Africa Rising: How 900 Million African Consumers Offer More Than You Think

2. Africa Is Richer Than You Think

Across the continent, Africa is richer than India on the basis of gross national income (GNI) per capita, and a dozen African countries have a higher GNI per capita than China. Rising investments from private equity and an active diaspora are expanding investments and opportunities. Communications, banking, and other drivers are creating the infrastructure for further development. Africa is richer than you think.

Africa has some of the poorest nations in the world, but it is wealthier across the continent than India. The average gross national income per capita (GNIC) across all 53 African nations in 2006 was about $1,066, more than $200 above India’s. As Exhibit 3 in the insert and Table 2-1 show, 12 African ...