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Rabat – Morocco, South Africa, Egypt, Nigeria, and Kenya hold more than 50% of Africa’s private wealth, according to the 2022 Africa Wealth Report.
The report was published on Tuesday by Henley & Partners.
According to the report, “total wealth refers to the private wealth [net-worth] held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities.”
The report has excluded government funds from the listed data.
The Africa Wealth Report is a yearly report that lists private wealth in the continent. This year’s report is the 7th edition, which uses data from December 2020. This means that the data takes into account the effect of the COVID-19 pandemic.
Morocco’s ranking
The number of millionaires in Morocco is 4,500, according to the report. The country also has 200 multimillionaires.
As of December 2020 Morocco has 3 billionaires.
Morocco also ranked 5th behind Botswana and ahead of Egypt, with wealth per capita at $3,050 (MAD30,303).
Morocco’s wealth per capita grew – over the past decade 2010-2020 – by 5%, meaning the country had the 11th highest wealth per person in the country.
Ethiopia took 1st place in the wealth per capita ranking, with an 81% wealth growth over the last 10 years. The report also added that Ethiopia’s wealth capita was already low.
The report forecasted that the total private wealth in Africa should rise by 30% over the next 10 years (2020-2030), to reach $2.6 trillion (MAD25.83 trillion) by 2030.
The report ranked Morocco in the mid-range growth category. This means that Morocco should see moderate growth of 20% in its private wealth.
Read also: Wealth of 3 Moroccan Billionaires Equivalent to that of 375,000 Moroccans
As for luxury markets, which include items such as hotels and lodges, cars, watches, private jets, and yachts, Morocco has the third largest in Africa according to the ranking, behind Kenya and South Africa.
Average Moroccan net worth over the years
According to a 2015 Global wealth report, 21.9 million Moroccans had an average wealth of $10,123 (MAD 100,576). This is a significant increase from 2000, when the wealth of 15 million Moroccans averaged at $6,166 (MAD61,261). Morocco was placed in the “middle income” category in 2015, according to the same source.
According to the 2019 Global Wealth report, 75.5% of Morocco’s 23.6 million adults have a net worth of less than $10,000. Around 23.6% have a net worth of $10,000 to $100,000, and 1.3 percent have a net worth of $100,000 to $1,000,000. Lastly, only 0.1% of Moroccan adults have a net worth of more than one million dollars.
