Morocco is rising in the ranks as an attractive destination for the world’s wealthy, according to the Henley Private Wealth Migration Report 2023, published by Henley & Partners and New World Wealth. The North African nation has emerged as a flourishing haven for high-net-worth individuals (HNWIs), garnering a position as the 20th most attractive global destination for the affluent.
This elevation of Morocco’s status is a result of strategic efforts to cultivate a nurturing environment for investors. Consequently, these efforts are predicted to attract around 100 wealthy individuals to the nation in 2023. Morocco, along with Luxembourg and Mauritius, is progressively capturing the interest of global wealth, promising robust economic prospects.
Nonetheless, Australia still holds the crown as the most coveted refuge for the wealthy, with an estimated inflow of over 5,200 HNWIs predicted for 2023. The United Arab Emirates (UAE) and Singapore, boasting 4,500 and 3,200 HNWIs respectively, occupy the second and third spots.
The United States, Switzerland, and Canada, with 2,100, 1,800, and 1,600 HNWIs respectively, are not far behind, occupying the fourth to sixth spots in the ranking.
The report projects a resurgence of private wealth migration patterns to pre-pandemic levels in 2023. Interestingly, China is expected to maintain its trend of net outflows of HNWIs, a trend it has sustained since 2013.
The report underscores an increasing global concern among affluent families about “ongoing volatility,” encompassing various aspects such as security, politics, and economics. Such uncertainties are driving the rich to diversify their residence portfolios through investment migration.
This strategy aims to “enhance economic mobility and protect their lifestyles, wealth, and legacies,” according to the report. With its promising economic environment and ongoing efforts to lure investors, Morocco is effectively placing itself on the global map as a desirable refuge for the wealthy.
