Morocco ranked as the 4th richest country in Africa, with a total private wealth of USD 125 billion, according to the seventh edition of the 2022 “Wealth in Africa” report.
Casablanca was listed 8th in the list of the richest cities in Africa, with a total wealth of USD 43 billion, while Marrakech came in 12th place, followed by Tangier in the 18th spot.
The report further noted that there are 5000 high-net-worth individuals (HNWIs) in Morocco, who have a net worth of over $1 million. The total number of multimillionaires in the Kingdom stands at 220, with 22 centi-millionaires as well as 3 billionaires.
The report, issued this Tuesday by Henley & Partners, revealed that 50% of Africa’s wealth is currently concentrated in just five countries.
“Africa’s ‘Big 5’ private wealth markets — South Africa, Egypt, Nigeria, Morocco, and Kenya — together account for over 50% of the continent’s total wealth,” said the report.
Government funds are excluded from the assets the report examines, which means that the total wealth “refers to the private wealth held by all the individuals living in a country.” It includes all their property, cash, equities, and business interests value with didacted liabilities.
Morocco should see a positive wealth growth of 50% in its private wealth over the next 10 years, according to this recent output, while the total private wealth held in Africa is expected to rise by 38%, reaching US $3 trillion by 2031.
Henley & Partners collaborated with New World Wealth to release the Africa Wealth Report, which is the continent’s annual benchmark for private wealth research.
The report provides data including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent.
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