King Mohammed VI's Lavish Lifestyle Faced Scrutiny After a Quake Hit Morocco; Here's His Net Worth
|Name||King Mohammed VI|
|Net Worth||$6 Billion|
|Sources of Income||Investments and state funds|
|Date of Birth||Aug 21, 1963|
|Position||King of Morocco|
What is King Mohammed VI's net worth?
On the 23rd of July 1999, after the passing of his father, Mohammed VI assumed the throne as king, and inherited a fortune that he has now turned into an estimated net worth of $6 billion, making him one of the wealthiest monarchs in the world. As the reigning monarch of Morocco, King Mohammed VI received a substantial portion of his income from state funds allocated for the monarchy's maintenance, official duties, and personal expenses. Apart from this, he has also been making money from the returns on investments made globally across sectors, through a sovereign wealth fund established in his name. This income funds King Mohammed's lavish lifestyle in Paris, which came under scrutiny as he faced flak for his absence when Morocco was hit by a devastating earthquake.
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What are King Mohammed VI's sources of income?
King Mohammed VI inherited a 35% stake in Societe Nationale d'Investissement (SNI) from his late father, King Hassan. SNI is a prominent holding company with investments in publicly traded companies, including Attijariwafa, the largest bank in Morocco, the Managem Group, a mining company, Cosumar, a sugar producer, and Centrale Danone, a dairy firm. The increased estimate of the King's net worth, as reported by Forbes, is attributed to a better understanding of the assets held by SNI. He holds a majority stake in the Al Mada holding company, which has a diversified portfolio in the banking, mining, real estate, insurance, telecommunications, and energy sectors.
Controversies and allegations
King Mohammed VI's reign has been marred by controversies including allegations of government corruption. These issues came to the forefront following the leak of diplomatic cables in 2010, exposing the deep entanglement of Mohammed VI's business interests with the operations of the Royal Palace. These documents shed light on his particularly strong association with corruption within the housing sector. Another controversial incident in the summer of 2013 involved the king's decision to pardon 48 jailed Spaniards, including a convicted pedophile responsible for the assault of several children, which sparked protests across Morocco.
Real estate and total assets
One of Mohammed VI's noteworthy assets is the opulent palace in Casablanca, which comes with a reported maintenance cost of $1 million per month. This lavish property is a key feature of his extravagant lifestyle, which demands funds that could potentially be allocated to address the needs of the Moroccan populace.
King Mohammed VI of Morocco, born on August 21, 1963, in Rabat, Morocco, is the second child and first son of King Hassan II and Lalla Latifa. King Mohammed VI's early education was shaped by his father's intent to provide him with a religious and political foundation. At the age of four, he began his education at a Quranic school within the Royal Palace, and then attended the Royal College before pursuing higher education at Mohammed V University in Agdal, where he earned a law degree in 1985. King Mohammed VI married Salma Bennani in 2002. The couple had two children, Crown Prince Moulay Hassan and Princess Lalla Khadija, before their divorce in 2018. King Mohammed VI's health has been a subject of significant concern and discussion, both in Morocco and internationally. He has undergone various medical procedures to address health issues, including an irregular heart rate, and has faced periods of incapacity due to ailments such as viral pneumonia and COVID-19.
Awards and accolades
Honorary doctorate from George Washington University (June 22, 2000).
Esquipulas Peace Prize by the Forum of Legislative Presidents of Central America and the Caribbean Basin (FOPREL) (May 19, 2022).
President's Outstanding Achievement Award by CAF (March 14, 2023).
Grand Collar of the Military Order of Saint James of the Sword of Portugal
Companion of the Order of the Star of Ghana
Grand Cross of the Order of La Pléiade
Ellis Island Medal of Honor of the United States
Chief Commander of the Legion of Merit of the United States
What is the full name of King Mohammed VI and his royal lineage?
King Mohammed VI's full name is Mohammed Ben Al-Hassan Al-Alaoui, and he belongs to the Alaouite dynasty, which has governed Morocco since the 17th century.
What languages does King Mohammed VI speak?
King Mohammed VI is fluent in Arabic, the official language of Morocco, as well as French and English, which aids him in international diplomacy and communication with foreign leaders.
Has King Mohammed VI authored a book?
Yes, King Mohammed VI has written a book titled "Solution to the Crisis of the Sahara," offering his insights on the Western Sahara conflict.
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