Since taking power from his father, King Hassan II, in 1999, Morocco’s monarch, King Mohammed VI, has amassed billions of dollars in investments through the holding company Almada.
The royal ranks among the wealthiest men in Africa, with his wealth estimated at more than $6 billion.
The royal’s holding company, Almada, has interests in renewable energy, telecommunication, retail, mining, and banking in Morocco and across the continent.
While he is credited for some political and economic reforms compared to his father, critics have pointed out that his wealth contrasts with the millions of his subjects who live in poverty.
He has maintained a publicity-shy approach to matters, only appearing in a handful of events and avoiding media interviews or appearances.
The royal’s political power and immense wealth put him atop the list of the wealthiest African rulers, having amassed so much wealth from public coffers and resources.
Besides expansive real estate and land holdings, King Mohammed VI’s primary source of wealth is the Al Mada, previously known as Société Nationale d’Investissement (SNI).
The king also holds accounts in foreign banks, though it’s illegal for Moroccans to have the same, something that the royal tried to hide until a media investigation revealed that he was client 5090190103 in the HSBC Geneva branch.
According to independent sources, it is the largest private corporation in Morocco with billion-dollar investments.
Al Mada
The royal inherited Al Mada from his father in 1999 upon his death. In an investigation story by the French paper, Lemonde in 2015 established that the royals only had a 13 percent holding at the time of Hassan II’s death.
Today, King Mohammed VI and the royal family control about 60 percent of Al Mada, which has shares in over 40 companies with operations in Morocco, Europe, and the rest of Africa.
The monarch has tried to put a veil on the multi-billion wealth that some critics say has afforded the family lavish lifestyles in Europe while millions of their subjects wallow in poverty.
Ergis & Siger
Al Mada even has stakes in publicly traded firms, including mining company Managem Group, Morocco’s largest bank, Attijariwafa, sugar processor Consumar, and a dairy company to Centrale Danone.
Ergis and Siger are derived from regis, the Latin term for king. King Mohammed VI owns a controlling stake in the two holding companies with a controlling stake in Al Mada.
According to media reports, the two firms also have shares in approximately 20 companies in Morocco and other countries dealing in hotels, cosmetics, and agribusiness, among other sectors.
The king’s siblings have holding companies of their own that have a stake in Al Mada, according to Lemonde.
The monarch’s brother, Prince Moulay Rachid, owns Providence Holding, while Princess Lalla Meryem controls Unihold. Yano Participation and Star Finance, the other holding companies, are owned by Princesses Lalla Asma and Lalla Hasna.
But the king, who has kept a regal distance from the public for the better part of his reign, has a controlling stake in the royal investment, giving him a personal wealth of about $6 billion.
The royals’ holding companies, the king’s and siblings’, own a mutual fund, Copropar, which receives dividends from Al Mada on their behalf.
According to Lemonde, King Mohammed VI holds a 50.6 percent stake, making him the majority shareholder, while his brother has 18.6 percent. The sisters own between 9.3 percent to 11.3 percent stake.
Like most ruling families in post-colonial Africa, Morocco’s ruling monarch’s financial assets and investments have been accumulated through questionable dealings.
While the king has kept off the public, his lavish lifestyle has not gone unnoticed. From designer wear and expensive watches to extended stays in Paris exclusive neighbourhoods while Moroccans struggle to make ends meet.
His absence has even raised eyebrows, including when a 6.8 magnitude earthquake hit the country in September 2023.
Not so clean
Leaked diplomatic cables and media exposès have laid bare the amount of conflict of interest with the business operations of King Mohammed VI and his position as the ruler of the North African Kingdom.
WikiLeaks cables 2010 accused the king of asking for bribes from businesses and real estate developers.
The leaks alleged that the family was using state institutions to “coerce and solicit” bribes akin to what has been witnessed in other African countries.
