Morocco is currently home to Africa’s third-largest luxury market, with a total of $125 billion in private wealth, says a new report from the consulting firm Henley & Partners.
In terms of the number of luxury brand store and dealership locations present in Morocco, the report ranks the country in third place following South Africa, and Kenya.
Titled “Africa Wealth Report,” the publication indicates that Morocco is home to an extensive list of luxury brands, including dealership locations for luxury vehicles such as Porsche, Bentley, and Aston Martin.
The report breakdown shows the state of private wealth in Africa, detailing that Morocco is home to 5,000 individuals with a net worth of $1 million or more. The North African country is also home to 220 multi-millionaires with a net worth of at least $10 million.
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In addition, Morocco holds 22 of Africa’s centi-millionaires, individuals with a net worth of $100 million with some exceeding that figure, and three of Africa’s 21 billionaires.
The report also features two Moroccan cities on the list of the wealthiest cities in Africa. Casablanca ranked eighth with a total private wealth of $43 billion, and Marrakech landed 17th place with a total private wealth of $12 billion.
The report explains that private wealth in Africa is largely represented by only five countries, with South Africa, Egypt, Nigeria, Morocco, and Kenya accounting for over 50% of Africa’s total private wealth.
Private wealth in Morocco has maintained positive growth trends over the past 10 years, the report data shows. Over the course of the past decade, private wealth in North African country grew by an average of 18%. Henley & Partners predicts a 38% growth in private wealth on the continent by 2031.
SOURCE: Morocco news