Story highlights Wealth per capita more than double closest rival

Favorable business environment and luxury lifestyle key

Zimbabwe and Nigeria see declines

(CNN) The wealthiest people in Africa are strolling along the sun-kissed beaches of Mauritius, according to a new report from the AfrAsia Bank.

The bank's analysis found that Mauritians had the continent's highest wealth per capita in 2016 at $25,700, more than double that of second-placed South Africa on $11,300. They also enjoyed the highest growth rate in wealth per capita last year of over 20%.

In addition, Mauritius has the fastest growing population of millionaires, which increased by 20% in 2016. Over a ten-year period between 2006-2016 the island saw a continent-leading 230% growth of millionaires.

South Africa retained its lead for the highest total number of millionaires in 2016 with 40,400, a long way clear of Egypt on 18,100. Africa's southernmost state also dominated the city charts, with Johannesburg, Cape Town, Pretoria and Durban all among the top 10 for resident millionaires.

Banks and beaches

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