Africans

Significantly, the report highlights the exceptional concentration of 1,100 millionaires in Black River, making this region the leading hub in the continent in terms of growth rate of millionaires, which stands at a whopping 105%. Interestingly, Black River has one of the highest concentrations of South African expatriates in Mauritius.

By way of explanation, Ashtee notes that the Black River region boasts several distinctive assets. In terms of high-end real estate, the region offers a diversified residential offering with PDS, IHS, and Smart Cities projects that attract a wealthy international clientele. In terms of leisure, Black River features renowned marinas and golf courses, as well as direct access to the sea and water sports. The region is also home to international schools and modern private clinics, perfectly meeting the needs of expatriate families.

“Overall, the region wins over HNWIs with its cosmopolitan atmosphere, exceptional natural environment, and proximity to urban areas and business centers, while maintaining a privileged residential character," Ashtee avers.

From Strategy to Implementation

Moving beyond regional specifics and case studies, a recurring theme from both experts is the importance of execution in the current fund administration ecosystem.

Willem emphasises that structuring must move efficiently from concept to implementation. Coordinating advisers across tax, legal and regulatory domains — while simplifying administrative processes — is critical to maintaining momentum and ensuring that structures align with client objectives.

Face-to-face engagement, particularly for South African clients, remains valuable in resolving complex technical matters and aligning multiple stakeholders, he explains.

At the same time, Ashtee underscores that international alignment and compliance are non-negotiable. “Cross-border structures must be consistent, transparent and capable of withstanding evolving global standards," she emphasises.

Sustaining the Competitive Edge

Finally, the Africa Wealth Report also signals a shift in the profile of wealth creators. Tech entrepreneurs, fintech innovators, crypto investors, and globally mobile heirs are reshaping demand.

Here, Ashtee explains that while traditional vehicles such as trusts, foundations, PTCs, SPVs and VCCs remain central, client expectations have evolved. Structuring today requires careful analysis of family dynamics, cross-border exposure, and generational objectives.

“Each client has specific needs. The starting point is understanding their profile and long-term ambitions," she highlights.

For his part, Willem emphasises that the starting point is always ensuring that clients receive the right specialist advice across tax, legal and regulatory aspects. “We work closely with trusted advisers and our Mauritius teams to ensure that the structure fits the client’s objectives and profile," he unfolds. Management companies in Mauritius are therefore evolving into full-service providers, integrating legal and tax structuring with compliance coordination, ESG considerations, governance frameworks, and strategic advisory support.

Ever-evolving and agile: Staying young at heart

Ultimately, while growth prospects remain strong, Mauritius’ continued success will depend on its ability to evolve.

Maintaining international compliance alignment, deepening private banking and family office capabilities, attracting specialised talent, and preserving ease of doing business will be key differentiators in an increasingly competitive global landscape.

On a concluding note, Willem observes that Mauritius’ relative youth as an international financial centre is an advantage: it is dynamic and solutions-oriented, with a demonstrated ability to adapt to regulatory and market shifts. In an ever-evolving and agile ecosystem, this ability to adapt is expected to stand Mauritius in good stead.

As Africa’s wealth base expands and capital becomes increasingly mobile, Mauritius appears well positioned not only to benefit from growth, but to anchor it — serving as a structured, credible and lifestyle-driven hub for generational wealth planning.