Morocco becomes Africa’s third-largest millionaire hub as wealth growth accelerates

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By: Azzat Manal

Morocco becomes Africa’s third-largest millionaire hub as wealth growth accelerates

Morocco has strengthened its position among Africa’s leading wealth markets, ranking third on the continent by the number of millionaires, according to the 2026 Africa Wealth Report by New World Wealth.

The report, which tracks private wealth across African markets, estimates that total liquid private wealth on the continent surpassed $3 trillion by the end of June 2026. Against this backdrop, Morocco stood out for the pace at which its millionaire population has expanded, recording one of the strongest growth rates among Africa’s major wealth centers.

South Africa remains Africa’s largest concentration of wealthy individuals, with approximately 48,200 millionaires, followed by Egypt with 15,100. Morocco moved into third place with around 8,300 millionaires, narrowly ahead of Nigeria, which recorded about 8,100. Kenya completed the continent’s top five with approximately 6,500 millionaires.

Morocco’s position represents a significant improvement from previous editions of the report. The country ranked fifth in 2024 before rising to third in 2025, when it was estimated to have around 7,500 millionaires.

The country’s strongest performance comes from the pace of wealth creation. Morocco recorded a 55% increase in its millionaire population, the highest growth rate among the five leading African markets. By comparison, South Africa posted growth of 10%, while Kenya registered 16%. Egypt and Nigeria experienced declines of 14% and 33%, respectively.

Currency depreciation has been identified as an important factor behind the declines recorded in Egypt and Nigeria, as the value of the Egyptian pound and Nigerian naira weakened against the U.S. dollar. Because the report measures wealth in dollar terms, exchange-rate movements can reduce the number of people crossing the $1 million threshold even when the underlying value of locally denominated assets does not fall by the same proportion.

Morocco’s growing wealth is concentrated in several major urban centers, particularly Casablanca, Marrakech and Tangier. Casablanca remains the country’s leading financial hub, supported by its stock exchange, major banking groups, OCP and Casablanca Finance City, which has positioned the city as an important link between European and African investment markets. The city is estimated to be home to roughly 2,800 millionaires.

Marrakech has also emerged as a major wealth and luxury destination, benefiting from high-end tourism, international hospitality and growing interest from affluent investors and retirees. The city recorded an estimated 82% increase in wealth over the past decade, making it one of Africa’s fastest-growing wealth centers.

Tangier, meanwhile, is benefiting from its industrial and logistics infrastructure, particularly Tanger Med port and its expanding automotive, aerospace and textile industries. The city’s wealth increased by an estimated 42% over the past decade and is expected to maintain strong momentum in the years ahead.

Across Africa, the report estimates that there were approximately 127,100 millionaires, 374 centi-millionaires and 28 billionaires as of June 2026. The continent’s millionaire population grew by only around 6% overall, highlighting the exceptional pace of Morocco’s expansion.

Although Morocco accounts for roughly 6.5% of Africa’s millionaire population, its rapid growth places it among the continent’s most dynamic wealth markets. The figures suggest that Morocco’s importance in Africa’s private wealth landscape is increasingly linked not only to the size of its affluent population, but also to its ability to generate new wealth through finance, industry, real estate, tourism and international investment.