Report: Morocco Is Home to Africa’s Fifth Largest Private Wealth

Morocco ranks fifth in Africa on a list of countries with the largest volume of private wealth, according to a report from consultancy firm Henley & Partners (H&P).

Rabat – Morocco ranks fifth in Africa on a list of countries with the largest volume of private wealth, according to a report from consultancy firm Henley & Partners (H&P).

South Africa, Egypt, Nigeria, and Kenya all ranked ahead of Morocco in the top four.

According to the publication, Morocco is currently home to 5,800 millionaires, and 28 centi-millionaires – individuals with a personal net worth of $100 million or more.

Additionally, the country is home to four billionaires.

H&P data further shows that the number of wealthy individuals in Morocco grew at an impressive rate of 28% rate in the decade between 2012 and 2022.

The report further reveals a high concentration of wealth in a handful of countries. Morocco, South Africa, Egypt, Nigeria, and Kenya currently hold over 50% of private wealth in Africa.

The overall volume of private wealth in Africa stands at $2.4 trillion, with five cities on the continent accounting for over 50% of the wealth. The cities are Johannesburg, Cairo, Cape Town, Lagos, and Nairobi, holding 56% of the continent’s high-net-worth individuals.

While no Moroccan city featured on the list of the top five wealthiest cities in Africa, Marrakech appeared on the list alongside Dubai and Kigali as emerging cities in the Middle East and Africa for the ultra-wealthy.

H&P maintains that Marrakech experienced a “strong wealth growth” over the decade separating 2012 and 2022.

Marrakech is becoming “an increasingly popular retirement hotspot for Moroccan and European high-net-worth individuals. Marrakech is also home to flourishing luxury real estate and hotel sectors,” the consultancy wrote.