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Marrakech – Morocco has secured its position as the third wealthiest country in Africa, housing approximately 7,500 millionaires, according to the Africa Wealth Report 2025 published Tuesday by international wealth advisory firm Henley & Partners in collaboration with New World Wealth.
The North African country trails behind South Africa, which dominates with 41,100 millionaires representing 34% of the continent’s wealthy individuals, and Egypt, which counts 14,800 millionaires. Nigeria and Kenya complete the top five with 7,200 and 6,800 millionaires, respectively.
Over the past decade, Morocco has experienced a remarkable 40% increase in its high-net-worth population, positioning it among the continent’s fastest-growing wealth markets. Only Mauritius and Rwanda recorded stronger growth rates at 63% and 48% respectively, during the same period.
In terms of ultra-wealthy individuals, Morocco is home to 35 centi-millionaires (those with over $100 million) and four billionaires. Othman Benjelloun, president and CEO of Bank of Africa Group, leads as Morocco’s wealthiest person with a fortune estimated at $1.6 billion, followed closely by real estate magnate Anas Sefrioui.
Casablanca reinforces Morocco’s strong position in the continental wealth rankings. The economic capital ranks ninth among African cities with 2,900 millionaires, including 11 centi-millionaires and one billionaire. South African cities dominate this list, claiming six of the top ten positions.
Marrakech emerges as another major wealth hub, ranking as the second-fastest growing millionaire hotspot in Africa with a 67% increase over the past decade.
The city now hosts 1,700 millionaire residents, including 14 centi-millionaires and two billionaires. Only Mauritius’ Black River district recorded stronger growth at 105%.
The impressive growth in Morocco’s wealthy population contrasts sharply with declines in several other African countries. Nigeria, once an economic powerhouse, saw its millionaire population contract by 47%, while Angola and Algeria experienced reductions of 36% and 23% respectively.
Once in decline, Africa now rises strong
According to the report, Africa’s overall wealth landscape continues to evolve rapidly. The continent currently hosts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires.
This represents significant growth from the late 20th century, when economic decline limited the emergence of substantial financial elites.
Projections in the Africa Wealth Report suggest the continent’s millionaire population will grow by approximately 65% over the next decade.
This forecast is supported by robust economic growth, with sub-Saharan Africa expected to expand by 3.7% in 2025 and 4.1% in 2026, outpacing both Europe (0.7%) and the United States (1.4%).
Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that the investment migration sector now works both ways.
“African investors are seeking greater global mobility and diversification while international investors increasingly identify Africa as a destination for stable, long-term capital deployment,” he explains.
Jean Paul Fabri, Chief Economist at Henley & Partners, stresses that the challenge extends beyond simply counting millionaires.
“The goal is to create an ecosystem where prosperity benefits everyone, circulates locally, and consolidates Africa’s role as a leader in the global wealth story,” he states.
Looking ahead, industry experts predict that lifestyle destinations like Marrakech will continue to drive wealth growth. Key sectors expected to fuel this expansion include fintech, eco-tourism, green technology, healthcare, and wealth management.
Morocco’s sustained wealth expansion reflects deeper structural economic resilience amid regional volatility. The 40% growth in high-net-worth individuals signals increased capital formation, enhanced investor confidence, and economic diversification strategies taking hold.
As the country continues integrating into global financial networks, this wealth concentration could potentially accelerate development in key sectors like renewable energy, advanced manufacturing, and digital services – provided appropriate policies channel capital toward productive investments rather than speculative assets.
This trajectory positions Morocco as an increasingly influential economic player in the African continental framework.
Read also: Study: It Takes 215 Years of Work to Earn a Million Dollars in Morocco
