Join on WhatsApp
Join on Telegram
Rabat – Citizenship planning firm Henley & Partners released its “Africa Wealth Report,” detailing the level of private wealth in the continent, and ranking Morocco among its top 5 wealth markets.
Other countries included with Morocco are Egypt, Kenya, South Africa, and Nigeria as the top African markets.
Total private wealth in Morocco reached $125 billion (MAD 1.2 trillion), according to the report, with 5,000 Moroccans possessing at least $1 million (MAD 10 million) in wealth.
The number of multi-millionaires in the country (people who have a net worth of at least $10 million) reached 220, while the number of centi-millionaires (people whose net worth is over $100 million) stood at 22.
Morocco ranks 4th on these points, sitting behind South Africa, Egypt, and Nigeria in Henley & Partners’ report.
“Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent,” the report notes.
Morocco was also ranked fifth in the wealth per capita ranking, registering $3,380 (MAD 33,845) per capita, and coming in behind South Africa, Namibia, and Botswana. Mauritius topped the ranking by a huge margin.
Interestingly, Morocco registered an 18% growth rate in its wealth market over the last 10 years according to the report, whereas other countries that topped the rankings with it witnessed negative growth.
The report also predicts strong growth over the next ten years for the kingdom, up to 50%.
The figures point to a more important role for Morocco as an economic leader in Africa, as several of its industries have demonstrated growth in recent years.
Analysts and industry experts maintain that Morocco has several improvements to make in its bureaucracy and technologies in order to make the country more appealing to investors and entrepreneurs.
Read also: Forsa: Money, Influencers, and the State of Morocco’s Startup Economy
Among the other assets that Morocco enjoys, the report lists the luxury industry as a significantly sized industry, citing Morocco as one of the top luxury markets on the continent, propelled by things such as luxury hotels and brands.
