In a recent report released by British forecasting firm Oxford Economics it is predicted that in 2030 African cities will experience a higher rate of growth than any other region in the world.
The study tracks projected population growth, GDP growth and consumer spending. Lagos is set to become the continent’s most populous city in the next 17 years, with a projected 25 million residents. Of the 96 cities considered by the report, 51 will experience a population growth of 50 percent.
The Africa Report details how “Africa’s most significant cities contribute about 36 percent ($700bn) to the continent’s GDP; a figure that is expected to increase to 1,700 billion by 2030.”
“Dar es Salaam will register the fastest growth in the number of households in the emerging middle class ($5,000 – $20,000 per year in revenue). With the highest GDP in 2030, Johannesburg will see a rise in rich households (475,000) earning more than $70,000 per year.
Six out of the top 15 cities in terms of per capita income will be South African in 2030. The first position, nonetheless, will be occupied by Libreville, the capital of Gabon, in central Africa.”
The report says that growth in purchasing power will be accompanied by a redistribution of income across the continent. By 2030, the more developed cities of today, like Johannesburg and Cairo, will see their purchasing power doubling, while Abuja, the Nigerian capital, and Huambo in Angola, will see their purchasing power increase by five-fold.
Image via Wikimedia Commons.
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