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Morocco’s shifting wealth landscape has taken another turn as 93-year-old banker Othman Benjelloun reclaimed the top spot as the country’s richest individual. His fortune has climbed above $2 billion, according to new figures compiled by Billionaires.Africa.
Benjelloun’s net worth hits $2 billion
Forbes data shows Benjelloun’s net worth rose by about $400 million this year alone, from $1.6 billion on Jan. 1 to $2 billion as of this report. That growth put him ahead of real estate developer Anas Sefrioui and Prime Minister Aziz Akhannouch. Benjelloun sits at No. 1,944 on the Forbes global rich list, placing him among the 2,000 wealthiest people in the world.
Much of his wealth comes from his 27.41 percent stake in Bank of Africa, the Casablanca-based lender he chairs. The bank’s shares have gained more than 25 percent this year, lifting its market capitalization to $6.1 billion. Benjelloun’s stake alone is now worth nearly $1.7 billion, accounting for the bulk of his fortune.
Billionaire banker oversees $40 billion assets
Benjelloun has been a central figure in Moroccan finance for decades. In 2014, he helped launch the $500 million Mohammed VI Tower project in Rabat, which when completed, will be one of Africa’s tallest buildings.
Under the 93-year-old billionaire, Bank of Africa has expanded across 32 countries in Africa, Europe, Asia, and North America. The Casablanca-based lender manages as much as $40 billion in assets, and serves nearly 6.6 million customers through more than 2,000 outlets.
Lender delivers $99.5 million Q1 profit
In the first quarter of 2025, Bank of Africa saw its profit surge to MAD920 million ($99.5 million), as net banking income rose 11 percent to MAD5 billion ($555 million), cementing its position as one of Morocco’s most profitable lenders.
Even at 93, Othman Benjelloun remains active, leading a group key to Morocco’s economy. His position as the country's richest man and also as one of Africa's billionaires reflect the strength of the Casablanca-based lender and his key role in the growth of Africa's banking industry.
