With its 6,800 millionaires, Morocco confirms its status as a key economic center

According to Henley & Partners, Morocco ranks 5th among African countries with the most millionaires. The cities of Tangier and Marrakech are experiencing exponential growth in millionaire populations, offering promising prospects for luxury real estate investment.

Africa, a continent long portrayed as a pit of poverty, is now revealing itself as an El Dorado for millionaires and billionaires around the world. According to Henley & Partners’ recent Africa Wealth Report 2024, total investable wealth in Africa currently stands at $2.5 trillion, while the millionaire population is expected to increase by 65% ​​over the next decade.

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The “Big 5” African wealth markets – South Africa, Egypt, Nigeria, Kenya and Morocco – account for 56% of the continent’s millionaires and more than 90% of its billionaires. Despite the difficult decade, South Africa is still the richest country with 37,400 millionaires, followed by Egypt with 15,600 millionaires. Morocco rises to 5th place with 6,800 millionaires, confirming its status as a key economic hub in North Africa.

At the urban level, Johannesburg leads the way with 12,300 millionaires, followed by Cairo, Nairobi and Lagos. However, the Moroccan cities of Tangier and Marrakech are among the most promising future destinations, with millionaires expected to grow by more than 85% by 2033.

Marrakesh, Tangier, Casablanca with their luxury real estate

Luxury real estate is a key sector to attract the ultra-rich. On the mainland, Cape Town dominates the market with prime residential properties priced at $5,600 per square metre. Marrakesh ($2,200/m2), Tangier ($1,600/m2) and Casablanca ($1,400/m2) are in the exclusive club of African cities with the most expensive real estate, offering lucrative opportunities for investors in this sector.

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From a strategic point of view, Morocco is ideally positioned to take advantage of this new situation. With relative political and economic stability, a privileged geographical position between Europe and Africa, as well as a growing tourist and real estate attraction, the Kingdom could attract even wealthier investors.

However, the success of this strategy will depend on Morocco’s ability to establish a robust regulatory framework and transparent governance, conducive to foreign investment, while protecting the interests of its citizens.