No fewer than 20 out of 345 companies around the globe with annual revenues exceeding a billion dollars are based in Morocco, according to a study by The McKinsey Global Institute.
The study entitled “Reimagining Economic Growth in Africa: Turning Diversity into Opportunity”–which analyzes Africa’s nations, cities, and businesses for the first two decades of the millenium using a detailed methodology–revealed that the companies collectively produce revenues of more than one trillion dollars.
Of the 345 companies, 230 are homegrown and are often led by a local entrepreneur, as 52% of the continent’s billion-dollar-plus companies are state-owned enterprises.
Seventy percent of the revenue generated from the 345 companies emanate from just six subsectors: oil and gas; mining; retail; consumer goods; financial services; manufacturing; and telecommunications.
Roughly 40% of the 345 firms are based in South Africa (147 companies), while 32% of the remaining originate in Algeria (12); Angola (9); Egypt (33); and Nigeria (23).
Roughly half of large domestic companies are publicly traded, while 30 percent are privately owned. The remainder are state-owned enterprises.
The McKinsey Global Institute, established in 1990, provides a fact base to aid decision-making on the economic and business issues most critical to the world’s companies and policy leaders.