Morocco is the fifth richest country in Africa, and is one of the ‘Big 5’ wealth markets in Africa, together with South Africa, Egypt, Nigeria, and Kenya, which account for 56% of Africa’s high-net-worth individuals and more than 90% of the continent’s billionaires.
The latest report of Henley & Partners, a global leader in residence and citizenship by investment, Morocco’s millionaire growth went up by 28% from 2012 to 2022, indicating that high-net-worth individuals grew significantly.
Over the last decade, the overall number of high-net-worth individuals in Africa has decreased by 12%.
The report discussed future trends such as classic car collecting, stating that it will become much more popular in Africa in the future, particularly in more established automobile markets such as South Africa, Kenya, Egypt, and Morocco.
The survey states that one of the top interests of wealthy people in Africa and around the world is collecting African art.
The market for African fine art is estimated to be worth a little over USD 1.8 billion (as of December 2022), with this figure reflecting the total value of the pieces that are frequently auctioned off.
The Moroccan painter Hassan El Glaoui comes fourth in the list of the most popular African artists whose works are highly in demand.
The wealth report pointed out that Marrakech is a very favorable holiday destination for high-net-worth families, which generates great revenues.
When it comes to the top hotels in the continent, Marrakech’s The Royal Mansour ranked third. Located in the heart of the city, it features 53 private riads, set in five hectares of dreamy gardens and a spa with a unique birdcage-style atrium, which is considered among the world’s best.
Entrepreneurs, businesspeople, and affluent families are embracing investment migration as a strategy to increase their travel freedom and economic mobility, secure location optionality, and mitigate risk in light of the projected 42% growth in millionaires on the African continent over the next ten years.
“Africa — despite its many challenges, own goals, misperceptions, and negative international press — is undoubtedly open for business in 2023,” said Henley & Partners.
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