At a Glance
- Naspers tops Africa’s value chart with $47.87 billion, reflecting the strength of tech and internet investments across more than 100 global markets.
- Financial services dominate the list, with FirstRand, Capitec, and Standard Bank in the top five, highlighting banking’s central role in Africa’s economy.
- Nine of Africa’s 15 most valuable firms are listed on the Johannesburg Stock Exchange, underscoring South Africa’s dominance in continental capital markets.
A fresh ranking of Africa’s most valuable companies underscores South Africa’s commanding economic presence on the continent. As Africa’s most industrialized nation, South Africa is home to nine of the top 15 firms—each listed on the Johannesburg Stock Exchange (JSE)—highlighting its pivotal role in regional growth and capital markets.
Topping the list is Naspers Limited, Africa’s most valuable company with a market capitalization of $47.9 billion. The global internet investor, with stakes in more than 80 companies across over 100 markets, exemplifies the reach and innovation of African enterprise. It is followed by financial giants FirstRand and Capitec, valued at $23.04 billion and $22.2 billion, respectively.
Gold Fields Limited leapfrogged Standard Bank Group to secure fourth place, with its market cap rising to $21.98 billion, up from $18.28 billion as of May 13, 2025.
The list is heavily weighted toward financial services, with eight of the top 10 companies operating in the sector, including FirstRand, Capitec, Standard Bank, Sanlam, and Absa Group. Other sectors represented include telecommunications (Vodacom, MTN Group), mining (Gold Fields), and retail (Shoprite Holdings).
Compiled by Shore.Africa using data from African stock exchanges, the ranking reflects the continued dominance of South African corporates in shaping Africa’s capital markets and economic trajectory, as of market close on May 20, 2025.
- Naspers Limited
Market cap: R858 billion ($47.87 billion)
Country: South Africa
Sector: Technology
Naspers Limited, headquartered in Cape Town, is Africa’s most valuable company with a market capitalization of $47.87 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: R413 billion ($23.04 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 $23.04 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. - Standard Bank Group
Market cap: R374 billion ($20.86 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 $20.86 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. - Capitec Bank Holdings Limited
Market cap: R398 billion ($22.2 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 $22.2 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. - Gold Fields Limited
Market cap: R394 billion ($21.98 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 $21.98 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. - Vodacom Group
Market cap: R285 billion ($15.9 billion)
Country: South Africa
Sector: Telecommunications
As the most valuable telecoms company in Africa, Vodacom Group has a market capitalization of $15.9 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. - Attijariwafa Bank
Market cap: MAD146.3 billion ($15.83 billion)
Country: Morocco
Sector: Financial services
Attijariwafa Bank, Morocco’s leading financial institution, holds a market capitalization of $15.83 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. - MTN Group
Market cap: R231 billion ($12.89 billion)
Country: South Africa
Sector: Telecommunications
MTN Group, a leader in the African telecommunications sector, holds a market capitalization of $12.89 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. - Maroc Telecom
Market cap: MAD98.46 billion ($10.65 billion)
Country: Morocco
Sector: Telecommunications
Maroc Telecom, officially known as Itissalat Al-Maghrib, is Morocco’s largest telecom operator and one of the most valuable publicly traded companies in North Africa. With a market capitalization of $10.65 billion, the company plays a critical role in connecting millions across Morocco and sub-Saharan Africa. It offers a full suite of telecom services—including mobile, fixed-line, internet, and enterprise solutions—and operates in 11 African countries, underscoring its regional influence and strategic importance in Africa’s digital landscape. - Sanlam Limited
Market cap: R182 billion ($10.15 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 $10.15 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. - Anglo American Platinum
Market cap: R177 billion ($9.88 billion)
Country: South Africa
Sector: Mining
Anglo American Platinum, one of the world’s leading platinum producers, commands a market value of $9.88 billion. Headquartered in South Africa, the company plays a critical role in the global supply of platinum group metals, which are essential for industrial applications, catalytic converters, and clean energy technologies. Its mining, smelting, and refining operations span across several key mineral-rich regions in Southern Africa. - Shoprite Holdings
Market cap: R164 billion ($9.15 billion)
Country: South Africa
Sector: Retail
Shoprite Holdings, Africa’s largest retailer by market capitalization, boasts a value of $9.15 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. - Bid Corporation
Market cap: R160 billion ($8.93 billion)
Country: South Africa
Sector: Consumer Services
Bid Corporation, a global foodservice giant headquartered in South Africa, holds a market value of $8.9 billion. Spun off from Bidvest Group in 2016, the company operates across five continents, delivering food and allied products to the catering, hospitality, and institutional sectors. With a decentralized model and strong local market focus, Bidcorp continues to expand its footprint in developed and emerging markets alike. - Absa Group
Market cap: R150 billion ($8.37 billion)
Country: South Africa
Sector: Financial services
Absa Group, one of Africa’s leading diversified financial services providers, commands a market value of $8.37 billion. Headquartered in Johannesburg, Absa offers a broad range of banking, investment, and insurance products across 12 African countries. With deep roots in the continent’s financial fabric, the group continues to play a pivotal role in driving inclusive economic growth and innovation in banking. - Nedbank Group
Market cap: R124 billion ($6.92 billion)
Country: South Africa
Sector: Financial services
Nedbank Group, one of South Africa’s leading financial institutions, holds a market capitalization of $6.92 billion. Headquartered in Johannesburg, the group offers a broad range of banking and financial services, including retail and wholesale banking, wealth management, and insurance. With a strong presence in South Africa and operations across the Southern African region, Nedbank plays a key role in financing economic development and promoting financial inclusion across the continent.
