Morocco’s economic capital Casablanca ranked among 10 African cities with the highest purchasing power, posting a Local Purchasing Power Index of 32.9, according to rankings by Business Insider Africa.
Casablanca secured the 8th spot while Pretoria (90.6), Johannesburg (83.8), and Cape Town (82.2) in South Africa held the three top rankings. Agadir was in the 10th spot of the list (29.4).
Business Insider Africa said that Africa’s emergence as a beacon of economic prospects in recent years, challenged stereotypes and defied 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,” it added.
According to data and research platform “Numbeo”, the local purchasing power index is derived from the average net salary in a given region. A local purchasing power index of 40 implies that residents with an average salary can afford, on average, 60% fewer goods and services compared to their counterparts in New York City.
This index, combined with metrics like rent, cost of living, groceries, and restaurant prices, contributes to the comprehensive cost of living index for cities worldwide.