A video report from South African think-tank Polity has examined the rise and rise of Africa’s middle class.
The continent has seen a steady rise in its middle class over the last two decades. According to the African Development Bank, the percentage of the continental population who can be classified as middle class has risen from 111 million in 1980 (26% of the continent’s population) up to 313 million by 2010 (34.3%).
Speaking to Polity, Jacqueline Chimhanzi, of financial consultancy Deloitte’s Africa desk says: “Africa’s currently the region that boasts the highest number of high growth economies in the world…this growth is trickling down so that consumers have got higher per capita spending. Suddenly people have got more spending power; there’s more GDP per capita. Africa represents a compelling investment case, given that there is a captive market that is likely to grow.”
Ms Chimhanzi’s colleague at Deloitte, Anushuya Gounden, adds: “We’re looking at people who typically live in urban areas, typically have tertiary levels of education, are focused on their children, on their children’s health and welfare. Typically they have less children than other generations. Just like the middle class throughout the world, they are the consumers of household durable goods. They want the flat screen TVs, the latest tech, and those are the things that you will see coming through.”
Watch the full video below.