Morocco's Millionaire Club Soars, Cementing Its Status Among Africa's Wealthiest Nations

In an era marked by the concentration of wealth among a select few, Morocco has emerged as a burgeoning powerhouse, affirming its place among the "Big 5" wealthiest countries on the African continent. A recent report from the prestigious consultancy firm Henley and Partners (H&P) unveils a remarkable 35% surge in the number of high-net-worth individuals in the Kingdom from 2013 to 2023, the highest growth rate recorded among the elite "Big 5" wealth markets.

Released this week, the report vividly portrays Morocco's rising affluence, ranking the North African nation fifth among the continent's wealthiest countries, following economic powerhouses South Africa, Egypt, Nigeria, and Kenya. Together, these nations harbor an astounding 56% of Africa's high-net-worth individuals and an overwhelming 90% of the continent's billionaires.

A closer examination of the report's findings reveals Morocco's impressive statistics, with 6,800 millionaires, 32 centi-millionaires (individuals with a net worth exceeding $100 million), and four billionaires, firmly establishing it as a magnet for wealth and prosperity.

While South Africa leads with 37,400 millionaires, 102 centi-millionaires, and five billionaires, Egypt and Nigeria closely trail behind, underscoring Africa's diverse economic landscape.

Morocco particularly shines in urban affluence, with three cities – Casablanca, Marrakech, and Tangier – emerging as thriving hubs for high-net-worth individuals. Casablanca, the economic capital, stands out as the most attractive destination, hosting 3,200 millionaires, 10 centi-millionaires, and one billionaire.

Marrakech, renowned as the "Red City," follows closely with 1,400 millionaires, 12 centi-millionaires, and two billionaires, while Tangier, the Mediterranean gateway, holds its own with 1,000 millionaires, six centi-millionaires, and one billionaire.

Looking ahead, Henley and Partners predict an 80% increase in the number of high-net-worth individuals in Morocco, among other African nations, further solidifying the continent's emergence as a hub of wealth and prosperity.

As the global economic landscape evolves, Morocco's ascent stands as a testament to its resilience and ability to attract and nurture affluence. With its millionaire club soaring, the Kingdom proudly ranks among Africa's wealthiest nations, beckoning investors and entrepreneurs to explore the boundless opportunities it offers.