Morocco Ranks Third Wealthiest Country in Africa with 7,500 Millionaires
Marrakech, The Gulf Observer: Morocco has secured its position as the third wealthiest country in Africa, with approximately 7,500 millionaires, according to the Africa Wealth Report 2025 released Tuesday by international advisory firm Henley & Partners in collaboration with New World Wealth.
South Africa leads the continent with 41,100 millionaires, representing 34% of Africa’s wealthy individuals, followed by Egypt with 14,800. Nigeria and Kenya round out the top five, hosting 7,200 and 6,800 millionaires respectively.
Morocco’s high-net-worth population has grown by 40% over the past decade, making it one of the fastest-expanding wealth markets on the continent. Only Mauritius and Rwanda, with respective growth rates of 63% and 48%, surpassed Morocco’s performance.
The report highlights Morocco’s concentration of ultra-wealthy individuals, including 35 centi-millionaires (with assets over US$100 million) and four billionaires. Othman Benjelloun, President and CEO of Bank of Africa Group, tops the list with a fortune estimated at US$1.6 billion, followed by real estate magnate Anas Sefrioui.
Casablanca remains a key driver of Morocco’s financial strength, ranking ninth among Africa’s wealthiest cities with 2,900 millionaires, including 11 centi-millionaires and one billionaire. It is joined by Marrakech, which has seen significant momentum with 1,700 millionaire residents, 14 centi-millionaires, and two billionaires. Only Mauritius’ Black River district recorded faster millionaire growth at 105%.
In contrast, several African countries have experienced steep declines. Nigeria’s millionaire population fell by 47% over the past decade, while Angola and Algeria recorded decreases of 36% and 23% respectively.
The report underlines Africa’s evolving wealth dynamics, with the continent now hosting 25 billionaires, 348 centi-millionaires, and 122,500 millionaires. Projections suggest a 65% increase in Africa’s millionaire population over the next decade, supported by robust economic growth – with sub-Saharan Africa expected to expand by 3.7% in 2025 and 4.1% in 2026, outpacing both Europe and the United States.
Commenting on the findings, Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that “African investors are seeking greater global mobility and diversification, while international investors increasingly identify Africa as a destination for stable, long-term capital deployment.”
Chief Economist Jean Paul Fabri emphasized that the focus should extend beyond statistics: “The goal is to create an ecosystem where prosperity benefits everyone, circulates locally, and consolidates Africa’s role in the global wealth story.”
Looking forward, lifestyle destinations such as Marrakech are expected to drive future growth, with fintech, eco-tourism, green technology, healthcare, and wealth management emerging as key sectors. Morocco’s 40% surge in high-net-worth individuals reflects structural resilience, growing investor confidence, and economic diversification strategies.
Analysts note that Morocco’s integration into global financial networks could accelerate development in renewable energy, advanced manufacturing, and digital services, provided capital is directed toward productive investments. This trajectory positions Morocco as a rising economic power within the African continental framework.
