Estimates suggest that sub-Saharan Africa (excluding South Africa) now holds a population of least 100 million people, with an aggregate daily spending power of more than US$400 million. This makes it the fastest-growing middle class worldwide, according to an Africa Business Communities report.
A study conducted by South Africa’s University of Cape Town Unilever Institute, together with research house Ipsos, defines ‘middle class’ as individuals who earn between US$4 and US$70 per day. It found that Lagos, Nigeria is home to the highest proportion of middle class (68%), while Kenya, Nairobi has the lowest (49%). Furthermore, the study classified around 60% of people living in the 10 cities under analysis as middle class.
Common denominators of the continent’s middle class include preparedness to embrace entrepreneurship and access to a smartphone.
22 August 2017
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