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According to Euromonitor International data, the wealthiest class in African countries is set to grow significantly. For example, Kenya’s Social Class A is projected to grow 28% from 2011 to 2020, one of the highest forecasts in the world; in China, for example, the Social Class A is only set to grow 4% to 2020. Meanwhile, the total number of people comprising Social Classes A and B in Nigeria will be 25m by 2020 according to Euro monitor, 23% more than the UK and Germany combined. 

Africa’s youthful demographics also bode well for the future of the luxury market. Around 65% of Africa’s population is under 35 years old, according to the Youth Division of the African Union Commission. By 2020, three out of four people will have an average age of 20. Ten million young Africans currently come into the labour pool for the first time every year.

“Africa is a long way behind both emerging Asia and Latin America in terms of the size of its middle class, but the combination of rapidly growing economies and youthful populations augers well for the next  10 years (and beyond),” says Fflur Roberts, head of Luxury at Euromonitor International. 

“Equally, a recent spate of oil and gas discoveries – and the high probability of more to come, for example, in Ghana (oil) and in Tanzania (gas) – could provide a get-rich-quick spawning ground for a new generation of high-net-worth individuals,” Roberts adds.