Moroccan Prime Minister Aziz Akhannouch has experienced a significant decline in his net worth in just five days due to a sharp drop in the market value of his industrial investments in Morocco.
According to data compiled by Forbes, Akhannouch’s net worth has decreased by $100 million in just five days, dropping from $1.7 billion on Jan. 24 to $1.6 billion.
Akhannouch, a prominent businessman — appointed prime minister of Morocco in September 2021 — derives the majority of his fortune from Akwa Group, a multibillion-dollar conglomerate founded in 1932 by his father and a partner, Ahmed Wakrim.
Unpacking the $100-million loss tied to Akwa Group’s revaluation and oil and gas interests
Through the multibillion-dollar behemoth Akwa Group, he indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene, making him one of Africa’s wealthiest businessmen and the richest investor on the Casablanca Stock Exchange.
Afriquia Gaz SA — which is 30-percent owned by Akwa Group — is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It offers high-performance energy solutions for domestic and professional needs.
The $100-million decline in his net worth which translates to an average daily loss of $33.3 million can be attributed to the revaluation of his holdings in Akwa Group, a diverse Moroccan conglomerate with substantial oil and gas interests.
Despite recent wealth declines, Akhannouch tops Morocco’s Rich List
The value of his Afriquia Gaz SA stake has sharply declined due to recent drops in the company’s shares on the Casablanca stock exchange. This decrease has brought the market value of Akhannouch’s indirect interest in Afriquia Gaz to less than $410 million.
Since Jan. 24, the share price of Afriquia Gaz SA, a Morocco-based group engaged in refining and marketing liquefied petroleum gas, has declined from MAD4,000 ($401.52) on Jan. 24 to MAD3950 ($396.51) at the time of writing.
Despite a multimillion-dollar drop in his net worth, Akhannouch remains the wealthiest billionaire in the country, surpassing billionaire banker Othman Benjelloun. With a net worth of $1.6 billion, he stands as one of Africa’s most affluent billionaires. Forbes ranks him as the 1,779th richest individual globally, highlighting his position on the international wealth stage.