Global investors can be surprised at the scope of discretionary income across the developing world. The opening in Johannesburg of the first Starbucks in the Sub-Sahara illustrates the point. Consumer demand was so great that the company’s US-based CEO Howard Schultz exclaimed, “I have never seen a line like this a week after opening.” Spending power here can be quantified in part by the number of millionaires living in Johannesburg. One study found that there are more than 24,000 of them, making the city the wealthiest entrepot in Africa by that measure. Presumably a few of them showed up for Starbucks’ opening party, complete with velvet ropes and custom lighting. ■
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