The numbers are compelling: Africa’s population explosion has seen its middle class population triple over the last three decades, to a whopping 313m people. In the report, The rise and rise of Africa’s middle class, Deloitte forecasts that the African middle class population will swell from 34.3% to 42% of the continent’s population by 2060.
The report reveals that the African middle class is roughly the same size as the middle class populations of India and China. With at least 75% of their populations classified as middle class – defined as those spending between $2 and $20 per day – Morocco, Algeria, Tunisia, Egypt and Gabon have the highest concentration of middle class among their populations. Tunisia tops the list, with a middle class that makes up 90% of its population.
According to Deloitte, the direct beneficiaries of the burgeoning middle class will be consumer business/retail (both food and clothing), Technology, Mobile and Telecommunications (TMT), entertainment, financial services and healthcare. The spill-over effects are also expected to benefit construction, infrastructure development and agriculture.
Check out this fascinating map from Deloitte to give you some idea about where the “middle-class” currently sits :
The all important key for the map: