A recent report titled "Wealth in Africa 2026" published by the wealth analysis and consulting firm New World Wealth reveals that Morocco has ascended to the third position in Africa in terms of the number of millionaires. This advancement solidifies Morocco's status among the top five African countries attracting wealth.
According to the report, the number of millionaires in Morocco stands at approximately 8,300 individuals, narrowly surpassing Nigeria, which boasts around 8,100 millionaires. South Africa leads the rankings with 48,200 millionaires, followed by Egypt with 15,100 millionaires, and then Morocco, with Kenya coming in fifth with about 6,500 millionaires.
Morocco's progress is not limited to the sheer number of wealthy individuals; the country has recorded the highest growth rate of millionaires among the five leading nations over the past decade, reaching an impressive 55 percent. This growth rate significantly outpaces that of South Africa, where the number of millionaires increased by just 10 percent, and Kenya, which saw a rise of 16 percent. Conversely, Egypt and Nigeria experienced declines in their millionaire populations by 14 and 33 percent, respectively.
The report attributes this downturn primarily to the depreciation of the Egyptian pound and the Nigerian naira against the US dollar, as the classification of millionaires is based on wealth valued in US currency.
Casablanca Leads Morocco's Wealth Landscape
On an urban level, three Moroccan cities have emerged as key centers of wealth, with Casablanca leading the charge, hosting around 2,800 millionaires. This presence underscores the city’s position as the economic capital of the kingdom, given its hosting of the stock exchange, major banking groups, and the phosphate conglomerate, along with the Casablanca Finance City, which is a significant component of the city's financial and economic framework.
Marrakech has also emerged as one of the fastest-growing wealth hotspots on the continent, with the number of wealthy individuals increasing by 82 percent over the past decade, driven by its tourist and investment appeal. Similarly, Tangier has recorded a growth of 42 percent in its millionaire population, benefiting from its status as an industrial and logistical hub, complemented by the role of the Tangier-Med Port and free zones in enhancing the city’s attractiveness for investments and business.
This data illustrates Morocco's growing presence on the African wealth map, both in terms of the number of millionaires and the rapid growth of its wealthy population, with Casablanca, Marrakech, and Tangier emerging as pivotal centers for this expansion.
As reported by ar.industries.ma.
