Wealth: Morocco ranks 5th in Africa with 6800 millionaires, says a report

Morocco is home to 6,800 millionaires, positioning the country as the fifth highest in terms of the number of millionaires across Africa, according to the 2024 Africa Wealth Report.

The Kingdom took the third spot in Africa for individuals whose wealth surpasses $100 million, trailing behind South Africa and Egypt, with around 32 individuals in Morocco.

The report also highlighted that the count of affluent individuals in the country surged by 35% from 2013 to 2023.

South Africa held the top spot on the continent for individuals with wealth exceeding one million and 100 million dollars, despite experiencing a 20% drop in their numbers over the past decade.

Egypt, on the other hand, led in the number of billionaires, with seven individuals, although the country’s wealth dropped by 22% within the same period.

In total, the continent boasted more than 135,000 millionaires and 21 billionaires, alongside 342 individuals with wealth exceeding $100 million. These individuals, collectively,  hold an estimated total wealth of around $2.5 trillion.

The report expected a 65% rise in the number of millionaires across the continent over the next decade, driven by robust growth in sectors such as technology, tourism, mining, green technologies, and media.

The same source mentioned that Casablanca, experiencing a 24% rise in affluent individuals, ranked ninth in the continent among cities with the highest number of individuals with a net worth surpassing one million dollars. The city is home to approximately 2,800 wealthy individuals.

Marrakech, which witnessed a 65% increase in the number of wealthy individuals over the past decade, ranked 13th with 1,400 millionaires. Tangier, experiencing a 42% increase in affluent people, held the 17th spot in Africa.

The same report anticipated that Morocco, along with other countries such as Kenya, Zambia, Uganda, and Rwanda, will experience an 80 % surge in the number of wealthy individuals by 2033.

However, it noted relatively weak performance among millionaires in Africa compared to the rest of the world over the past decade, attributed to slow growth in the continent’s top three markets, namely South Africa, Egypt, and Nigeria.