Revelations of King Mohammed VI’s Excessive Wealth Shake Morocco
حجم الخط : +-
BY: Hana Saada
ALGIERS- Recent revelations stemming from international investigations have unveiled shocking details about the wealth and extravagant lifestyle of Morocco’s King Mohammed VI. A recent inquiry conducted by the French magazine Marianne has shed light on concerning information regarding the true extent of the monarch’s riches and its potential impact on the Moroccan economy, including its effect on small-scale farmers and land.
An Investigation Hampered by Moroccan Authorities
Marianne’s investigation begins with a troubling note: its journalists probing the royal wealth were expelled from Morocco by Moroccan authorities in September of last year. Nevertheless, the information revealed is impactful.
A Far Larger Fortune Than Previously Estimated
In 2015, the American magazine Forbes estimated King Mohammed VI’s wealth at $6 billion. Marianne challenges this estimation, asserting that it significantly understates the reality. The magazine points out that Forbes only considered the market capitalizations of companies owned by Mohammed VI, which are numerous and operate in various sectors of the Moroccan economy.
When considering his entire personal wealth, including what he costs the Moroccan taxpayers in compensation and various expenses for the royal palace and residences both abroad and across Morocco, the sum amounts to €657,000 per day. This budget has increased by 40% since 2001. The king and his family annually spend a budget higher than that of six ministries and 23 times greater than the Prime Minister’s.
Hidden Properties and Economic Control
While officially King Mohammed VI owns only 17 palaces in Morocco, Moroccan economist Fouad Abdelmoumni notes that, in reality, he has at least one residence in every small town in the country. These residences require a substantial, permanently paid workforce, sometimes diverting funds from various ministry budgets.
In addition to his personal wealth, King Mohammed VI exerts significant control over the Moroccan economy through his holding company, El Mada, which encompasses all his enterprises. These companies operate in numerous sectors, including energy, finance, construction, mining, private education, and large-scale distribution. This grip on the economy raises questions of conflicts of interest, as some of these companies also operate in sectors regulated by the state, indirectly placing the king in control of these sectors.
The Cost to the Moroccan People
While Mohammed VI thrives, the Moroccan people are experiencing impoverishment. According to Fouad Abdelmoumni, 90% of the 27.5 million working-age Moroccans do not earn the legal minimum wage, largely due to unemployment, part-time work, or informal employment.
Land Grabbing and Personal Enrichment
Marianne’s investigation also examines the land grabbing by the king and his associates, often at the expense of poor farmers. Mohammed VI is portrayed as a “formidable predator.”
Marianne’s journalists delve into the resistance put up by around thirty families in the Douar Ouled Sbita, near Rabat, against the construction of a residential area and a golf course on their 450-hectare land. The project is led by a former close associate of the king, Anas Sefrioui, the founder of the company Addoha.
The investigation highlights the struggle of these families, who are still uncompensated 17 years after being forcibly expropriated. The few journalists who have dared to investigate this case have paid a steep price, including Omar Radi, who is serving a six-year prison sentence on false charges of sexual assault.
Marianne’s inquiry exposes the shocking reality of King Mohammed VI’s royal wealth and its implications for the Moroccan people. It raises questions about transparency and accountability in the management of the country’s resources, as well as the persistent inequalities affecting the Moroccan population.
