Morocco has a median wealth that is significantly lower than many developed nations. According to data from the World Bank, Morocco has a median wealth of around $9,500, which is below the global median of $14,800. Median wealth refers to the middle value of wealth in a given population, where half of the population has a wealth above the median and the other half has a wealth below the median.
Origins of the disparity in wealth
Firstly, many Moroccans do not have access to financial resources and opportunities that are available in developed nations. Secondly, the Moroccan economy has historically been heavily reliant on agriculture, which has limited the country’s ability to diversify its economic base and create more high-paying jobs. As a result, many Moroccans have had to rely on informal employment and subsistence farming, which can be unstable and provide low wages.
Moreover, income inequality in Morocco is relatively high, with the top 10% of earners in the country accounting for around 38% of the total income. This means that the majority of the population has to make do with a smaller share of the national income, which can further exacerbate poverty and limit opportunities for upward mobility.
Morocco’s Efforts to Overcome Challenges
Despite these challenges, Morocco has made significant strides in recent years to improve its economy and reduce poverty. The government has implemented policies aimed at promoting economic growth and job creation, such as investing in infrastructure and expanding access to education and healthcare.
Morocco has also benefited from its strategic location as a gateway to Africa and Europe, which has attracted foreign investment and helped to drive economic growth in key sectors such as tourism, manufacturing, and services.
Comparison with Neighboring Countries
The median wealth in Morocco is lower than that of Spain and Portugal, but higher than that of Algeria, Tunisia, and Libya.
According to World Bank data from 2021, Morocco’s median wealth is approximately $9,500, while in Algeria, it is approximately $5,900, in Tunisia it is approximately $7,700, and in Libya, it is approximately $6,800.
In contrast, Spain has a median wealth of approximately $36,500, and Portugal has a median wealth of approximately $28,500.