According to the African Development Bank, Africa’s middle class has grown nearly three-fold in the last thirty years. Africa’s middle class is expected to reach 1.1 billion people, 42% of Africa’s population, by 2060. Just in South Africa, the middle class spends about $40B per year.
As a result, Africa’s middle class is playing a vital role in shaping the continent’s economic and political landscape by helping to improve accountability in public services and acting as a catalyst for private sector growth in Africa.
For multinational and local businesses, the transition of many Africans from poverty to middle class consumer shows why Africa represents one of the biggest opportunities in global business.
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