In Casablanca, 2,800 individuals have wealth exceeding $1 million

As soon as Africa is mentioned, the cliché of poverty, hunger and discrimination comes to the surface. However, it is time to change this stereotype. The Africa Wealth Report 2024, published by global consultancy Henley and Partners, offers an in-depth read on the continent’s wealthiest countries and cities.

Indeed, the report reveals that Morocco ranks fifth in Africa for the number of people whose wealth exceeds one million US dollars, with about 6,800 individuals. In addition, it ranks third in the number of billionaires, with four people whose wealth exceeds one billion dollars.

In the same sense, Morocco is the third in Africa for the number of people whose total wealth exceeds 100 million dollars, after South Africa and Egypt, with about 32 people in the kingdom. The number of wealthy people in Morocco increased by 35% between 2013 and 2023.

Leading the group, South Africa is the first on the continent in the number of people whose wealth exceeds $1 million, or $100 million, despite a 20% decrease in their number in the country over the past decade. The pharaohs dominate the list of billionaires, with seven people, although wealth in this country fell by 22% between 2013 and 2023.

In short, Africa has more than 135,000 millionaires and 21 billionaires, as well as 342 individuals whose wealth exceeds US$100 million. They hold an estimated total wealth of around $2.5 trillion. The report predicts a 65% increase in the number of millionaires on the black continent over the next decade, supported by strong growth in several key sectors, such as technology, tourism, mining, green technology and media.

In this sense, the economic capital of Morocco ranks ninth in Africa for cities with the largest number of people whose net worth exceeds one million dollars, with about 2,800 wealthy people. The number of wealthy people in Casablanca has increased by 24% in the past decade. The city of Marrakesh is in 13th place, with 1,400 millionaires, while Tangier is in 17th place in Africa in this regard.

The current year’s Africa Wealth Report also reveals a 65% increase in the number of wealthy people in Marrakech over the past decade, making it one of the fastest growing African cities in the area. The cities of Tangier and Casablanca recorded an increase in the number of wealthy people by 42% and 24%, respectively.

The same report predicts that Morocco, along with other countries such as Kenya, Zambia, Uganda and Rwanda, will experience an 80% increase in the number of wealthy people by 2033. However, it indicates that the performance of millionaires in Africa has been relatively weak over the past decade compared to the rest of the world, due to weak growth in Africa’s three largest markets, namely South Africa, Egypt and Nigeria.