Morocco is among the five countries in Africa with the most high-net-worth individuals, reveled a new Henly & Partners’ report.
The Africa Wealth Report said that the ‘Big 5’ wealth markets in Africa are: South Africa, Egypt, Nigeria, Morocco, and Kenya.
The five countries account for over 50% of Africa’s total wealth, which refers to private wealth held by all the individuals living in a country, ranging from properties, cash, and equities, to business interests.
It is important to retain that government funds are excluded from the figures of the report analysis.
Morocco’s total wealth 10 years growth rate is a percentage of 18%, but the total wealth rate in Africa has fallen by 7% over the past decade.
Some of the key takes on the report are that South Africa is home to over twice as many millionaires as any other African country, and Egypt has the most billionaires on the continent.
Both South Africa and Kenya detain the largest luxury market in Africa by revenue.
The report listed Luxury car brands with a presence in Africa by the number of dealerships, showing that Porshe, Bently, Ferrari, and Aston Martin, have interesting deals with Morocco.
As for luxury clothing and accessory brands, a vast selection of brands opened exclusively in some countries between 2002 and 2007 during the global consumer boom period.
In Morocco and other countries, estate living is starting to take off with several benefits like security and privacy, and communal leisure facilities.
After the COVID-19 pandemic, new trends erupted in the luxury estate living world, like moving to smaller less populated towns and settling in residences with more open spaces.
The Africa wealth report provides a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent.
The detailed analysis shows where affluent individuals live, for a better understanding of their spending habits and their preferences.
Africa is now home to some of the world’s fastest-growing markets, with Morocco being among the top 5 on the continent.
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