Moroccan billionaire Othman Benjelloun is on the verge of losing the “billionaire” status that he has worked hard to maintain since 2012 after his net worth plummeted by half a billion dollars.
The drop in his net worth comes amid a sustained decline in the market value of his assets, as both private and publicly-traded companies grapple with the recent valuation crisis.
After years of retaining his position as one of Africa’s wealthiest billionaires, Benjelloun’s wealth has declined significantly in recent times, threatening his position as not only one of Africa’s richest businessmen but also one of the world’s billionaires.
Through his firm, BMCE Group, Morocco’s largest financial services provider, the Moroccan banker has played a vital role in the growth and transformation of the country’s financial services industry.
According to data compiled by the U.S. business magazine Forbes, his net worth has fallen from $1.5 billion at the start of the year to $1 billion at the time of writing. Since the beginning of the year, the Moroccan billionaire has lost $500 million.
The decline in his net worth is the result of a sustained decline in the market value of his multinational pan-African banking conglomerate, Bank of Africa, and private group, O Capital Group.
Despite the $500-million drop in his net worth, the Moroccan financial services magnate remains the country’s second-richest man and one of Africa’s wealthiest billionaires; however, the year-to-date drop in his net worth jeopardizes his position as one of Africa’s wealthiest individuals.
BMCE Capital Investment, his group’s investment banking division, recently launched a $4.5-million venture capital fund to support Moroccan startups and foster ecosystem development.
As part of the move to facilitate the fund’s prompt provision, the fund will be raised from renowned Moroccan investors and significant institutional financial organizations in the economy.
