Sources:
1 Morgan Stanley Investment Management calculations using UN Population Database data from Haver Analytics.
2 Morgan Stanley Investment Management calculations using IMF and UN data.
3 Africa’s new millionaires are coming from its less fashionable economies, Semafor, April 13, 2023. https://www.semafor.com/article/04/13/2023/africas-new-millionaires-not-from-nigeria-south-africa
4 On why I remain bullish on Nigeria, Ken Opalo, Substack, March 16, 2023. https://kenopalo.substack.com/p/on-why-i-remain-bullish-on-nigeria
5 Nigerians Consume Over 80 million Gigabytes of Data per Month Despite Paying More, Technext24, March 2, 2021. https://technext24.com/2021/03/02/nigerians-consume-over-80-million-gigabytes-of-data-per-month-despite-paying-more/
6 The State of Mobile Internet Connectivity Report 2023. https://www.gsma.com/r/somic/#:~:text=Mobile%20internet%20is%20connecting%20more,%25%20of%20the%20global%20population
7 What Consumer Data Says About Opportunities in Emerging Markets, June 1, 2021. https://www.institutionalinvestor.com/article/2bsworb4cn8xkpjljmp6o/portfolio/what-consumer-data-says-about-opportunities-in-emerging-markets
8 Global stocks best way to tap domestic EM growth, January 4, 2012. https://www.ft.com/content/273ff168-24e2-11e1-8bf9-00144feabdc0
9 AI, Talent Shortage Pose Threats to Philippine Call Centers, August 6, 2023. https://www.bloomberg.com/news/articles/2023-08-06/ai-talent-shortage-pose-dual-threat-to-philippine-call-centers?sref=rQZNFIri and IMF data from Haver Analytics.
10 New UNESCO publication highlights growth potential of Africa’s film industry, UNESCO, October 2, 2021. https://www.unesco.org/en/articles/new-unesco-publication-highlights-growth-potential-africas-film-industry
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