Media reports that Africa’s middle class is made up of about 170 million people, and that COVID-19 could push some 8 million out of it and into poverty.
Do African countries have a growing middle class?
As a result, Africa now has the fastest-growing middle class in the world. Some 313 million people, 34% of Africa’s population, spend USD 2.20 a day, a 100% rise in less than 20 years, according to the African Development Bank. … By 2060, Africans living below the poverty line will be in the minority (33%).
Is South Africa middle class growing?
In South Africa the middle class is growing (between 2005 and 2010 by just under 4 per cent per annum) and becoming more racially balanced. More than 50 per cent of the middle class is black. This is a considerable achievement but it is not enough. The major challenge is that poverty remains too high.
What is middle class income in Nigeria?
Our findings about the Nigerian middle class are summarised below: Their average monthly income is in the range NGN75,000-100,000 ($480- 645, or roughly $6,000-7,000 pa). The middle class make up about 23% of the Nigerian population, according to African Development Bank (AfDB) data.
Is Africa a good market?
Africa is the most profitable region in the world.
A report by the UN Conference on Trade and Development states that between 2006 and 2011, Africa had the highest rate of return on inflows of Foreign Direct Investment: 11.4%. This is compared to 9.1% in Asia, 8.9% in Latin America and the Caribbean.