Home Economy Report: Casablanca among Africa’s Top 10 Richest Cities

Report: Casablanca among Africa’s Top 10 Richest Cities

Report: Casablanca among Africa’s Top 10 Richest Cities

Rabat- The 2018 Africa Wealth report has ranked Casablanca among the top 10 “richest” African cities, holding $42 billion of total wealth.

The report, published by  South-African research firm New World Wealth and AfrAsia Bank, shows that Casablanca, which has approximately 4 million inhabitants, holds a total wealth of $42 billion.

Casablanca ranks ninth behind Johannesburg, South Africa’s biggest city ranking first with $276 billion;  Cape Town ($155 billion);  Cairo ($140 billion); Lagos ( $108 billion); Durban, South Africa ($55 billion); Nairobi ($54 billion), Luanda, Angola ($49 billion); and Pretoria, South Africa ($48 billion).

The 10th place goes to Accra in Ghana, holding a total wealth of $38 billion.

The Moroccan economic capital’s major sectors include basic materials, manufacturing, and financial services.

According to an older report by the same research firm, Morocco’s wealthiest individuals live in Casablanca.

The number of millionaires, owning $1 million or more, in Casablanca, estimated at 2,400 in 2015, is expected to increase by 42 percent by 2025, reaching 3,400 millionaires.

Tangier, Marrakech among top 20 richest in Africa

Tangier and Marrakech ranked in 18th and 19th place among the top 20 richest cities in Africa, according to the report.

The two Moroccan cities each have a total wealth of $11 billion.

Casablanca, Tangier, and Marrakech are all considered some of the most expensive cities in Africa, in terms of residential property.

Tangier and Marrakech’s prices per square meter amount to $1,800, while Casablanca’s are estimated at $1,500.

Read Also: CAN 2019 Qualifiers: Morocco to play Comoros in Casablanca

Marrakech, a luxurious tourist destination

New World Wealth’s report emphasized that South Africa remains the main luxury tourist destination on the continent. Major destinations for wealthy visitors in South Africa include Kruger Park near Johannesburg and Cape Town.

Other major destinations in Africa include: Mauritius, Seychelles, Cairo and Sharm El Sheikh in Egypt, the Masai Mara in Kenya, Livingstone in Zambia, and the Okavango Swamps in Botswana.

Marrakech broke records in 2017, reaching 2 million tourists in a year and more than 6 million overnight stays for the first time in history, according to the figures of the Regional Tourism Center of Marrakech.

Popular hotels for wealthy visitors to Africa include La Mamounia Hotel in Marrakech, named “the best urban hotel in the world” by the Spanish version of UK travel magazine Condé Nast Traveler.

As a tourist city in Morocco, Marrakech ranked 6th among the most visited cities by French nationals in 2017, according to travel guide website Routard, based on the booking data of the Skyscanner site.

Morocco, 7th richest country in Africa

In terms of wealth per capita, the report ranked the North African country in seventh place at $3,700, behind Mauritius ($32,700), South Africa ($12,900), Namibia ($12,600), Botswana ($7,900), Angola ($3,900), Egypt ($3,900), and ahead of Ghana ($2,500), Kenya ($2,400) and Côte d’Ivoire ($1,900).

In total wealth, referring to “the private wealth held by all the individuals living in each country” including property, cash, equities, business interests with the exception of government funds, Morocco ranks fourth.

Morocco holds a total wealth of $122 billion. The top three are South Africa, holding $722 billion; Egypt, holding $330 billion; and Nigeria, with a total wealth of $253 billion dollars.

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