In recent years, Africa has emerged as a beacon of economic prospects, challenging stereotypes and defying historical narratives.
The continent's growing economy is a testament to its resilience, innovation, and the collective determination of its nations to usher in a new era of prosperity. It is also a measure of its human and natural resources.
As Africa continues on its trajectory of economic growth and development, the concept of purchasing power takes center stage. Businesses and individuals who take the time to understand the unique factors shaping consumer behavior in Africa can position themselves to not only tap into a vast market but also contribute to the continent's sustainable economic development.
According to Numbeo, one of the world’s most profound data and research platforms, the index for local purchasing power is based on the average net salary of any given region. A domestic purchasing power of 40 means that residents with an average salary can afford, on average, 60% fewer goods and services compared to residents of New York City with an average salary.
The local purchasing power index is used alongside four other indexes to determine the overall cost of living for cities across the globe. Other metrics include the rent index, cost of living plus rent index, grocery index, and restaurant price index, a weighted average of this score gives the comprehensive cost of living index.
With that said below are the 10 African cities with the highest purchasing power:
Play audio
No comments