Rabat - Morocco is home to the second highest number of millionaires in North Africa at 4,800 in 2014, according to a report by New World Wealth, a South African market research firm.
Rabat – Morocco is home to the second highest number of millionaires in North Africa at 4,800 in 2014, according to a report by New World Wealth, a South African market research firm.
The number of millionaires in Morocco has more than doubled in the last 15 years. The number of ultra-wealthy Moroccans has risen by 118% since 2000, says the report.
Morocco, the fifth largest African economy, comes in fifth place in terms of the number of high-net-worth individuals (HNWI).
South Africa is home to the highest number of millionaires on the continent at 46,800 in 2014. Egypt comes in second with more than 20,000, followed by Nigeria in third place.
Kenya and Angola are ranked fourth and fifth with 8,500 and 6,400 millionaires, respectively. Morocco’s eastern neighbor Algeria comes in sixth place with 4,700 millionaires.
According to the report, the number of millionaires in Africa has more than doubled since 2000. The number of rich individuals in Africa has grown by 145% during the past 14 years, while the world in general has seen an increase of 73%.
The continent is home to more than 160,000 people with net assets of $1 million or more. Their combined wealth totaled $660bn at the end of 2014.
By 2024, the number of African millionaires is expected to rise by 45%, to approximately 234,000, according to New World Wealth.
Mauritius has the wealthiest individuals in Africa, with average per-capita wealth of $21,470, according to the report. People in the Democratic Republic of the Congo are the poorest, at $230 a person.
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