19/08/2014
Africa set to turbo-charge growth of middle class
The number of middle class households in 11 key sub-Saharan African countries #8211; excluding South Africa #8211; are set to triple to 22m by 2030, creating a burgeoning consumer market for items such as vehicles, insurance policies, property and health products, according to a Standard Bank research report. Simon Freemantle, senior political economist at Standard Bank and author of the report, said the prospective boom in middle class households #8211; those earning between US$8,500 and US$42,000 a year #8211; is also likely to be complemented by a swelling in the number of lower middle class households that earn between US$5,500 and US$8,500 annually.Continue reading ?img...
