Despite suffering a $300-million drop in his net worth in 2022, Othman Benjelloun, Morocco’s second-richest man, has recorded a significant resurgence of $100 million in his wealth since the start of the year.
The rebound aligns with that of several other African billionaires who experienced declines in their wealth in the previous year but have since regained their financial footing.
According to Forbes, Othman Benjelloun has seen his net worth increase from $1.2 billion on Jan. 1 to a staggering $1.3 billion at the time of this report.
This substantial $100 million growth compensates for the $300-million decrease in wealth he experienced in 2022, bringing his net worth back up from $1.5 billion to $1.2 billion.
The significant surge in his net worth this year can be attributed to the flourishing growth of both his private investment firm, O Capital Group, and his prominent multinational pan-African banking conglomerate, Bank of Africa.
With active operations in 18 African nations and representation in Europe and Asia, Bank of Africa has played a major role in driving Othman Benjelloun’s financial success.
Recognized for his ambitious project, the $500-million Mohammed VI Tower, a 55-story structure set to be one of Africa’s tallest buildings in Rabat, Benjelloun has established himself as a leading figure in the world of finance, consistently appearing on Forbes’ list of the wealthiest individuals since 2012.
The recent increase in his net worth reinforces his status as not only the second-wealthiest individual in Morocco, trailing behind Prime Minister Aziz Akhannouch, but also as a prominent billionaire among the affluent elites on the African continent.
With a net worth of $1.3 billion, Othman Benjelloun is ranked as the sixteenth wealthiest individual in Africa and the 2,138th on a global scale, as reported by Forbes.
Since his inclusion on the Forbes list in 2012, his financial standing has declined significantly, plummeting from a staggering $2.3 billion to $1.3 billion.