Moroccan Prime Minister Aziz Akhannouch, a prominent billionaire businessman who ranks as one of Africa’s richest billionaires, has recorded a significant decline in his net worth over the past five weeks, marking a notable shift in his financial standing.
According to recent data tracked by U.S. business magazine Forbes, Akhannouch’s net worth has nosedived by $100 million over the last 35 days. This decrease has seen his wealth figures fall from $1.7 billion on Feb. 12 to $1.6 billion.
Morocco’s Prime Minister: Aziz Akhannouch’s billion-dollar business empire
Akhannouch, who assumed office as the prime minister of Morocco in October 2021, boasts a substantial business empire primarily anchored by Akwa Group, a multibillion-dollar conglomerate established in 1932 by his father and a business partner, Ahmed Wakrim.
The conglomerate’s diverse portfolio includes significant interests in oil and gas, with indirect ownership in companies such as Afriquia Gaz SA and Maghreb Oxygene, solidifying Akhannouch’s position as one of Africa’s wealthiest individuals.
Market turbulence slashes Akhannouch’s fortune by $100 million
The $100-million decline in Akhannouch’s net worth, translating to an average daily loss of $2.8 million since Feb. 12, is primarily attributed to the revaluation of his holdings in Akwa Group, which has been affected by the recent volatility in the market.
Despite the substantial decrease in his net worth, Akhannouch maintains his position as the wealthiest individual in Morocco, maintaining his lead over billionaire banker Othman Benjelloun. With a net worth of $1.6 billion, he continues to rank among Africa’s most affluent individuals, securing the 1,862nd spot on Forbes’ global wealth index.
Despite market challenges, Akhannouch’s continued financial success highlights his ability to navigate economic shifts while maintaining his influential position in Morocco’s politics and business landscape.
