Tradelines News

Get the latest news and updates on cross-border customs and international trade.

Investment Opportunity in Africa as One in Three Africans are Middle Class

Posted October 28, 2014

Under Economic Issues, International Trade Issues

(IndustryWeek – AFP)

More than one in three Africans have entered the middle class in the past decade, and their numbers are set to increase thanks to rapid economic growth, a study showed Monday.

At least 370 million Africans, or 34% of the continent’s 1.1 billion people, are described as members of the middle class, according to a survey by the African Development Bank. In turn, the bulging middle class will help drive further economic growth and development, the Tunis-based AfDB said.

By 2060 the group should represent 42% of the population, according to the study launched in Johannesburg nearly 20 years ago. Read more here.