Morocco Ranks Among Top African Nations for Per Capita Wealth, New Report Shows

Morocco has a private wealth of $3,050 per person as of December 2020, making the kingdom one of the richest countries in Africa in terms of wealth per capita, according to the 4th edition of the Africa Wealth Report. It thus surpasses Egypt ($2,810). Mauritius remains the richest country in Africa in terms of wealth per capita, and by far ahead of South Africa ($10,310) and Namibia ($8,790).

The total private wealth held on the continent amounts to around $20,000 billion and Africa has about 125,000 millionaires. According to the Africa Wealth Report 2021, the five major wealth markets are: South Africa, Egypt, Nigeria, Morocco and Kenya. These countries account for more than 50% of Africa’s total wealth. This is all the private assets of individuals (property, cash, stocks, business interests) less their debts. This wealth has seen a 16% decline over the decade 2010-2020.

Private wealth and the number of wealthy people in Africa have seen a decline of around 9% in 2020 due to wage cuts, job losses and business closures, increased household debt and a weakening of the residential real estate market due to Covid-19, notes the Africa Wealth Report. However, good prospects are emerging. According to the report, individual wealth held in Africa could increase by 30% to reach $2.6 trillion by 2030. This will be the result of the progress of a portion of billionaires and multi-millionaires in countries like Ethiopia,