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In 2011, an African Development Bank report categorised one-third of Africa’s population – about 313 million people – as “middle class”.1 The term was controversially applied to those earning between US$2 and US$20 a day. The growth of a middle class in Africa has been widely celebrated in reports by international consultancies and investment banks eager to stimulate investment – and fees. A burgeoning middle class should boost tax revenues and consumer demand.
analysis By Kwame Owino, Noah Wamalwa and Ivory NdekeiIn 2011, an African Development Bank report categorised one-third of Africa's population - about 313 million people - as "middle class".1 The term was controversially applied to those earning between US$2 and US$20 a day. The growth of a middle class in Africa has been widely celebrated in reports by international consultancies and investment banks eager to stimulate investment - and fees.
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