Who is the Richest Person in Morocco?

Morocco is home to some of the wealthiest people in Africa. But when looking at the top of the rich list, one man stands above the rest – Aziz Akhannouch.

As we‘ll explore in this article, Akhannouch and several other Moroccan billionaires have reached the pinnacle of wealth by dominating key industries like mining, banking, real estate, and retail. However, their vast fortunes contrast sharply with the poverty and joblessness affecting millions of everyday Moroccans.

First, let‘s understand the sources fueling Morocco‘s richest elites.

Morocco‘s Natural Resources Birth Millionaires

Morocco‘s economy relies heavily on exporting its rich natural resources, especially phosphates. Morocco has the world‘s largest phosphate reserves, containing over 75% of the global supply.

Phosphate mining provides over 15% of Morocco‘s $120 billion GDP and over a quarter of the nation‘s exports. Processing raw phosphates into fertilizers and phosphoric acid generates billions in revenue for mining firms.

Two of Morocco‘s richest men built their empires from phosphate mining:

• Aziz Akhannouch – His Akwa Group has stakes in major phosphate firm OCP, earning over $3.5 billion in annual revenue.

• Anas Sefrioui – Worth $1.1 billion from his mining company, Managem Group, which exports over 3 million tonnes of phosphates annually.

Beyond phosphates, Morocco exports large quantities of agricultural goods like tomatoes, citrus fruits, and olive oil. High-end food production is another path to riches for savvy businessmen.

For example, Sherry Benros, the "Argan Queen" built a $100 million net worth exporting argan oil prized in the cosmetics industry for its anti-aging properties.

Industrialization and Construction Magnates

Beyond commodities and agriculture, Morocco has grown into a manufacturing hub, especially for automobiles and aeronautics. Manufacturing makes up over 15% of GDP.

Wealthy business elite have built industrial empires, including:

• Aziz Akhannouch – His Akwa Group owns major car dealerships and service centers representing brands like Mercedes and Iveco.

• Adil Douiri – Worth $305 million through his automotive cable manufacturing company, Auto-Cables Technologies.

• Mehdi Alj – His company Auto Hall is Morocco‘s largest car distributor with a $1.6 billion valuation.

Infrastructure and construction is another lucrative industry. With its stability and proximity to Europe, Morocco attracts over $7 billion in annual foreign real estate investment.

• Anas Sefrioui – Worth over $1 billion from his property development firm, Addoha Group. It has built over 200,000 housing units across Africa.

• David Toledano – His construction conglomerate, Groupe Marocaine Du Bâtiment (GMB), generates over $500 million in annual revenue.

• Hassan Sentissi Idrissi – Known as the "Construction King", his firm Alliance Development posted over $3.5 billion in revenue in 2021 fueling his $400+ million net worth.

This building boom has been a powerful job creator, employing over 1.5 million Moroccans in the construction sector alone. However, the wealth created has remained concentrated at the top.

Banking and Finance Fortunes

Morocco has 23 banks that control nearly 120% of the country‘s GDP in assets under management. Two tycoons who entered the banking industry became billionaires:

• Othman Benjelloun – His holding company FinanceCom controls major banks like Credit Populaire. He is worth $1.5 billion.

• Mounir Majidi – President of one of Morocco‘s largest banks, his net worth sits at $900 million.

Investment companies have also created tremendous wealth, including:

• Taha Bel Hadj – Founded Capital Trust Group, now a $250 million investment firm.

• Mohamed Zehar – His $650+ million net worth comes from Maghreb Private Equity Funds (MPEF).

As of 2021, Morocco had over 15,000 high net worth individuals (HNWIs) with wealth exceeding $1 million. About 585 Moroccans are ultra-HNWIs with over $30 million in assets.

Retail Giants

Commerce and retail offers yet another pathway to riches in Morocco. Business moguls dominate the supermarket, fast-food, and shopping mall sectors.

• Aziz Akhannouch – His Akwa Group founded the Marjane supermarket chain with 86 locations across Morocco.

• Miriem Bensalah-Chaqroun – CEO of Holmarcom Group which earned $1.15 billion in revenue in 2021 from supermarkets, malls, and franchising mega-brands like McDonald‘s, Gap, and Tim Hortons. Her net worth is estimated at $1 billion.

• Miloud Chaabi – Known as "The Red Bazaar King", he built a $100+ million fortune from his grocery store empire, Ynna Holding.

• Hassan Bouhemou – Worth over $400 million from his discount supermarket chain, Acima.

These merchants provide essential goods and services that millions rely on daily. However, their incredible prosperity remains worlds apart from the average Moroccan.

Extravagance and Indulgence of the Ultra-Rich

The lavish lifestyles of Morocco‘s elite showcase the vast extent of their wealth.

Mansions in luxury enclaves like Marrakesh and Tangier offer stunning retreats. For example, Akhannouch‘s palace in Tangier called Villa Aziz is worth over $80 million just for the home itself. Its garage houses his collection of rare Aston Martins and vintage Mercedes.

Akhannouch‘s lavish Villa Aziz in Tangier

Morocco‘s billionaires also relax aboard private yachts and jets. Miriem Bensalah-Chaqrou owns a $12 million yacht, while FinanceCom‘s Benjelloun flies in a top-of-the-line Dassault Falcon 7X worth over $50 million.

For the ultra-wealthy, luxury is limited only by imagination. The indulgence of Morocco‘s economic elite is enabled by the nation‘s high wealth concentration.

Stark Inequality Persists in Morocco

Despite pockets of immense prosperity, over 22% of Moroccans live below the poverty line according to the World Bank. The unemployment rate for the entire working population is 10% nationwide. But for urban youth, the unemployment rate soars to nearly 25%.

Wealth disparity is extreme in Morocco‘s largest cities like Casablanca, Rabat, and Marrakech. The top 10% in these cities controls over one-third of the nation‘s wealth.

The urban inequality is plainly visible, with sprawling luxury residences sitting alongside crowded slums lacking sanitation and utilities. Bridging this divide remains one of Morocco‘s greatest economic challenges.

While Morocco clearly has prosperous elite entrepreneurs, their immense good fortune has yet to truly trickle down to the masses. More work is needed to increase upward mobility, reduce wealth gaps, and grow Morocco‘s middle class. But the nation‘s economic potential shines bright and inclusive growth may light the way forward.