Morocco’s whole personal wealth quantities to $125 billion, and the nation has over 5,000 people with a internet price of greater than $1 million.
Though Morocco is residence to a few billionaires, it has fewer billionaires in comparison with Nigeria, South Africa, and Egypt, which have 4, 5, and 7 billionaires, respectively.
Regardless of having fewer billionaires than another African international locations, Morocco nonetheless ranks fifth in Africa for residing requirements and personal wealth, with a wealth per capita of $7,880.
This locations the nation forward of Nigeria, Africa’s largest economic system, by 5 spots.
Whereas the mixed internet price of Morocco’s prime 5 richest folks has declined considerably lately, their rankings have remained unchanged, with no new entrants to the checklist. However, Morocco is predicted to expertise a fast improve in personal wealth, making it one of many fastest-growing personal wealth markets on the African continent.
In line with a report by Henley & Companions, Morocco is one among Africa’s prime 5 personal wealth markets, accounting for greater than 50 % of the continent’s whole wealth.
The nation has seen a formidable ten-year development fee of 18 %.
Nevertheless, this development has not translated into a major improve within the internet price of the nation’s wealthiest people, reminiscent of King Mohammed VI who ranks as Africa’s wealthiest monarch, and the nation’s Prime Minister Aziz Akhannouch.
#1 King Mohammed VI
Internet price: $2 billion
King Mohammed VI, the wealthiest monarch in Africa and ruler of Morocco, is among the many most prosperous people in North Africa, with a internet price of $2 billion.
King Mohammed’s major supply of wealth comes from his possession of key stakes in firms he inherited from his late father, King Hassan.
He inherited a 35-percent stake in Societe Nationale d’Investissement, a prime holding firm with pursuits in quite a few publicly traded firms, together with Attijariwafa, the nation’s largest financial institution.
#2 Aziz Akhannouch
Internet price: $1.5 billion
Aziz Akhannouch is a Moroccan businessman and the nation’s prime minister since September 2021. His fortune is derived from the Akwa Group, a Moroccan conglomerate with oil and gasoline investments.
Moreover, the corporate has holdings in different industries reminiscent of telecommunications, tourism, inns, and actual property, and operates beneath the Afriquia model in its service stations.
Akhannouch’s internet price stands at $1.5 billion, rating him among the many richest folks in Africa.
#3 Othman Benjelloun
Internet price: $1.3 billion
In line with Forbes, Othman Benjelloun, a Moroccan enterprise magnate, has a internet price of $1.3 billion. He’s famend for his position in co-founding BMCE Financial institution of Africa, the place he presently serves because the chairman and CEO.
In 1988, Benjelloun took over RMA, a Moroccan insurance coverage firm by which his father held a major stake, and subsequently diversified the enterprise by venturing into the banking sector.
BMCE Financial institution, Benjelloun’s banking enterprise, now operates in at the least 12 African international locations after its acquisition of the Mali-based Financial institution of Africa.
#4 Anas Sefrioui
Internet price: $1.1 billion (2017)
Supply: Actual Property
Anas Sefrioui, a Moroccan businessman who left secondary faculty to help his father, Haj Abdeslam Sefrioui, in creating skincare merchandise, has amassed his wealth by means of the development of residential and industrial actual property throughout Morocco.
A major fraction of Sefrioui’s internet price is derived from his curiosity in Groupe Addoha, a publicly-traded actual property improvement agency, by means of which he secures contracts and conducts enterprise operations.
As of the time of writing, his stake within the firm has a market worth of $220 million.
5. Alami Lazraq
Internet price: $450 million (2013)
Supply: Actual Property
Alami Lazraq is the first shareholder in Alliances Developpement Immobiliere (ADI), the publicly listed subsidiary of Alliances Group, Morocco’s largest developer of houses and inns.
Lazraq established Alliances Group in 1994 with the purpose of offering development and actual property providers whereas creating inexpensive middle- and low-income housing for Moroccan households.
Forbes reported his internet price at $450 million in 2013. His stake in ADI now has a market worth of $57 million, establishing him as one of many richest traders on the Casablanca bourse.