Morocco’s number of ultra-high-net-worth individuals rises to 432

17:05

By: Azzat Manal

Morocco’s number of ultra-high-net-worth individuals rises to 432

Morocco has recorded a significant increase in the number of ultra-high-net-worth individuals over the past five years, highlighting the gradual expansion of private wealth in the country despite the considerable gap separating Morocco from the world’s major wealth hubs.

According to the 2026 Wealth Report by Knight Frank, the number of Moroccan individuals with a net worth exceeding $30 million rose from 305 in 2021 to 432 in 2026. This represents an increase of 41.6% over five years, placing Morocco above the global average growth rate of 29.4%.

The report’s projections point to further expansion. The number of ultra-high-net-worth individuals in Morocco is expected to reach approximately 550 by 2031, representing an additional increase of 27.3% from the 2026 level.

Based on these growth projections, Morocco is expected to rank around 15th among the 44 countries covered by the report in terms of the anticipated increase in this wealth category over the next five years. The projected global growth rate for the same period stands at 32.9%.

Morocco does not appear in the report’s shorter ranking of the world’s fastest-growing markets for ultra-high-net-worth individuals. This is largely linked to the methodology used for that particular ranking, which includes countries expected to have more than 500 individuals in this category by 2026.

Indonesia topped that list with growth of 82%, followed by Saudi Arabia and Poland, each recording a 63% increase. Morocco’s position is instead derived from the broader statistical table covering 44 countries.

Knight Frank defines ultra-high-net-worth individuals as people with net assets above $30 million, a category that is distinct from billionaires. The available country-level data do not provide a separate estimate of the number of Moroccan billionaires because the report only includes countries with more than five billionaires in its relevant projections.

The growth therefore primarily reflects an expanding population of wealthy individuals rather than a confirmed increase in the number of billionaires.

Across Africa, the number of ultra-high-net-worth individuals increased from 6,275 in 2021 to 7,322 in 2026, representing growth of approximately 16.7%. The figure is projected to reach 8,412 by 2031, adding another 14.9% over the following five years.

Despite this expansion, Africa’s share of the global ultra-high-net-worth population has declined slightly, from 1.1% in 2021 to 1% in 2026, and is projected to fall to 0.9% by 2031. North America and the Asia-Pacific region continue to account for much larger proportions of the world’s wealthy population.

The number of African billionaires has nevertheless increased, rising from 18 in 2021 to 27 in 2026. Knight Frank expects the figure to reach 37 by 2031, which would lift Africa’s share of the global billionaire population from 0.7% to 0.9%.

South Africa remains one of the continent’s most prominent wealth centers. Its number of ultra-high-net-worth individuals increased from 1,047 to 1,347 between 2021 and 2026, a rise of 28.7%. The figure is expected to reach 1,564 by 2031.

Egypt, meanwhile, recorded more modest growth. Its ultra-high-net-worth population increased from 802 to 822 between 2021 and 2026, equivalent to a 2.5% rise. The number is nevertheless projected to reach 977 by 2031, representing growth of 18.9% from the 2026 level.

At the global level, Knight Frank’s 20th Wealth Report shows a substantial expansion in the number of ultra-high-net-worth individuals. Their worldwide population grew from 551,435 in 2021 to 713,626 in 2026, an increase of more than 162,000 people over five years.

The report forecasts that the global total could reach approximately 948,241 by 2031, indicating that the expansion of private wealth is expected to continue during the coming years.

The United States has been the largest contributor to this global increase, accounting for 41% of the overall rise in the number of ultra-high-net-worth individuals between 2021 and 2026. China remains the second-largest wealth-generating center, although its share of the global total declined from 18% to 17% during the same period.

For Morocco, the figures point to a relatively rapid expansion in the country’s wealthy population. However, the absolute number remains small compared with established global wealth centers. The projected increase to around 550 ultra-high-net-worth individuals by 2031 nevertheless suggests that private wealth is continuing to expand and gradually reshape Morocco’s domestic wealth landscape.