7) Moulay Hafid Elalamy – $620 Million
Moulay Hafid Elalamy heads Saham Group, the operator of CNIA Saada, one of Morocco’s biggest insurance firms. The group also has vested interests in call centers in partnership with German media company – Bertelsmann, as well as in Clinics. In 2013, Saham Group generated $1 billion in revenue. Towards the end of 2014, French investment firm – Wendel acquired 13% of Saham Group for a total amount of 100 million dollars. Elalamy is also Morocco’s Minister of Industry and Commerce.
8) Ali Wakrim and family – $600 Million
Ali Wakrim and his family were catapulted into the “Forbes list of Africa’s Richest” due to shared ownership of Akwa Group with Aziz Akhannouch.
Wakrim’s late father – Ahmed partnered with Aziz Akhannouch’s father to form Afriquia Gaz in 1959. Wakrim is chairman of the liquid petroleum gas distributor, which reported more than $400 million in turnover last year. He is also vice president of Akwa Group, the majority shareholder for Afriquia Gaz as well as Maghreb Oxygene, a chemical manufacturer.