Morocco's Growing Wealth Landscape
Morocco has made significant strides in the African wealth landscape, now boasting a remarkable tally of approximately 8,300 millionaires. This positions the country third on the continent, trailing only behind South Africa and Egypt, and ahead of Nigeria and Kenya, according to the Africa Wealth Report 2026. The data reveals that while Morocco's millionaire count is impressive, it still lags considerably behind South Africa, which has around 48,200 millionaires, and Egypt with 15,100. Notably, Morocco has surpassed Nigeria, which counts 8,100 millionaires, while Kenya follows closely with about 6,500.
Rapid Growth and Economic Development
What stands out in the report is not just Morocco's numerical position but the rapid growth it has experienced during the specified period. The number of wealthy individuals in Morocco has surged by an astonishing 55%, marking the highest growth rate among the top five countries in the ranking. In stark contrast, South Africa's increase was limited to just 10%, while Kenya saw a 16% rise. Conversely, Egypt experienced a decline of 14%, and Nigeria faced a drastic drop of 33% in the number of millionaires.
Within Morocco, Casablanca continues to hold its status as the primary hub of wealth, housing approximately 2,800 millionaires, bolstered by its economic and financial strength and its pivotal role in commercial and investment activities. Marrakech, however, has demonstrated the most significant growth, with an impressive increase of 82% over the last decade, compared to 42% in Tangier. This growth is largely due to the expansion of sectors such as tourism, real estate, industry, logistics, and foreign investments, all contributing to this dynamic shift.
These figures highlight a transformation in the distribution of wealth within Morocco, with Casablanca maintaining its role as the economic capital while other cities like Marrakech and Tangier emerge as burgeoning centers for attraction, investment, and wealth accumulation.
As reported by hnews.ma.
