According to Henley & Partners, Morocco ranks 5th among African countries with the most millionaires. The cities of Tangier and Marrakech are experiencing exponential growth in the millionaire population, offering promising prospects for investments in luxury real estate.
Africa, a continent long portrayed as a pit of poverty, is now revealing itself as an El Dorado for millionaires and billionaires around the world. According to Henley & Partners’ recent Africa Wealth Report 2024, total investable wealth in Africa currently stands at $2.5 trillion, while its millionaire population is expected to increase by 65% over the next decade.
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The “Big 5” of African wealth markets – South Africa, Egypt, Nigeria, Kenya and Morocco – alone account for 56% of the continent’s millionaires and more than 90% of its billionaires. Despite a difficult decade, South Africa remains the richest country with 37,400 millionaires, followed by Egypt with 15,600 millionaires. Morocco climbs to 5th place with 6,800 millionaires, confirming its status as a key economic hub in North Africa.
At the urban level, Johannesburg leads the way with 12,300 millionaires, closely followed by Cairo, Nairobi and Lagos. However, the Moroccan cities of Tangier and Marrakech are among promising future destinations, with an expected millionaire growth of more than 85% by 2033.
Marrakech, Tangier, Casablanca with their luxury real estate
Luxury real estate is a key sector for attracting the ultra-rich. On the mainland, Cape Town dominates the market with prime residential properties valued at $5,600 per square meter. Marrakech ($2,200/m2), Tangier ($1,600/m2) and Casablanca ($1,400/m2) feature in the exclusive club of African cities with the most expensive real estate properties, offering lucrative opportunities for investors in this sector.
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From a strategic point of view, Morocco is ideally positioned to take advantage of this new situation. With relative political and economic stability, a privileged geographical position between Europe and Africa, as well as growing tourist and real estate attractiveness, the Kingdom could attract more wealthy investors.
However, the success of this strategy will depend on Morocco’s ability to put in place a solid regulatory framework and transparent governance, conducive to foreign investment while protecting the interests of its citizens.
