One in Three Africans Have Entered Middle Class, Study Says
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 percent 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 percent of the population, according to the study launched in Johannesburg nearly 20 years ago.
“There is a stable middle class and it is growing,” said Mthuli Ncube, the AfDB’s chief economist and a senior research fellow with Oxford University’s Blavatnik School of Government.