Multinationals target potential of Africa’s middle class

After decades of ignoring the region, multinational companies are turning to Africa as one of the emerging engines of consumer growth. By some estimates, Africa already has as many middle-class consumers as China or India. And most of them are buying mobile phones and televisions, own cars or houses, and use the Internet.

A recent study by the African Development Bank concluded that 34 per cent of Africans can be categorized as middle-class consumers. In absolute numbers, the study counted 313 million middle-class Africans in 2010, compared with just 111 million in 1980. read more