Morocco’s Prime Minister Akhannouch Ranks 14th on Forbes Africa Rich List

Aziz Akhannouch, 63, and Othmane Benjelloun, 92, remain the two Moroccans present in the top 20 of the largest African fortunes. With an estimated fortune of $1.7 billion in January 2024, higher than his estimated fortune of $1.5 billion in 2023, he occupies the 14th place on the Forbes list. The head of government, who has "withdrawn from any management of the family holding company," "holds interests in oil, gas and chemicals through the listed companies Afriquia Gaz and Maghreb Oxygène," as the majority owner of the Akwa Group, a multi-billion dollar conglomerate founded by his father and a partner, Ahmed Wakrim, in 1932.

Akhannouch is followed by his compatriot Othman Benjelloun. The CEO of BMCE Bank of Africa, a bank present in more than 20 African countries, accumulates $1.4 billion in January 2024 against $1.3 billion in 2023, an increase of $100 million. Forbes reports that his father was a shareholder of RMA, a Moroccan insurance company, which Benjelloun has transformed into a leading insurer. He holds, through his FinanceCom holding company, a stake in the Moroccan branch of the French telecommunications company, Orange.

"The fortunes of Africa’s wealthiest people have rebounded slightly over the past 12 months, reversing the decline in their wealth a year ago," notes the American economic magazine. However, they remain below their historical highs. The 20 billionaires on the Forbes 2024 list of the richest in Africa total $82.4 billion, up from $81.5 billion in 2023, an increase of $900 million.