Morocco has cemented its position as the third wealthiest nation in Africa, boasting an estimated 7,500 millionaires, according to the Africa Wealth Report 2025, published by Henley & Partners in collaboration with New World Wealth.
The North African country ranks just behind South Africa, which leads the continent with 41,100 millionaires, representing 34% of Africa’s affluent population, and Egypt, with 14,800 millionaires. Completing the top five are Nigeria and Kenya, home to 7,200 and 6,800 millionaires, respectively.
Over the past decade, Morocco’s high-net-worth population has surged by 40%, making it one of Africa’s fastest-growing wealth markets. Only Mauritius and Rwanda recorded higher growth rates during the same period, at 63% and 48%, respectively.
Ultra-Wealthy Individuals in Morocco
Morocco is also home to 35 centi-millionaires (individuals with over $100 million) and four billionaires. Leading the nation’s wealth rankings is Othman Benjelloun, president and CEO of Bank of Africa Group, with an estimated fortune of $1.6 billion, followed closely by real estate mogul Anas Sefrioui.
The economic capital, Casablanca, reinforces Morocco’s wealth status, ranking ninth among African cities with 2,900 millionaires, including 11 centi-millionaires and one billionaire. Meanwhile, Marrakech is emerging as another key wealth hub, recording a 67% increase in millionaire residents over the past decade, totaling 1,700 millionaires, including 14 centi-millionaires and two billionaires. Only Mauritius’ Black River district has seen stronger growth at 105%.
Africa’s Wealth Landscape
The rise in Morocco’s wealthy population contrasts with declines in other African nations. Nigeria, once a continental economic powerhouse, saw its millionaire population shrink by 47%, while Angola and Algeria experienced decreases of 36% and 23%, respectively.
Overall, Africa is witnessing a rapid transformation in its wealth distribution. The continent currently hosts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, with projections suggesting a 65% growth in millionaires over the next decade. This growth is supported by robust economic forecasts, with sub-Saharan Africa expected to expand by 3.7% in 2025 and 4.1% in 2026, outpacing Europe (0.7%) and the United States (1.4%).
Driving Morocco’s Wealth Growth
Experts highlight that lifestyle and investment destinations like Marrakech are crucial in driving wealth creation. Key sectors expected to fuel Morocco’s expansion include:
- Fintech
- Eco-tourism
- Green technology
- Healthcare
- Wealth management
Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that investment migration now flows in both directions. “African investors are seeking global mobility and diversification, while international investors increasingly view Africa as a stable, long-term investment destination,” he explains.
Jean Paul Fabri, Chief Economist at Henley & Partners, adds: “The challenge is not only counting millionaires but creating ecosystems where prosperity circulates locally and strengthens Africa’s role in the global wealth story.”
Economic Resilience and Future Outlook
Morocco’s wealth growth reflects a resilient economy amid regional volatility, signaling increased capital formation, enhanced investor confidence, and successful economic diversification strategies. Integration into global financial networks is likely to accelerate development in renewable energy, advanced manufacturing, and digital services, provided capital is channeled toward productive investments rather than speculative ventures.
This trajectory positions Morocco as a rising economic powerhouse in Africa, with the country’s growing high-net-worth population contributing to broader development and prosperity across the continent.
Read also: Study: It Takes 215 Years of Work to Earn a Million Dollars in Morocco
