Africa’s middle class has tripled over the last 30 years, with one in three people now considered to be living above the poverty line – but not among the wealthy.
The current trajectory suggests that the African middle class will grow to 1.1 billion (42%) in 2060.
As African economies are growing (7 of the 10 fastest growing in the world are African), the wealth is trickling down and Africa now has the fastest growing middle class in the world.
This Deloitte paper provides insight in terms of:
· Who is the African middle class?
· Where are they situated geographically?
· How does the rise of the middle class manifest?
· What trends are driving growth now and into the future and
· What are the opportunities?
Dr Jacqueline Chimhanzi
Lead: Africa Desk, Deloitte
Partner: Head of Africa Desk, Deloitte