Morocco Ranks 5th in Africa with Nearly 7,000 Millionaires, Report Finds

With nearly 7,000 (6,800) millionaires, Morocco ranks fifth in this ranking of African countries with the most millionaires. South Africa (37,400 millionaires) tops the list, followed by Egypt (15,600), Nigeria and Kenya.

These five countries alone account for 56% of the continent’s millionaires and more than 90% of its billionaires. According to the recent "Africa Wealth Report 2024" by Henley & Partners, the number of millionaires in Africa should increase by 65% over the next decade.

By city, Johannesburg dominates the list with 12,300 millionaires, followed by Cairo, Nairobi and Lagos. The Moroccan cities of Tangier and Marrakech, where the most millionaires are currently concentrated, should be on the list within a decade. The number of millionaires in these two cities should increase by more than 85% by 2033.

These African millionaires are investing in luxury real estate, a promising sector on the continent, particularly in Cape Town where the square meter costs $5,600, in Marrakech ($2,200/m2), Tangier ($1,600/m2) and Casablanca ($1,400/m2). With its strategic geographical position between Europe and Africa, and its political stability, Morocco should be able to attract more investors in this sector.