Morocco on the list of the 5 richest countries
In Africa, Morocco is one of the five countries with the most wealth. The country thus concentrates the largest number of millionaires and billionaires according to a report by the firm Henley & Partners published on Tuesday, April 26.
South Africa, Egypt, Nigeria, Kenya, and Morocco concentrate no less than 50% of the total wealth in Africa, says a report by the firm Henley & Partners, noting that the private wealth currently held on the continent totals $2.1 trillion.
According to the same report, fortunes will increase by 38% over the next ten years, while 136,000 people living in Africa currently have a colossal fortune with a private wealth of 1 million dollars or more.
Going back to Morocco, the country is ranked in the report by Henley and Partners, in 4th place among the countries that concentrate the largest number of rich people, with “total wealth” (private wealth held by all individuals living in a country) estimated at 125 billion dollars, just after Nigeria and ahead of Kenya.
Regarding the distribution of wealth by city in Morocco, three Moroccan cities appear on the list of the richest African cities. First of all, there is Casablanca, the economic capital of the Kingdom, ahead of Marrakech, the center of world tourism, and finally Tangier, the pearl of the Strait.
Contrary to preconceived ideas, the luxury market is highly developed in Africa with a strong presence of the biggest brands. Indeed, luxury hotels, watchmakers, private jets, yachts and luxury car dealerships have largely contributed to the development of sales in three countries in particular. Morocco is part of it in the same way as South Africa, the continent’s leading power, and Kenya. However, the 10-year growth rate remains negative in terms of total wealth, especially for the Kingdom, the report says.
Despite the harshness of its last 10 years, the report predicts strong growth in private wealth of more than 50% in particular in Kenya, Morocco, Mozambique and Zambia over the next 10 years.
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