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Rabat – Morocco has ranked fifth among the top 10 wealthiest countries in Africa, says a new report from London-based company Henley & Partners in partnership with wealth intelligence firm New World Wealth.
Tilted ‘Africa Wealth Report 2023’ the report provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends, as well as expert insights on investing in Africa.
Morocco’s ranking has allowed it to enter the ‘Big 5’ wealth markets in Africa which include South Africa, Egypt, Nigeria, and Kenya.
According to the report, the ‘Big 5’ account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.
In Morocco, there are four individuals with a wealth of $1 billion or more. The number of centi-millionaires (individuals with wealth of $100 million or more) stood at 28.
The data showed that the number of individuals with $1 million or more reached 5,800.
Morocco‘s high-net-worth individual population increased by 28% between 2012 and 2022, detailed the report.
The report’s wealth insights predict a 42% rise in Africa’s millionaire population over the next 10 years as well as a strong high-net-worth individual growth of 60%+ in Morocco.
Marrakech: A top vacation destination for high-net-worth families
The report argues that the luxury hotel sector is one of the most important in Africa as it brings “substantial foreign exchange spending into the continent.”
It listed Marrakech among the top vacation destinations for high-net-worth families and the Royal Mansour hotel among the top hotels on the continent.
The report’s top hotels on the continent feature South Africa’s Oyster Box and Ellerman House hotels, Egypt’s Four Seasons Resort Sharm El Sheikh and Zambia’s Royal Livingstone hotel.
The report highlighted that the hotels are favored by high-net-worth individuals visiting Africa while citing Royal Mansour’s assets including its “53 private riads set in five hectares of lush Moorish gardens and a spa with a unique birdcage,” describing it as one of “the world’s best.”
The report also sheds light on African art stressing that art collecting is one of the top pursuits for wealthy people in Africa and globally.
According to the report’s data, the African fine art market is valued at just over $ 1.8 billion (as of December 2022.)
Moroccan figurative painter Hassan El Glaoui’s works are popular among wealthy art collectors across the world, the report says.
Read Also: Wealth Report: Morocco Holds Africa’s Third-Largest Luxury Market
