Morocco’s total private wealth amounts to $125 billion, and the country has over 5,000 individuals with a net worth of more than $1 million.

Although Morocco is home to three billionaires, it has fewer billionaires compared to Nigeria, South Africa, and Egypt, which have four, five, and seven billionaires, respectively.

Despite having fewer billionaires than some other African countries, Morocco still ranks fifth in Africa for living standards and private wealth, with a wealth per capita of $7,880.

This places the country ahead of Nigeria, Africa’s largest economy, by five spots.

While the combined net worth of Morocco’s top five richest people has declined significantly in recent years, their rankings have remained unchanged, with no new entrants to the list. Nevertheless, Morocco is expected to experience a rapid increase in private wealth, making it one of the fastest-growing private wealth markets on the African continent.

According to a report by Henley & Partners, Morocco is one of Africa’s top five private wealth markets, accounting for more than 50 percent of the continent’s total wealth.

The country has seen an impressive ten-year growth rate of 18 percent.

However, this growth has not translated into a significant increase in the net worth of the country’s wealthiest individuals, such as King Mohammed VI who ranks as Africa’s wealthiest monarch, and the country’s Prime Minister Aziz Akhannouch.

#1 King Mohammed VI

Net worth: $2 billion

Source: Inheritance

King Mohammed VI, the wealthiest monarch in Africa and ruler of Morocco, is among the most affluent individuals in North Africa, with a net worth of $2 billion.

King Mohammed’s primary source of wealth comes from his ownership of key stakes in companies he inherited from his late father, King Hassan.

He inherited a 35-percent stake in Societe Nationale d’Investissement, a top holding company with interests in numerous publicly traded companies, including Attijariwafa, the country’s largest bank.

#2 Aziz Akhannouch

Net worth: $1.5 billion

Source: Diversified

Aziz Akhannouch is a Moroccan businessman and the country’s prime minister since September 2021. His fortune is derived from the Akwa Group, a Moroccan conglomerate with oil and gas investments.

Additionally, the company has holdings in other industries such as telecommunications, tourism, hotels, and real estate, and operates under the Afriquia brand in its service stations.

Akhannouch’s net worth stands at $1.5 billion, ranking him among the richest people in Africa.

#3 Othman Benjelloun

Net worth: $1.3 billion

Source: Banking

According to Forbes, Othman Benjelloun, a Moroccan business magnate, has a net worth of $1.3 billion. He is renowned for his role in co-founding BMCE Bank of Africa, where he presently serves as the chairman and CEO.

In 1988, Benjelloun took over RMA, a Moroccan insurance company in which his father held a significant stake, and subsequently diversified the business by venturing into the banking sector.

BMCE Bank, Benjelloun’s banking enterprise, now operates in at least 12 African countries after its acquisition of the Mali-based Bank of Africa.

#4 Anas Sefrioui

Net worth: $1.1 billion (2017)

Source: Real Estate

Anas Sefrioui, a Moroccan businessman who left secondary school to assist his father, Haj Abdeslam Sefrioui, in creating skincare products, has amassed his wealth through the construction of residential and commercial real estate across Morocco.

A significant fraction of Sefrioui’s net worth is derived from his interest in Groupe Addoha, a publicly-traded real estate development firm, through which he secures contracts and conducts business operations.

As of the time of writing, his stake in the company has a market value of $220 million.

5. Alami Lazraq

Net worth: $450 million (2013)

Source: Real Estate

Alami Lazraq is the primary shareholder in Alliances Developpement Immobiliere (ADI), the publicly listed subsidiary of Alliances Group, Morocco’s largest developer of homes and hotels.

Lazraq established Alliances Group in 1994 with the goal of providing construction and real estate services while creating affordable middle- and low-income housing for Moroccan households.

Forbes reported his net worth at $450 million in 2013. His stake in ADI now has a market value of $57 million, establishing him as one of the richest investors on the Casablanca bourse.

Watch the latest edition of BizTech and Biz Headlines below:

Watch the latest edition of Business Moments below: