Where the wealthiest people in the world live

Cape Town - Monaco is synonymous with wealth, luxury and fame so it comes as no surprise that the wealthiest people in the world are nestled in a country with a high proportion of multi-millionaires.

Small tax havens such as Monaco and Liechtenstein top the list of countries ranked by the average wealth per person, according to a report by New World Wealth.

The wealth analyst released its W10 report, highlighting the 10 richest countries in the world as well as the wealthiest and poorest countries in Africa per capita.

Wealthiest people in the world

The countries ranked by average wealth per person (wealth per capita) showed that Monaco topped the list.

W10 said the high average wealth of people living in Monaco reflects its tax haven status where people pay no income tax. "This attracts wealthy people to move there and also promotes business formation in the country."

It said Monaco also operates as an offshore center for the European wealth sector, which brings a large number of wealthy financiers to the country.

Also playing in Monaco's favour is its prime location on the French Riviera as well as its hotspot for super-yacht owners

The country also has a high proportion of multi-millionaires. "Approximately 2 200 of Monaco’s 40 000 residents are worth over US$10m."

Monaco has high real estate prices with apartments being the most expensive in the world per square meter.

Following Monaco on the list was Liechtenstein, Switzerland, Australia and Norway.

"The UK is surprisingly high on the list. This is mainly due to the high value of real estate in the country," the report said.

Total individual wealth

The top 10 countries in the world by “total individual wealth”, which refers to the private wealth held by all the individuals in each country, saw the top three spots going to United States, China and Japan.

“Wealth”, the report pointed out, refers to the net assets of a person and includes all their assets like property, cash, equity, business interests, less any liabilities.

W10 report noted that Australia's ranking is impressive considering it only has 22 million inhabitants. It said India only made the list due to its large population, adding that on a per capita basis, the average Indian is quite poor.

Looking at Africa

At almost double than South Africa, Mauritius is the richest country in Africa on a per capita basis with $21 700 averaged per person. South Africa ranks second with $10 300, followed by Namibia with $10 200 and Botswana at $8 400.

The list places Zimbabwe at the bottom of the log with $200. "Notably, Zimbabwe was the only African country to experience a decline in per capita wealth during the 15 year period."

The report said that during the past 8 years (since 2007), the fastest growing countries in Africa were Mauritius, Ethiopia, Ivory Coast and Kenya.

However, on a wealth per capita basis, the fastest growing countries in Africa during the past 15 years (2000 – 2015) were Angola and Ghana.