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Rabat – King Mohammed VI of Morocco has been ranked fifth richest man in Africa on Forbes magazine’s list of Africa’s 50 Richest people, released on Wednesday.
The King’s net worth has increased significantly from $2.4 billion last year to $5.7 billion in 2015, Forbes magazine’s report revealed. He has a 40 per cent stake in Société Nationale D’Investissement (SNI), a holding company that has controlling stakes in the country’s largest bank, Attijariwafa and mining company Managem Group. Forbes said this considerable growth of the Moroccan monarch’s fortune is due to new information about the value of SNI’s assets.
Othman Benjelloun, 83, who ranked the richest person in Morocco last year, was ranked 12th richest person in Africa this year and the second in Morocco, with a fortune estimated at $2 billion. Benjelloun who is the CEO of BMCE Bank, one of Morocco’s largest banks, has additional interests in insurance and telecom services through his holding company, FinanceCom.
Aziz Akhnnouch & Family is the third Moroccan tycoon on the list. He landed in the 18th place with net worth estimated at $1.41 billion. Akhannouch is the majority owner of Akwa group, a multi-billion dollar conglomerate with interests in petroleum and chemicals through its publicly-traded subsidiaries Afriquia Gas and Maghreb Oxygene.
Akwa, which was founded by Aziz Akhnouch’s father and his partner Ahmed Wakrim, is also active in media, real estate development and the hotel industry. Akhnnouch currently holds the position of Minister of Agriculture and Fisheries in Morocco while his wife, Salwa Akhnnouch, owns a luxury property development company that develops malls such as Morocco Mall, and holds franchises for international fashion brands.
This year’s list also include Miloud Chaabi, who is 86 years old making him the oldest African tycoon on the list. His Ynna Holding develops real estate, operates hotels and supermarkets, and is the majority owner of SNEP, a chemical manufacturer in Morocco. He ranks 27th overall with a net worth estimated at $800 million.
Overall, Aliko Dangote of Nigeria retains his spot as number one richest African for the fifth year in a row, but his $16.7 billion net worth is nearly $5 billion lower than a year ago, a result of a drop in the stock price at his Dangote Cement and a weaker Nigerian currency.
South Africans made the best showing on the Africa’s richest list this year, occupying 16 spots, up from 11 last year. Nigerians had a smaller representation, with 10 members of the list, down from 13. There was one each from Algeria, Angola and Uganda.
