Morocco ranks third in Africa with 8,300 millionaires, report says

Morocco had about 8,300 resident millionaires at the end of June 2026, ranking third in Africa behind South Africa and Egypt, according to the Africa Wealth Report 2026 produced by New World Wealth.

The report defines millionaires as people holding more than $1 million in liquid investable wealth. Its estimates are therefore not measures of household wealth, national income or the total value of property and private businesses.

South Africa remained the continent’s largest wealth market with 48,200 millionaires, 131 people holding at least $100 million and 10 billionaires. Egypt followed with 15,100 millionaires.

Morocco narrowly surpassed Nigeria, which had 8,100 millionaires, while Kenya ranked fifth with 6,500. Together, the five countries accounted for about 68% of Africa’s millionaire population.

Across the continent, New World Wealth counted 127,100 millionaires, 374 centi-millionaires and 28 billionaires. Their combined liquid wealth exceeded $3 trillion.

Morocco’s millionaire population increased by 55% over the past decade, the strongest growth among the five largest African wealth markets and well above the continental increase of 6%, the report said.

The comparable rates were 10% in South Africa and 16% in Kenya. Egypt recorded a 14% decline, while Nigeria’s millionaire population fell by 33%.

Currency depreciation can affect these estimates because wealth is measured in US dollars. Falls in the Egyptian pound and Nigerian naira may reduce the number of residents crossing the $1 million threshold without producing an equivalent decline in assets valued in local currency.

Morocco’s latest count was also up from 7,500 in the 2025 edition and 6,836 in 2024.

Casablanca remained the country’s main center of private wealth, with an estimated 2,800 millionaires. The city’s concentration reflects its role as Morocco’s financial and corporate capital, including its stock exchange, banks, major companies and Casablanca Finance City.

Marrakech recorded an 82% increase in its millionaire population over the past decade, the second-fastest growth among the African wealth centers cited, behind Black River in Mauritius at 120%.

Tangier registered 42% growth over the same period. The report projects that its private wealth could increase by more than 85% during the coming decade, supported by industrial investment, free zones and the Tanger Med port complex.

Morocco accounts for about 6.5% of Africa’s millionaires. The figures indicate rapid growth in dollar-denominated private wealth, but do not show how that wealth is distributed across the wider population.