Is it fair for King Mohammed VI to live so luxuriously while his people struggle?

BY: Hana Saada

ALGIERS-  King Mohammed VI is considered one of the wealthiest monarchs in the world, with a fortune estimated to be in the billions of dollars. As the head of the Moroccan monarchy, he is not only “the commander of the faithful” and the supreme representative of the state, but also the owner of a vast number of businesses, properties, and assets.

He and his family are known for their luxurious lifestyle, with numerous palaces, yachts, and other extravagances at their disposal, while Moroccans are currently facing a series of crises that are threatening the country’ stability and development.

How wealthy is Morocco’s King Mohammed VI?

King Mohammed VI’s net worth is estimated to be around $5.7 billion, according to Forbes magazine. However, the exact amount is difficult to determine due to the lack of transparency surrounding the Moroccan monarchy’s finances.

The Moroccan monarchy is accused of being corrupt, nepotistic, and out of touch with the realities of ordinary Moroccans. The controversy surrounding the king’s wealth has become a major issue in Moroccan society, with many calling for greater transparency and accountability in the monarchy’s financial affairs. King Mohammed VI, who ascended to the throne in 1999 following the death of his father, King Hassan II, has been the subject of much scrutiny over his personal fortune and the sources of his wealth.

Reports say that the Moroccan government has allocated significant funds to the monarchy over the years, including a reported $1.5 billion for the construction of a royal palace in the capital city of Rabat.

In addition, the king heads the royal household, which has an annual budget of approximately $240 million. This budget is allocated towards the maintenance of royal palaces and gardens, the salaries of royal staff members, and the King’s personal expenses.

Overall, the King maintains a vast network of palaces and residences that stretch across the country. The upkeep of these properties, as well as the salaries of workers and staff members employed at these palaces, can be costly. The estimated annual cost of maintaining the king’s palaces and staff is approximately $40 million.

With respect to business, the king controls a royal holding company, which has interests in a range of sectors, including mining, telecommunications, and banking. The company, known as SNI (Societe Nationale d’Investissement), has been criticized for its lack of transparency and its role in consolidating the king’s wealth.

He also has significant agricultural and real estate holdings throughout Morocco and a stake in the country’s mining and energy industries. However, the exact extent of his wealth is difficult to determine, as much of it is believed to be held in private companies and offshore accounts.

Similarly, King Mohammed VI has been involved in a number of business ventures, both in Morocco and abroad. He has been linked to a range of companies and projects, including a high-speed train line and a mobile phone network. Critics have accused him of using his position to benefit his own businesses and associates.

Accordingly, critics have accused the king of using his position to enrich himself and his family members and of giving preferential treatment to his friends and associates. The lack of transparency around the royal holding company has only added to these concerns.

Overview of economic inequality in Morocco

There is a contrast between the luxurious lifestyle of Mohammed VI, and the reality faced by many Moroccans living in poverty and precariousness. While the king’s lifestyle is characterized by opulence and wealth, a significant portion of the population in Morocco faces economic challenges and struggles to make ends meet, with many living on less than $2 a day.

In fact, there are Moroccans living below the poverty line, lacking access to adequate housing, education, healthcare, and job opportunities. High unemployment rates, particularly among youth, contribute to the challenges faced by many Moroccans. Additionally, some regions, especially rural areas and marginalized communities, often experience a lack of basic infrastructure and essential services.

According to the World Bank, over 4 million people in Morocco live in poverty, while the United Nations Development Programme reports that 61% of Moroccans are vulnerable to falling into poverty due to a lack of social protection. Additionally, youth unemployment rates are at an alarming 25%, with women and rural areas disproportionately affected.

Call to action for the Moroccan people and international community

The people of Morocco and the international community have a critical role to play in addressing economic inequality and holding leaders accountable. This might include protests, advocacy campaigns, and international pressure. Ultimately, the goal should be to create a fairer and just society in which all people are able to prosper and live with dignity. In conclusion, the issue of income inequality in Morocco remains complex, and the role played by the monarchy in exacerbating this problem cannot be dismissed. It is time for the Moroccan people to demand transparency and accountability from their leaders and for the international community to hold King Mohammed VI and other autocratic rulers accountable for their actions. Only through concerted efforts can we hope to address the root causes of economic inequality and ensure a more just and equitable society for all.