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Showing posts from July, 2015

Is there a middle class in the Sub-Sahara?

I was recently watching the news on one of our local television. There was a comment about middle class in African nations. The commentator said that there is a rising middle class in the sub-region because of the increase of incomes. As junior economist my attention was drawn on the issue of middle class in the sub region. What is a middle class in economics?  Do we have a middle class in the sub-region? The middle class is the broad group of people in contemporary society who fall socio-economically between the working class and upper class .  In the western countries the middle class represent a significant part of the population constitute a driving force for economic growth. Credit Suisse's Global Wealth Report 2014, estimated that people who belong to the middle class, have wealth between the range of $10,000-$100,000. There is a very low rate of people who belong to the middle class in the sub-region. What we have is should be called a center , a concentrati