Morocco Ranks 113th in 2024 World Citizenship Report
Morocco has secured the 113th spot among 188 nations in the latest 2024 World Citizenship Report, published by consultancy CS Global Partners. This comprehensive report evaluates countries based on five key motivators for high-net-worth individuals (HNWIs): safety, economic opportunity, quality of life, global mobility, and financial freedom.
Financial Freedom: Morocco's Strongest Suit
Morocco achieved its highest ranking in the Financial Freedom subindex, where it placed 88th. This position reflects the country's relatively favorable conditions for financial and investment opportunities, offering a degree of economic stability that appeals to investors and entrepreneurs.
Moderate Economic Prospects
In the Economic Opportunity subindex, Morocco ranked 95th. This suggests that while the country provides reasonable prospects for business and economic growth, there is still room for improvement to become more competitive on a global scale.
Safety and Security Concerns
The Safety and Security subindex saw Morocco ranked 107th. This indicates moderate concerns among both citizens and expatriates regarding personal safety and political stability, factors that are critical for attracting and retaining HNWIs.
Quality of Life and Environmental Challenges
Morocco's ranking in the Quality of Life subindex was less impressive, coming in at 115th. This subindex takes into account factors such as healthcare, environmental sustainability, and economic competitiveness. The low ranking highlights the challenges Morocco faces in these areas, which are increasingly important to global citizens.
Global Mobility: Moderate Ease of Travel
In terms of Global Mobility, Morocco ranked 94th, reflecting moderate ease of travel and migration for Moroccan citizens. This indicates that while Moroccans have some degree of freedom in international movement, there are still limitations compared to higher-ranking nations.
Global Trends and Insights
The 2024 report underscores the growing importance of Quality of Life, with 36% of HNWIs considering it a crucial factor when evaluating citizenship options. Countries like Monaco, Denmark, and Hong Kong have excelled in this category due to their high standards of living and comprehensive social benefits.
Healthcare, environmental sustainability, and economic competitiveness are pivotal in improving quality of life. These factors are driving many HNWIs to seek citizenship in countries that better meet these needs.
The report also aligns with broader socio-economic trends observed in large countries like the United States, Canada, China, South Africa, and India. In these nations, socio-economic issues often become more pronounced during election years, influencing public sentiment and policy priorities.
Economic Context and Inflation Trends
The report notes a gradual reduction in living costs compared to the previous year. For instance, the UK saw a decrease in consumer price inflation to 3.2%, the lowest in two and a half years. Similarly, India experienced a steady decline in inflation over recent months, while the U.S. saw inflation fall to around 3% in 2024, down from a peak of 9.1% in 2022.
However, quality of life considerations extend beyond financial metrics. Environmental sustainability, highlighted by agreements like COP-28 and climate resilience initiatives in regions such as the Caribbean, remains a crucial element.
In conclusion, while Morocco shows strengths in financial freedom and moderate economic opportunities, it faces significant challenges in safety, quality of life, and global mobility. Addressing these issues could enhance its attractiveness to high-net-worth individuals seeking new citizenship opportunities.