King Mohammed VI's family owns $17.5 billion in listed Moroccan firms, two-thirds of it mining

Morocco's royal family holds an economic interest of roughly $17.47 billion in five publicly traded Moroccan companies, calculated from the family's approximately 60% ownership of the holding company Al Mada and the closing prices of each stock on Friday.

Almost two-thirds of that value sits in a single mining company. Al Mada owns 81.63% of Managem, or 96,851,350 shares, worth about $18.88 billion at Friday's close of 1,801 dirhams. The family's 60% share of that one position comes to roughly $11.33 billion. Its share of the stake in Attijariwafa Bank, Morocco's largest lender, is about $4.58 billion, which puts the family's mining interest at nearly two and a half times its interest in the bank.

The figures are Billionaires.Africa calculations. They apply the family's reported 60% interest in Al Mada to the share counts the holding company owns in each listed company, converted at 9.24 dirhams to the dollar. They measure look-through exposure to the traded portfolio only. Al Mada's private holdings are not included, and the reasons that matters are set out below.

What the 60% is a share of

Al Mada's listed portfolio was worth about $29.11 billion in total on Friday. Attijariwafa Bank accounted for $7.64 billion of that through a 46.54% holding, or 100,135,387 of the bank's 215,140,839 shares. LafargeHolcim Maroc contributed $1.48 billion, Wafa Assurance $840.8 million and the steelmaker Sonasid $273.8 million.

Managem dominates the rest. The company traces its origins to a cobalt discovery at Bou Azzer in 1928 and was formally constituted in 1996 to consolidate the mining assets of Omnium Nord-Africain, the conglomerate that eventually became Al Mada. It runs 13 mines and holds exploration permits in Morocco, Gabon, Sudan, Guinea and the Democratic Republic of Congo, producing gold, silver, copper, zinc, lead, fluorite and cobalt derivatives.

The share price has more than doubled over the past year on precious metals prices and the ramp-up of several gold and copper projects. That run carried the stock above 15,000 dirhams and put it beyond the reach of most individual investors. Shareholders voted on June 25 to divide the nominal value by ten, from 100 dirhams to 10, and the exchange implemented the split on July 27. The share count rose from 11,864,676 to 118,646,760. The ticker stayed MNG under a new ISIN, and the security now quotes as Managem VN10. Share capital was unchanged at about 1.19 billion dirhams, and no shareholder's economic interest moved.

At 1,801 dirhams Managem carries a market value of roughly 213.68 billion dirhams, or $23.13 billion, against about 151.67 billion dirhams, or $16.41 billion, for Attijariwafa Bank. Both are Billionaires.Africa calculations from issued share counts. The mining company is now the most valuable business listed in Casablanca, displacing the bank that held that position for two decades.

Three of the five stakes are not owned outright. Wafa Assurance, Morocco's largest insurer with roughly 18.5% of the domestic market, sits inside a vehicle Al Mada owns 50-50 with Attijariwafa Bank, and that vehicle holds 79.28% of the insurer, leaving Al Mada with an attributable 1,387,400 shares. LafargeHolcim Maroc, the country's biggest cement producer and the product of the 2016 combination of Lafarge Ciments and Holcim Maroc, is held through a vehicle Al Mada owns 50-50 with Holcim, which controls 64.68% of the company. Sonasid is the most indirect. Al Mada holds half of Nouvelles Sidérurgies Industrielles, a joint venture formed with ArcelorMittal in 2006, and NSI holds 64.86% of the steelmaker, giving Al Mada a look-through interest of about 32.43%.

The family's 60% then applies on top of each of those chains. Its economic interest in Sonasid, after both layers, works out at roughly 19.5% of a company that operates a rolling mill at Nador and a steelworks at Jorf Lasfar.

The chain from the palace to the share register

Al Mada is a private company. It publishes no shareholder register, and its capital includes holders outside the royal family, among them Moroccan institutions and foreign companies. What is documented is the control structure rather than a line-by-line ownership schedule.

The family holds Al Mada through two personal holding companies, Siger and Ergis, both derived from regis, and through a fund called Copropar that receives dividends on the family's behalf. Together those vehicles account for approximately 60% of Al Mada. Siger is managed by Mounir Majidi, the monarch's personal secretary. Ergis is the older entity, inherited from Hassan II and controlled by his heirs.

Within Copropar, according to Le Monde, Mohammed VI holds 50.6%, his brother Prince Moulay Rachid holds 18.6%, and his three sisters hold between 9.3% and 11.3% each. Reporting by Telquel on the 2010 delisting documents found that close to half of Copropar's capital was held by four companies created by the King's siblings, with more than 9% held by Ergis.

Those figures describe Copropar alone. They do not describe the family's entire 60% block, which also runs through Siger and Ergis, and no published source sets out how the three vehicles divide that block. A personal figure for the King cannot be derived from the public record without assuming Copropar accounts for the whole holding, which the available documents do not establish.

That gap explains why published estimates of his personal fortune vary so widely. Forbes put him at $5.7 billion in 2015. Business Insider quoted $2.1 billion in 2019. Challenges estimated more than $5 billion in January 2026, and Forbes has separately placed him above €7 billion and fifth among the world's wealthiest monarchs. The spread reflects structure rather than any disagreement about the underlying assets.

What the calculation leaves out

A 60% share of a traded portfolio is not the same as 60% of a company's equity, and two adjustments run in opposite directions.

The first works upward. Al Mada holds substantial assets that never appear on the Casablanca board. The telecoms operator inwi, the energy company Nareva and the Marjane retail chain are all privately held, as are the group's investments across more than 20 African countries. None of that value is in the $29.11 billion. Les Domaines Agricoles, the agribusiness group, sits outside Al Mada altogether and is held through Siger, placing it in the family's hands by a separate route.

The second works downward. Any borrowing carried at the holding company level is a claim ranking ahead of shareholders. Al Mada does not publish accounts, so the size of that claim is not public, and a look-through calculation on gross asset value overstates the equity to the extent debt exists.

The listed portfolio is the portion that can be priced. Share counts are disclosed in company filings and prices are set daily on a public exchange. The rest of the balance sheet is not visible, which is why the $17.47 billion is a floor on exposure rather than an estimate of family wealth.

Al Mada reached its present shape through a long consolidation. Société Nationale d'Investissement was created by royal decree on Dec. 31, 1966 as a state enterprise. ONA, founded in 1934 by the French industrialist Jean Epinat, grew into Morocco's dominant private conglomerate. Shareholding rotations from 2003 placed SNI above ONA in the structure, and in March 2010 the boards of both approved a merger that folded ONA into SNI and removed both companies from the exchange, retiring a combined market capitalisation of roughly 50 billion dirhams. SNI took the name Al Mada in March 2018 and repositioned as a pan-African investment fund.

Hassan Ouriagli, who had led the group since September 2014 and oversaw both the rebranding and the African expansion, died in Casablanca on Jan. 10, 2026 at the age of 64. Noufissa Kessar was subsequently appointed to lead the company.

The concentration in Managem has altered the risk profile of the family's traded holdings more than any transaction did. Nearly 65% of that exposure now tracks gold, silver and copper prices rather than Moroccan credit growth, insurance premiums and construction volumes. A sustained retreat in precious metals would take more off the family's $17.47 billion than any plausible move across the other four positions combined.