Morocco Ranks 5th in Africa with 5,800 Millionaires, New Wealth Report Shows

The investment migration consulting firm Henley & Partners has published its annual ranking of African countries with the most wealthy residents in its Africa Wealth Report, covering the last decade (2012-2022). With 5,800 millionaires, Morocco is the fifth richest country in Africa. It outpaces Algeria, which takes 7th place with 2,800 millionaires. With 37,800 millionaires, South Africa is by far the leader in the top 10 richest countries in Africa in terms of wealthy residents. It is followed by Egypt (16,100 millionaires) and Nigeria (9,800). Kenya climbs to fourth place with 7,700 millionaires, while Mauritius takes 6th place with 4,900 millionaires. Ethiopia occupies 8th place with 2,700 millionaires. Ghana (2,600) and Tanzania complete the top 10.

According to the Africa Wealth report, the total number of wealthy people in Africa has fallen by 12% over the past decade (2012-2022), mainly due to the weak growth of the three largest African markets, South Africa, Egypt and Nigeria. With a 72% growth in the number of millionaires, Rwanda has been the best performing market in Africa over the period. It is followed by Mauritius, the Seychelles, Uganda and the Democratic Republic of Congo (DRC). The populations of wealthy individuals in Morocco and Kenya have also experienced solid growth.