Africa has emerged in recent years as a beacon of economic promise, overcoming preconceptions and defying historical myths.
The continent’s booming economy is a monument to its endurance, ingenuity, and nations’ united commitment to usher in a new era of prosperity. It also serves as a measure of the country’s human and natural resources.
As Africa’s economic growth and development continue, the concept of purchasing power takes center stage.
Businesses and individuals that take the time to understand the specific elements affecting consumer behavior in Africa can not only tap into a big market but also contribute to the continent’s long-term economic success.
The index for local purchasing power is based on the average net pay of each particular location, according to Numbeo, one of the world’s most comprehensive data and research platforms. A domestic buying power of 40 means that residents with an average wage can afford 60% fewer goods and services than people with an average salary in New York City.
The local buying power index, along with four other indexes, is used to calculate the overall cost of living in places around the world. Other metrics include the rent index, the cost of living plus rent index, the food index, and the restaurant pricing index; a weighted average of these scores yields the total cost of living index.
With that said below are the 10 African cities with the highest purchasing power.
|Local Purchasing Power Index