The richest man in Morocco is the CEO of Akwa Group, a 10-figure conglomerate company. Akwa Group mainly operates in the field of petroleum and gas, but also has subsidiaries in the sectors of chemicals, telecommunication, tourism, and real estate.
Aziz Akhannouch is also the president of the National Rally of Independents, a prominent political party in Morocco.
While it is uncertain which investments allowed Akhannouch’s fortune to reach an all-time high in a relatively short period, it seems the COVID-19 “crisis” has done the billionaire’s wealth more good than harm.
The sudden increase in fortune made Aziz Akhannouch the seventh richest man in Africa. In March, the Moroccan billionaire was the 15th richest person in the continent.
The increased wealth also pushed Akhannouch from the 1990th rank worldwide in terms of net worth in March to the 764th position. During the COVID-19 pandemic, Akhannouch became richer than 1,226 other billionaires across the world.
Akhannouch’s case, however, reflects a pattern rather than an exception. A recent report from Swiss bank UBS and multinational accounting firm PwC showed that the total wealth of the world’s 2,000 richest people grew by a quarter in the early months of the pandemic.
The fortune increased from $8.9 trillion at the end of 2019 to reach an all-time high of $10.2 trillion in July.
According to the report, billionaires with assets in the technology, healthcare, and industrial sectors benefited the most from the pandemic, making gains that range from 36% to 44%.