Sub-Saharan Africa’s Middle Class to Balloon, Standard Bank Says
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Middle-class households in 11 leading sub-Saharan African economies, excluding South Africa, are set to balloon to about 40 million by 2030, as the benefits of economic growth are more inclusively distributed, according to Standard Bank Group Ltd.
About 15 million of the 110 million households in Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Sudan, Sudan, Tanzania, Uganda and Zambia are lower-middle-class and middle-class, consuming from $15 to $115 a day, the continent’s largest lender said today. About 86 percent of households are low-income, consuming less than $15 a day, it said.