About 170 million out of Africa’s 1.3 billion people are now classified as middle class. But about eight million of them could be thrust into poverty because of the coronavirus and its economic fallout, according to World Data Lab, a research organization. It’s a setback that may be felt for years to come.
What percentage of Africa is middle class?
The number of middle class Africans has tripled over the last 30 years to 313 million people, or more than 34% of the continent’s population, according to a new report from the African Development Bank (AfDB).
How large is the African middle class?
What is Africa’s middle class, how large was it before COVID-19, and was it growing? 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.
Does Africa 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. … It is, as Soros points out, the world’s fastest-growing middle class.
Which country in Africa has the largest middle class?
We have already noticed that Gabon is the country with the largest proportion (75.27 per cent) of population belonging to the African income middle class.
Is Chinese middle class growing?
Based on Pew’s income band classification, China’s middle class has been among the fastest growing in the world, swelling from 39.1 million people (3.1 percent of the population) in 2000 to roughly 707 million (50.8 percent of the population) in 2018.
Does the middle class exist in Nigeria?
2 Numbers nonetheless are still relatively small: only 7.6 million households (roughly 40 million people) qualify for middle class status. Estimates for Nigeria indicate that about 20 per cent of households hover around the middle-class thresholds. The discussion on the middle class is particularly vibrant in Nigeria.
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.
Which country has most middle class?
However, as of 2019, Canada has the wealthiest middle class of any country in the world. The most common figure used by researchers and economics professors when comparing middle-class economies across different countries is median annual income, standardized to U.S. dollars.
What is the middle class in South Africa?
Although the African Development Bank describes as middle class in a developing economy anyone earning more than $2 per day, a study by John Simpson, director of the University of Cape Town’s Unilever Institute of Strategic Marketing, defines middle class South Africans as those who earn between $1,550 and $4,800 per …
Which country in Africa has the biggest potential to greatly grow their economy in the coming years?
Ethiopia: Africa’s Shining Star
The government has also committed to pro-poor spending aimed at halving its poverty rate and making the most of its growing workforce. In fact, it has been the fastest growing economy in the world for four years straight.
Is the middle class growing in the world?
From 2011 to 2019, the global middle-class population increased from 899 million to 1.34 billion, or by 54 million people annually, on average. The pandemic is estimated to have erased a year of growth, leaving the global middle-class population nearly unchanged from 2019 to 2020.
Is South Africa a developing market?
Africa’s four most advanced economies—Egypt, Morocco, South Africa, and Tunisia—have well-developed manufacturing and service industries. They have relatively high per capita incomes and more stable GDP growth than most of the other economies, despite the political risks that have come to the fore in North Africa.
Where can you find snow in Africa?
Snow is an almost annual occurrence on some of the mountains of South Africa, including those of the Cedarberg and around Ceres in the South-Western Cape, and on the Drakensberg in Natal and Lesotho.
How many consumers are in Africa?
Africa is home to roughly 1.2 billion consumers today, projected to increase to 1.7 billion by 2030.
How big is the middle class in South Africa?
At the end of 2018, roughly 1.04 billion people belonged to the global wealth middle class – which is more or less the same number of people as one year before. Six million South Africans fall into this range – just over 10% of the population, Allianz said.