The Biggest Companies in South Africa
The Johannesburg Stock Exchange (JSE) is the largest stock exchange in South Africa. With a total market capitalisation of R 22,282 billion1, it’s home to the largest companies in South Africa.
In this article, we’ll take a look at the biggest South African companies. Firstly, we will highlight the top 10 biggest companies in South Africa by market capitalisation, before looking at the largest companies in South Africa by revenue.
The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
The Largest Companies in South Africa by Market Cap
In the following sections, we will take a look at the top companies in South Africa by market cap.
1. Naspers
| Market Capitalisation = $55 billion |
Naspers is currently the largest company in South Africa in terms of market capitalisation.
Naspers invests globally in internet companies around the world through its subsidiary Prosus, which itself is listed on the Euronext Amsterdam.
Via Prosus, Naspers holds positions in or wholly owns Tencent, Delivery Hero, OLX, Udemy, Remitly and many other companies. Naspers also wholly owns Media24, Takealot.com and Naspers Foundry.
2. Gold Fields
| Market Capitalisation: $37 billion |
As well as being the second largest South African company, Gold Fields is also one of the largest gold miners in the world.
Gold Fields Limited was formed in 1998 after the gold assets of Gencor and Gold Fields of South Africa were combined. It currently operates nine mines in Australia, South Africa, Ghana, Chile and Peru.
In 2024, it was the seventh largest gold mining company in the world in terms of production, producing 2.1 million ounces of gold.
3. AngloGold Ashanti
| Market Capitalisation: $34 billion |
Next up is another gold mining company, AngloGold Ashanti. AngloGold Ashanti was formed in 2004 by the merger of AngloGold and Ashanti Goldfields Corporation.
In 2024, in terms of production, it was the joint fifth largest gold mining company in the world, producing 2.6 million ounces of gold. So, interestingly, although it is slightly smaller than Gold Fields in terms of market cap, it is larger in terms of production.
4. FirstRand
| Market Capitalisation = $25 billion |
FirstRand Limited is the largest financial services group in South Africa, offering banking, insurance and asset management. It operates under brands including First National Bank, Rand Merchant Bank and WesBank.
Besides its domestic market, FirstRand operates in other parts of Africa, the UK and India.
5. Capitec Bank
| Market Capitalisation = $24 billion |
In fifth place in the list of the 10 biggest companies in South Africa is another bank, Capitec Bank.
Founded in 2001, Capitec is the largest retail bank in South Africa in terms of customers, with more than 24 million clients – more than half the country’s adult population. In recent years, it has made progress with its digital banking solutions, with around 13 million of its clients regularly engaging with its banking app.
6. Standard Bank Group
| Market Capitalisation = $22 billion |
Standard Bank Group operates in 20 countries throughout sub-Saharan Africa – including South Africa (its domestic market), Nigeria and Kenya. It has over 19 million clients and is Africa’s largest bank in terms of assets, with R3.4 trillion worth of assets.
7. Valterra Platinum
| Market Capitalisation = $19 billion |
Valterra Platinum, formerly known as Anglo American Platinum, is a mining company which, as the name suggests, produces Platinum Group Metals (PGMs). The miner was spun out of Anglo American in May 2025.
In 2024, Valterra (then Anglo American Platinum) produced 1.85 million ounces of platinum, which accounted for roughly 30% of total global production.
8. Vodacom
| Market Capitalisation = $15 billion |
Vodacom is a mobile communications company, providing services to over 200 million customers throughout Africa. It is 65.1% owned by Vodafone, one of the world’s largest communications companies.
9. MTN Group
| Market Capitalisation = $14 billion |
MTN Group is a mobile telecommunications provider and is Africa’s largest mobile network provider. It provides services to almost 300 million customers in 16 different countries.
10. Impala Platinum
| Market Capitalisation = $12 billion |
Impala Platinum, or Implats, is a leading Platinum Group Metals (PGM) producer, operating in South Africa, Zimbabwe and Canada.
The company runs seven key mining operations across these countries which mine and refine platinum, palladium, rhodium, nickel and other metals. Implats contributes around 20% to annual global primary PGM production, producing 3.55 million ounces in the year ending 30 June 2025, with platinum being its main output
The Biggest Companies in South Africa by Revenue
So, now we’ve seen the top 10 biggest companies in South Africa in terms of market cap, what about in terms of revenue?
In recent years, South Africa’s largest companies have experienced significant revenue growth which has been accompanied by a similarly strong stock market performance. Although it should be noted that past performance is not a reliable indicator of future results. The table below shows the 5 largest companies in South Africa by revenue.
Sources: Shoprite, Sasol, Bid Corporation, MTN Group, Standard Bank Group - Most Recent Annual Reports as of 29 September 2025.
Sources:
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Frequently Asked Questions
What is the biggest company in South Africa?
Naspers is the biggest company in South African by market capitalisation, with a market cap of $52 billion at the time of writing. However, in terms of revenue, Shoprite is the largest South African company.
Which company has the highest revenue in South Africa?
Shoprite currently has the highest revenue in South Africa.
What sectors dominate South African companies?
The largest ten companies in South Africa are dominated by the financial services and mining sectors.
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