Morocco emerges as African wealth hub despite persistent inequality

Morocco has solidified its position among Africa’s leading wealth centers with 7,500 millionaires, representing a 40 percent increase over the past decade, according to the Africa Wealth Report published recently. This growth trajectory places the kingdom third continentally, behind South Africa’s 41,100 millionaires, Egypt’s 14,800, and ahead of Nigeria’s 7,200 wealthy individuals.

Casablanca remains Morocco’s primary wealth concentration with 2,900 millionaires, ranking ninth among African cities. Marrakech demonstrates exceptional dynamism with a 67 percent surge in high-net-worth individuals over ten years, signaling wealth distribution beyond traditional metropolitan centers. These five leading African nations collectively account for 63 percent of the continent’s millionaires and 88 percent of its billionaires.

Morocco’s wealth accumulation stems from multiple factors including political stability, enhanced port and industrial infrastructure, and export diversification across agriculture, phosphates, automotive, and aerospace sectors. Renewable energy development through wind and solar projects, combined with foreign investment incentives, creates favorable conditions for capital formation. International investors increasingly target Moroccan luxury real estate, premium tourism, and financial services, while investment migration programs attract global wealth.

However, this prosperity coexists with significant inequality challenges. Despite reducing multidimensional poverty from 11.9 percent in 2014 to 6.8 percent in 2024—lifting 1.5 million people from poverty according to the High Planning Commission—social disparities persist. The Gini coefficient rose from 39.5 percent in 2014 to 40.5 percent in 2022, indicating widening economic gaps.

The wealthiest 20 percent control nearly half of household consumption while the poorest quintile manages only 7 percent. Rural regions like Béni Mellal-Khénifra and Fès-Meknès lag significantly behind urban centers, highlighting the imperative for inclusive growth strategies that ensure broader prosperity distribution.