Meet the richest King in Africa, His Majesty King Mohammed VI of Morocco - Newsalert NG

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Wednesday, 23 August 2017

Meet the richest King in Africa, His Majesty King Mohammed VI of Morocco



His Majesty King Mohammed VI of Morocco is the wealthiest monarch in Africa. He derives his fortune from his control of Société Nationale d’Investissement (SNI), a large Moroccan investment holding company with assets valued at more than $10 billion.


SNI’s largest asset is a 48% stake in Morocco’s largest bank, Attijariwafa, as well as controlling stakes in mass distribution giant Marjane Holding; mining company Managem Group and mobile telecoms company Inwi.
Mohammed VI is Morocco’s leading businessman and banker. In 2009, he was estimated by Forbes magazine to be worth US$2.5 billion, and the Moroccan Royal Family has one of the largest fortunes in the world.

The King also owns a substantial chunk of the world’s phosphate reserves. King Mohammed VI, the 27th king of the Alaouite dynasty, ascended the throne in July 1999 and immediately set out to initiate a series of socio-political and economic reforms that have made the Kingdom freer and more prosperous than during the reign of his father, King Hassan II.

In 2014, the King introduced a new family law giving women legal equality with men in key areas; his economic strategy has led to the creation of new industrial zones which in turn has given a boost to the number of global industrial corporations setting up shop in Morocco. On the political front, he has enacted a series of reforms to the country’s constitution, including amendments that Str!pped him of some of his political powers.

King Mohammed VI was born as Sidi Mohammed on August 21, 1963 in Rabat, Morocco. When he was born, he was immediately appointed as the Heir Apparent and Crown Prince. He ascended to the throne when his father, King Hassan II, died in 1999.
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