Marrakech is fast becoming a haven for high-net-worth individuals from both Morocco and Europe, leading to a significant increase in wealth growth for the city.
The recent Henley & Partners called “The Top 10 Wealthiest Cities in the World in 2023”, highlighted how Marrakech is home to flourishing luxury real estate and hotel sectors.
The report identified Marrakech’s flourishing luxury real estate and hotel sectors as contributing factors to its economic boom.
Casablanca, as the economic center of Morocco, also saw a notable increase of 28% in high-net-worth individuals between 2012 and 2022, earning it the first spot on the list of cities with the fastest-growing billionaire populations in Morocco.
Marrakech claimed the second spot among Moroccan cities on the list, with a high-net-worth individual growth rate of 55%, while Tangier followed closely behind at 33%.
Topping the list of the wealthiest cities is New York, which is the financial center of the United States and home to the world’s two largest stock exchanges. Tokyo comes in second place, despite having a lower number of millionaires compared to other cities on the list, due to being home to major companies like Hitachi, Honda, Mitsubishi, Softbank, and Sony.
The Bay Area, which includes San Francisco and Silicon Valley, took the third spot, thanks to being home to many of the world’s top tech companies, including Google (Alphabet), Facebook (Meta), and Apple.
London is the only European city on the list, ranking fourth, followed by Singapore, Los Angeles, Hong Kong, Beijing, Shanghai, and Sydney.
Dubai also maintained its “safe haven” status due to its low tax rates, making it an attractive destination for migrating millionaires, according to the report.
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