Africa's middle class: The real engine of growth for the continent.

There are wide disparities on the real meaning of the 'African middle class'. According to a Mckinsey report, the number of middle class in Africa could be 200 million. However, others disagree and put this number at just 20 million. So, we really have some interesting statistics here. The real meaning of the middle class also differs. For example, the happy go lucky trader that imports goods from China may have very different characteristics from the educated elite who holds a powerful corporate job.
However much we disagree on the real number and meaning of the middle class in Africa, the fact is that the number is growing. Nowhere is this being felt than in the consumer economy of Africa. According to another
widely cited report by McKinsey, African consumers spent an average of $800 billion in 2014, as compared to $600 billion spent by Indians.

Consumer companies are salivating at such growth prospects. What's more, Africa is the youngest continent, and consumer companies will find such prospects particularly inviting. The middle class in the cities send money back to the rural villages, further boosting the economy of these marginalized regions. However, sometimes, the middle class have too many dependents, which ensures that the income that they earn goes to consumption rather than to productive endeavors. This curtails savings and investments, and further hampers the African rising narrative that is gaining credence with each passing day.