Marianne: Revelations about the Excessive Fortune of Mohammed VI Send Shockwaves Through Morocco
BY: Hana Saada
ALGIERS- Continuing international investigations are shedding light on the astonishing fortune and extravagant lifestyle of Morocco’s King Mohammed VI. A recent expose by the French magazine Marianne has unveiled disturbing information about the true extent of the monarch’s wealth and its potential ramifications for the Moroccan economy, particularly impacting small farmers and ordinary citizens.
An Investigation Hindered by Moroccan Authorities
Marianne’s in-depth investigation began under challenging circumstances, as its journalists probing royal wealth were unceremoniously expelled from Morocco by Moroccan authorities last September. However, despite these obstacles, the revelations have been nothing short of eye-opening.
A Fortune Far Greater Than Previously Estimated
In 2015, Forbes magazine estimated King Mohammed VI’s wealth at $6 billion. However, Marianne challenges this figure, asserting that it is a gross underestimation of his actual wealth. Forbes primarily considered the market capitalizations of companies owned by Mohammed VI, which are vast and diverse in their economic interests across Morocco.
When his complete personal fortune is considered, encompassing expenses covered by Moroccan taxpayers, such as the costs of the Royal Palace, his residences abroad, and throughout Morocco, the staggering amount equates to a mind-boggling 657,000 euros per day. This budget has surged by 40% since 2001, dwarfing the budgets of multiple ministries and even exceeding the head of government’s annual expenses by a whopping 23 times.
Hidden Properties and Substantial Economic Control
While officially recognized as owning only 17 palaces in Morocco, Moroccan economist Fouad Abdelmoumni contends that King Mohammed VI possesses at least one residence in nearly every small town across the country. Maintaining these residences necessitates a significant workforce, often paid for through the diversion of funds from various ministries’ budgets.
Beyond his personal fortune, King Mohammed VI wields substantial control over the Moroccan economy through the El Mada holding company, which consolidates all of his business interests. These enterprises span diverse sectors, including energy, finance, construction, mining, private education, and mass retail. This influence over the economy raises concerns regarding conflicts of interest, particularly as some of these companies operate in sectors regulated by the state, thereby giving the king indirect control over critical aspects of the national economy.
The Toll on the Moroccan People
While King Mohammed VI’s wealth has continued to grow, the majority of the Moroccan population has faced economic hardships. According to Fouad Abdelmoumni, a staggering 90% of Morocco’s 27.5 million working-age individuals do not receive the legal minimum wage, largely due to unemployment, part-time work, or informal employment.
Land Grabbing and Personal Enrichment
Marianne’s exhaustive investigation also examines the land acquisitions undertaken by the king and his inner circle, often at the expense of impoverished farmers. King Mohammed VI is depicted as a “formidable predator” in this regard.
Marianne’s journalists have delved into the resistance mounted by approximately thirty families from the Ouled Sbita douar, near Rabat, against the construction of a residential area and golf course on a 450-hectare piece of land. This land belongs to these families, and the project is spearheaded by a former close associate of the king, Anas Sefrioui, the founder of the Addoha company.
The investigation has shed light on the prolonged struggle of these families, who remain uncompensated, even 17 years after being forcibly expropriated. Regrettably, some of the few journalists who dared to investigate this matter, such as Omar Radi, have faced severe consequences, including imprisonment on fabricated charges of sexual assault.
Marianne’s exposé reveals the alarming reality of King Mohammed VI’s royal wealth and its implications for the Moroccan people. It raises pressing questions regarding transparency and accountability in the management of the nation’s resources and underscores the persistent inequalities afflicting the Moroccan populace.
