Interesting piece in The Guardian on Ethiopia as an “African lion” with a rapidly increasing number of millionaires, up from 1300 in 2007 to 2700 this year. During that period, its GDP had grown 93%. But for me, perhaps the most telling line is this:
“The millionaires are growing at a faster rate than the middle class, which doesn’t really exist in a lot of African countries, including Ethiopia,” said Andrew Amoils, a senior analyst at New World Wealth.
Ethiopia’s low base, less-than democratic government and rapid privatisations mean there is serious money to be made for those with the right connections. Just not sure how many people will actually benefit. Well worth reading the whole piece.