The country which stands at the 34th position worldwide is followed by South Africa, Botswana and Zambia which figure at the top 4 African nations placed at the 43rd, 69th, and 70th place respectively.
Forbes rates 145 countries on 11 metrics, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.
According to Forbes, several factors have contributed into ranking the country as the top African country for business. They are namely, a more equitable income distribution, increased life expectancy, lowered infant mortality and a much improved infrastructure, since the country has gained independence in 1968.
The survey also shows that Mauritius, which has developed from a low-income agricultural based economy to a middle-income diversified economy, has registered a growth in the range of 5% to 6% from independence.
Forbes further points out that Mauritius has attracted more than 32 000 offshore entities from across India, South Africa and China and investment in the banking sector has reached over one billion US dollar in 2013.
Mauritius, according to the report, with its strong textile sector has also been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA) and the country sound economic policies and prudent banking practices have helped mitigate negative effects of the global financial crisis in 2008-2009.
It concludes that Gross Domestic Product has grown in the range of 3%-4% per year for the period 2010-2013 and the country continues to expand its trade and investment outreach across the globe.
The survey was based on values calculated till December 2014 from market performance based on each country's major stock index returns for 12 months sourced from Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, World Bank and World Economic Forum.
It will be recalled that Mauritius also tops Africa's Sub-Saharan economies and is ranked at the 28th position worldwide on Overall Ease of Doing Business 2015, according to the World Bank group's Doing Business 2015 Report entitled: Going Beyond Efficiency, released in October last year.
Mauritius has climbed one place compared to its 29th position in Overall Ease of Doing Business 2014 and has the region's highest ranking.