After losing more than $500 million between January and October, Moroccan billionaire Othman Benjelloun has recouped his previous wealth losses this year, with his net worth increasing by millions of dollars within the past four weeks due to a recent increase in the market value of his companies.
According to Forbes, Benjelloun’s net worth has increased by $200 million in the last four weeks, from $1 billion on Oct. 21 to $1.2 billion on Nov. 20.
The recent rise in the market value of his holdings in multinational pan-African banking conglomerate, BMCE Group, and O Capital Group, a leading investment group situated in Casablanca, Morocco’s largest city, can be linked to the $200-million bump in his net worth.
Benjelloun, the second-wealthiest man in Morocco behind Prime Minister Aziz Akhannouch, who has a net worth of $2 billion, has played a vital role in the expansion of the Moroccan financial services industry through BMCE Group.
The Moroccan billionaire derives the majority of his wealth from his investment in BMCE Group, a multinational pan-African banking conglomerate with operations in 18 African countries and representative offices in Europe and Asia.
The recent increase in his net worth, which cements his position as one of Africa’s wealthiest billionaires, follows an earlier report that claimed the billionaire was on the verge of losing his “billionaire” status.
Benjelloun, who unveiled a $500 million plan in 2014 to construct the 55-story Mohammed VI Tower in Rabat, which, when finished, will be one of Africa’s tallest structures, was included on Forbes’ list of the world’s wealthiest people in 2012.
Since 2012, the Moroccan billionaire’s net worth has dropped from $2.3 billion to $1.2 billion at the time of writing this report.
