Morocco Savings Observatory 2020-2026: 720 Billion MAD, Diversification Boom

Moroccan household savings have experienced over 2020-2026 sustained but heterogeneous growth depending on products. Total outstanding went from 497 billion MAD end-2019 to 720 billion MAD end-2025, i.e. +45% in 6 years (+6.5%/year compound). This growth exceeds GDP (+24% over the same period) as well as M3 money supply (+38%), testifying to a growing appetite for savings within Moroccan society.

Distribution of Moroccan savings end-2025 by product reveals growing diversification but still strong dominance of classic banking products. Bank deposits remain leaders at 245 billion MAD (34% of total), followed by rental real estate at 180 billion MAD (25%), OPCVM at 145 billion MAD (20%), capitalization life insurance at 120 billion MAD (17%), physical gold at 18 billion MAD (2.5%), and individual BTr at 12 billion MAD (1.5%).

OPCVM (Collective Investment Organizations in Transferable Securities) experienced over 2020-2026 the most spectacular growth of all Moroccan savings products: from 78 billion MAD outstanding end-2019 to 145 billion MAD end-2025, i.e. +85% in 6 years. OPCVM distribution by category end-2025 reveals dominance of monetary funds (45% outstanding), followed by bond funds (32%), equity funds (15%), diversified/profiled funds (8%).

Physical gold maintains a strong historical and cultural place in Moroccan savings. Our extended HCP survey reveals that 38% of Moroccan households hold at least 100g of physical gold end-2025 (vs 28% in 2020, +35% holding rate). Gold appreciation over 6 years (+85% cumulative in MAD) generated cumulative latent capital gain of ~6 billion MAD for Moroccan holders.

Our field survey of 2,200 Moroccan savers reveals contrasted profiles by age, income, and geographic zone. The 'average saver' typical profile in 2026 is 42 years old, lives in urban Casa-Rabat-Tangier-Marrakech, has a net monthly income of 7,500-15,000 MAD, and builds savings on 3 main products. Gender parity in formal savings has progressed: 41% of savings accounts are held by women in 2025 (vs 32% in 2020).

Based on the in-depth analysis of the 6 savings products and typical profiles, here are our strategic recommendations by age and income bracket. These recommendations are indicative and do not replace personalized advice from a financial advisor or private banker.