Morocco Among ‘Big 5’ Wealthiest Countries in Africa

Morocco has yet again locked a place in the “Big 5” wealth markets in Africa in 2023, according to an annual report from the consultancy firm Henley and Partners (H&P).

Rabat – Morocco has yet again locked a place in the “Big 5” wealth markets in Africa in 2023, according to an annual report from the consultancy firm Henley and Partners (H&P).

Released this week, the report ranks Morocco in fifth place, behind South Africa, Egypt, Nigeria, and Kenya. Together, these five countries are home to 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.

H&P data shows that Morocco is currently home to 6,800 millionaires, 32 centi-millionaires, and 4 billionaires.

The report further indicates that the country has continued to attract high-net-worth individuals in recent years. The number of high-net-worth individuals rose by 35% between 2013 and 2023, the highest level of growth recorded in any other “Big 5” country.

Meanwhile, South Africa led the way with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires. Egypt ranked in second place with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires.

Regarding the continent’s wealthiest cities, the report shows that Johannesburg tops the list of African cities, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires.

Cape Town is second with 7,400 millionaires, 28 millionaires, and 1 billionaire. Meanwhile, Cairo is home to 7,200 millionaires, Nairobi to 4,400 millionaires, and Lagos to 4,200 millionaires.

Three Moroccan cities featured on the list of the wealthiest cities in Africa, namely Casablanca, Marrakech, and Tangier.

Casablanca asserted its place as the most attractive Moroccan city for high-net-worth individuals, with 3,200 millionaires, 10 centi-millionaires, and one billionaire.

Marrakech followed closely behind with 1,400 millionaires, 12 centi-millionaires, and two billionaires. Last on the list is Tangier with 1,000 millionaires, six centi-millionaires, and one billionaires.

Looking forward, the consultancy predicts that Morocco, alongside a number of other African countries, is poised to see an 80% rise in the number of high-net-worth individuals.