Morocco rises as Africa’s third wealthiest nation with 7,500 millionaires

Wednesday 27 August 2025 - 07:50

By: Dakir Madiha

Morocco rises as Africa’s third wealthiest nation with 7,500 millionaires

Morocco has solidified its position as the third wealthiest nation in Africa, boasting approximately 7,500 millionaires, according to the Africa Wealth Report 2025 by Henley & Partners in collaboration with New World Wealth. This achievement highlights the country’s economic resilience and upward trajectory in wealth generation.

Wealth rankings in Africa

Trailing behind South Africa’s 41,100 millionaires and Egypt’s 14,800, Morocco outpaces Nigeria and Kenya, which host 7,200 and 6,800 millionaires respectively. Over the past decade, Morocco’s high-net-worth population has grown by an impressive 40%, making it one of the fastest-expanding wealth markets on the continent. Only Mauritius and Rwanda experienced higher growth rates during the same period, at 63% and 48%, respectively.

In addition to its millionaire population, Morocco is home to 35 centi-millionaires (individuals with over $100 million) and four billionaires. The wealthiest Moroccan, Othman Benjelloun, CEO of Bank of Africa Group, has a net worth estimated at $1.6 billion, followed by real estate mogul Anas Sefrioui.

Casablanca and Marrakech driving growth

Casablanca, Morocco’s economic capital, ranks ninth among African cities with 2,900 millionaires, including 11 centi-millionaires and one billionaire. South African cities dominate the list, claiming six of the top ten spots. Meanwhile, Marrakech has emerged as a significant wealth hub, with a 67% increase in its millionaire population over the past decade. The city now hosts 1,700 millionaires, 14 centi-millionaires, and two billionaires, making it Africa’s second-fastest growing millionaire hotspot after Mauritius’ Black River district.

Regional contrasts in wealth trends

While Morocco’s wealth has surged, other African nations have faced economic challenges. Nigeria’s millionaire population has contracted by 47%, while Angola and Algeria experienced declines of 36% and 23%, respectively. Despite these regional disparities, Africa’s overall wealth landscape is evolving. The continent currently hosts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, with projections indicating a 65% growth in its millionaire population by 2035.

Future drivers of wealth

The report underscores Morocco’s economic diversification and integration into global financial networks as critical factors behind its wealth expansion. Key industries such as fintech, eco-tourism, green technology, healthcare, and wealth management are expected to drive future growth. Additionally, lifestyle destinations like Marrakech are likely to attract further investments and high-net-worth individuals.

According to Dominic Volek, Group Head of Private Clients at Henley & Partners, Africa’s rising wealth presents opportunities for both local and international investors. Jean Paul Fabri, Chief Economist at Henley & Partners, emphasizes the importance of creating ecosystems that ensure wealth benefits local populations and strengthens Africa’s role in the global economy.

Morocco’s sustained growth reflects its structural economic resilience, positioning the country as an influential player in Africa’s wealth landscape and a growing force in sectors like renewable energy, advanced manufacturing, and digital services.