Black middle class drives South Africa’s economic growth
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UnderMiSensi
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South Africa’s black middle classes have surpassed their white counterparts in number over the past eight years and are now seen as the driving force behind the country’s economic growth.
While the African National Congress-led government still has major challenges to overcome when it comes to improving the lives of the country’s poor majority, millions of black South Africans have advanced into the middle-class category since apartheid ended in 1994.
Although it is difficult to quantify their exact number, the Unilever Institute – a nonprofit organisation based at the University of Cape Town – recently estimated the black middle class had grown from just under 1.7 million in 2004 to 4.2 million in 2012.
Of the 8.3 million adults it classified as middle class last year, 51 per cent were black, compared with 34 per cent white, 9 per cent “coloured” and 6 per cent Indian. In 2004, the proportions for the two main groups were much different, with 52 per cent white and 32 per cent black.
http://www.irishtimes.com/news/world/africa/black-middle-class-drives-south-africa-s-economic-growth-as-new-tensions-arise-1.1644954
While the African National Congress-led government still has major challenges to overcome when it comes to improving the lives of the country’s poor majority, millions of black South Africans have advanced into the middle-class category since apartheid ended in 1994.
Although it is difficult to quantify their exact number, the Unilever Institute – a nonprofit organisation based at the University of Cape Town – recently estimated the black middle class had grown from just under 1.7 million in 2004 to 4.2 million in 2012.
Of the 8.3 million adults it classified as middle class last year, 51 per cent were black, compared with 34 per cent white, 9 per cent “coloured” and 6 per cent Indian. In 2004, the proportions for the two main groups were much different, with 52 per cent white and 32 per cent black.
http://www.irishtimes.com/news/world/africa/black-middle-class-drives-south-africa-s-economic-growth-as-new-tensions-arise-1.1644954
Comments
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If i was to ever leave the united states and move to another country... South Afrika would be a country i would consider moving to.
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Great ? Africa is definitely coming up from everything I see and hear....I'm hearing incredible things about Nigeria as well
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Well, they do have the large majority there, so it was only a matter of time before this happened once they were given the opportunity.
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kingblaze84 wrote: »Great ? Africa is definitely coming up from everything I see and hear....I'm hearing incredible things about Nigeria as well
Yeah me too but Nigeria still needs to nip that muslim conflict in the bud, nigeria still needs better leadership. I'd do business in Kenya or Ghana before Nigeria. Much love to Nigeria tho.
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kingblaze84 wrote: »Great ? Africa is definitely coming up from everything I see and hear....I'm hearing incredible things about Nigeria as well
150 million ppl, great abundance of natural resources (oil) ppl want, fine economics & good politics so far. Most of the world's black billionaires reside there. According to Forbes that number may have grow 10-15% in 2013. Nigeria is leading the growth of Africa. Hopefully the can sustain it, looks like they found a way to churn out the potential of their population, same goes for South America. They still have a way to go tho socially (racism in South Africa & sustained long term track record growth & good politics in Nigeria).
Off topic but there might also be a new black American billionaire too when they drop the list in March.
Word? That's great, I just hope the riches that individual attained didn't solely derive from the entertainment industry. I'm getting sick of the notion that we must be in entertainment to get rich.
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fine economics & good politics so far
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i went to south africa in 2007 beautiful place and the weather is perfect especially along the coast. And even inland in johanesburg its pretty nice.