We have already noticed that Gabon is the country with the largest proportion (75.27 per cent) of population belonging to the African income middle class.
Which country has most middle class?
For decades, the United States boasted the honor of having the richest middle-class. However, since 2019 Canada has the wealthiest middle class of any country in the world.
Which countries in Africa are middle income?
Other countries with high percentages of the middle class include Gabon, Botswana, Namibia, Ghana, Cape Verde, Kenya and South Africa. Countries at the bottom end include Mozambique, Madagascar, Malawi, Rwanda, Burundi and Liberia.
What percentage of South Africa is middle class?
in 2019, only 20% of South Africans belonged to the stable middle class, whilst 4% belonged to the elite. The rest belonged to the transient poor (11%) and the vulnerable middle class (15%).
Do African countries have a growing middle class?
Over the last decade, six of the world’s 10 fastest-growing countries were African. … As a result, Africa now has the fastest-growing middle class in the world. Some 313 million people, 34% of Africa’s population, spend USD 2.20 a day, a 100% rise in less than 20 years, according to the African Development Bank.
Who has the biggest middle class?
China, India and the U.S. are projected to retain the top three rankings as the countries with the largest middle-class populations, according to World Data Lab.
Which country has the smallest middle class?
The U.S. and Spain stood at the other end, with the smallest middle-income tiers and among the highest levels of income inequality. The ratio of the median income of upper-income households to that of lower-income households in 2010 was 5.70 in the U.S. and 4.97 in Spain.
How big is the African middle class?
About 170 million out of Africa’s 1.3 billion people are now classified as middle class. But about eight million of them could be thrust into poverty because of the coronavirus and its economic fallout, according to World Data Lab, a research organization.
Which country is the richest in Africa?
Nigeria is the richest and most populous country in Africa.
Richest African Countries by GDP
- Nigeria – $514.05 billion.
- Egypt – $394.28 billion.
- South Africa – $329.53 billion.
- Algeria – $151.46 billion.
- Morocco – $124 billion.
- Kenya – $106.04 billion.
- Ethiopia – $93.97 billion.
- Ghana – $74.26 billion.
Which country has the fastest growing middle class?
A report released by the U.K.-based analytical NGO and data refinery enterprise World Data Lab forecasts that Indonesia will have the world’s fastest-growing middle class population with 75.8 million, followed by Pakistan (59.5 million) and Bangladesh (52.4 million).
How big is South Africa’s black middle class?
Most black South Africans, however, are not middle-class. According to the economists’ paper, which categorised people based on their income stability over many years, just 18% of black South Africans are secure enough to be deemed middle-class.
Does South Africa have a growing middle class?
Data published at the end of 2020 by the University of Cape Town Liberty Institute shows that South Africa’s shrinking middle-class has been years in the making, declining from 6.1 million to 2.7 million individuals between 2017 and June 2020, translating to a 55.73% reduction.
Is South Africa a lower middle income country?
The World Bank defines lower-middle-income status as countries with a gross national income per capita of between $1,046 and $4,095. South Africa’s GNI per capita was $5,410 in 2020, according to the World Bank. … “South Africa is in the tremendously lucky position that it has many low-hanging growth fruits.
Does Ethiopia have a middle class?
With more than 112 million people (2019), Ethiopia is the second most populous nation in Africa after Nigeria, and the fastest growing economy in the region. However, it is also one of the poorest, with a per capita income of $850. Ethiopia aims to reach lower-middle-income status by 2025.
Does Nigeria have a middle class?
The middle class make up about 23% of the Nigerian population, according to African Development Bank (AfDB) data. They are well educated – 92% have obtained post-secondary education or have studied at an institution of higher learning.
Who is middle class in Kenya?
Domestic data put the low income earners as those taking home 23,670 shillings (about 216 U.S. dollars) and below while those earning between 216 dollars to 1,094 dollars are classified as middle class.