At a Glance
- Naspers leads with $47.4 billion in market value, reflecting Africa’s global tech reach through its vast investment portfolio across over 100 markets.
- Financial firms, including FirstRand, Standard Bank, and Sanlam, shape Africa’s corporate landscape in 2025, highlighting sector dominance.
- MTN and Vodacom represent Africa’s telecom strength, while Shoprite and Gold Fields broaden sectoral diversity in the top 10 rankings.
An overview of Africa’s most valuable companies highlights South Africa’s dominant economic footprint on the continent. As Africa’s most industrialized nation, South Africa accounts for nine of the ten firms on the list—each listed on the Johannesburg Stock Exchange (JSE)—underscoring its central role in regional growth and capital markets.
Leading the charge is Naspers Limited, Africa’s most valuable firm with a market capitalization of $47.4 billion. A global internet powerhouse, Naspers holds investments in more than 80 companies across over 100 markets, reflecting the global reach and innovation of African enterprise.
The list is weighted toward financial services, with eight companies including FirstRand, Standard Bank, Capitec Bank, Sanlam, and Absa Group featured prominently. Other key sectors include telecommunications, represented by Vodacom and MTN Group; mining, through Gold Fields Limited; and retail via Shoprite Holdings.
This ranking—based on data from African bourses and compiled by Shore.Africa—reflects the continued dominance of South African firms in shaping Africa’s corporate landscape as of market close on May 13, 2025.
- Naspers Limited
Market cap: R870 billion ($47.44 billion)
Country: South Africa
Sector: Technology
Naspers Limited, headquartered in Cape Town, is Africa’s most valuable company with a market capitalization of $47.44 billion. As a global consumer internet group, Naspers is also one of the world’s largest technology investors. Its expansive portfolio spans more than 80 investments across over 100 markets. Key holdings include stakes in the Chinese tech giant Tencent, Amsterdam-based Prosus, Netherlands-based payment provider PayU, and South Africa’s leading online retailer, Takealot. - Firstrand
Market cap: R418 billion ($22.79 billion)
Country: South Africa
Sector: Financial services
FirstRand Limited, founded in 1998 through a merger involving Anglo American Corporation of South Africa and RMB Holdings, has evolved into Africa’s second most valuable company, boasting a market capitalization of $22.79 billion. As the continent’s leading banking group, FirstRand offers a wide range of banking, insurance, and investment products across eight African countries, including Botswana, Nigeria, and Ghana. The group also maintains offices in London, Guernsey, and India. - Capitec Bank Holdings Limited
Market cap: R404 billion ($22.02 billion)
Country: South Africa
Sector: Financial Services
Capitec Bank, based in Stellenbosch, is the third most valuable company and one of South Africa’s most valuable banking institutions, with a market capitalization of $22.02 billion. Founded in 2001 by Jannie Mouton, Michiel le Roux, and Riaan Stassen, Capitec has reshaped the country’s retail banking landscape with a focus on simplicity, affordability, and digital innovation. Serving over 21 million active clients, Capitec is known for its low-cost, tech-driven banking model that appeals to a broad consumer base. The bank has steadily gained market share from legacy players by offering transparent fee structures, mobile-first banking solutions, and accessible credit. Capitec’s customer-centric approach and operational efficiency have positioned it as a standout success in South Africa’s financial sector. - Standard Bank Group
Market cap: R382 billion ($20.83 billion)
Country: South Africa
Sector: Financial services
Standard Bank Group, a cornerstone of Africa’s financial landscape, stands as the continent’s third most valuable company with a market capitalization of $20.83 billion. Known as Africa’s largest lender by assets, the group serves 19 million clients across 20 sub-Saharan African countries. With its global footprint, Standard Bank also facilitates international investment and capital flows to drive growth and development in Africa. - Gold Fields Limited
Market cap: R335 billion ($18.28 billion)
Country: South Africa
Sector: Mining
Gold Fields Limited, a Johannesburg-based mining giant, is Africa’s most valuable mining company with a market capitalization of $18.28 billion. As one of the world’s largest gold producers, Gold Fields operates nine mines across Australia, South Africa, Ghana, Chile, and Peru, with a project in Canada, achieving a total annual gold-equivalent production of 2.30Moz. - Attijariwafa Bank
Market cap: MAD145.2 billion ($15.62 billion)
Country: Morocco
Sector: Financial services
Attijariwafa Bank, Morocco’s leading financial institution, holds a market capitalization of $15.62 billion, making it the most valuable company in North Africa. Founded and headquartered in Casablanca, the bank is a major player across Africa, Europe, and the Middle East, serving 12 million clients in 26 countries and employing over 20,700 people. - Vodacom Group
Market cap: R274 billion ($14.95 billion)
Country: South Africa
Sector: Telecommunications
As the most valuable telecoms company in Africa, Vodacom Group has a market capitalization of $14.95 billion. Founded over three decades ago and majority-owned by Vodafone, Vodacom serves over 130 million customers across consumer and enterprise segments. The group’s mobile networks span South Africa, the DRC, Egypt, Ethiopia, Kenya, Lesotho, Mozambique, and Tanzania, covering a population of over 500 million. - Sanlam Limited
Market cap: R183 billion ($10 billion)
Country: South Africa
Sector: Financial services
With a century-long legacy, Sanlam Limited stands as Africa’s most valuable insurance company, with a market capitalization of $10 billion. As the largest non-banking financial services group on the continent, Sanlam operates in 31 countries across Africa, Asia, and the UK, providing financial services to over 69 million clients in some of Africa’s largest economies. - MTN Group
Market cap: R174 billion ($9.81 billion)
Country: South Africa
Sector: Telecommunications
MTN Group, a leader in the African telecommunications sector, holds a market capitalization of $9.81 billion. With operations across numerous African and Middle Eastern countries, MTN connects millions of customers through its expansive mobile network, solidifying its position as one of the continent’s most valuable companies. - Shoprite Holdings
Market cap: R166 billion ($9.07 billion)
Country: South Africa
Sector: Retail
Shoprite Holdings, Africa’s largest retailer by market capitalization, boasts a value of $9.07 billion. Founded in 1979, Shoprite has grown from a modest eight-store chain to 3,326 stores, serving millions across Africa. Its core business is food retailing, complemented by a variety of value-added services, with operations spanning nine African countries.
