Moroccan Prime Minister Aziz Akhannouch, a prominent billionaire businessman and one of Africa’s wealthiest billionaires, has seen a considerable drop in his net worth over the last five weeks, indicating a dramatic shift in his financial situation.
Forbes said that Akhannouch’s net worth has dropped by $100 million in the past 35 days. This drop has resulted in his fortune falling from $1.7 billion on February 12 to $1.6 billion.
Akhannouch, Morocco’s prime minister since October 2021, has a significant corporate empire led by Akwa Group, a multibillion-dollar corporation founded in 1932 by his father and partner Ahmed Wakrim.
The conglomerate’s wide portfolio includes significant stakes in oil and gas, with indirect ownership in companies such as Afriquia Gaz SA and Maghreb Oxygene, cementing Akhannouch’s reputation as one of Africa’s richest individuals.
Akhannouch’s net worth has dropped by $100 million, resulting in an average daily loss of $2.8 million since February 12. This is mostly due to the revaluation of his shares in Akwa Group, which has been impacted by market volatility.
Despite a significant fall in his net worth, Akhannouch remains the wealthiest individual in Morocco, surpassing billionaire banker Othman Benjelloun. With a net worth of $1.6 billion, he remains one of Africa’s wealthiest persons, ranking 1,862nd on Forbes’ global wealth index.
Despite market hurdles, Akhannouch’s continuing financial success demonstrates his ability to handle economic developments while remaining important in Morocco’s politics and business scene.