South African companies continue to dominate the table of Africa's top 250 companies despite the country's weak economic growth over the years. South Africa's growth outlook is further mitigated by the threat of US tariffs. US President Donald Trump initially announced a 30% tariff on South African goods imported into the United States, but was replaced by a 10% universal tariff imposed in all countries awaiting a 90-day review.
However, relations with the US have been worsening and worsening in recent months. Secretary of State Marco Rubio refused to attend the G20 Foreign Ministers' Meeting in Johannesburg. Washington, D.C., South African ambassador Ebrahim Rasool has been expelled. And Trump continues to attack Pretoria over limited plans for land reform. South Africa has appointed respected Musevensi Jonas as a special envoy to smooth relations, but the direction of travel, coupled with the possibility that Trump will see Africa's growth and Pretoria, which will not revive long-studded access, means that South African businesses will soon not be warmly welcomed in the US.
The 20 largest companies in South Africa are also ranked in the top 30 on the continent, with 16 of them among the 18 largest listed companies on the continent. There are some signs of recovery in South Africa's corporate value this year, as the country's National Uniform Government (GNU) bids to improve its economy. Many successful South African companies are also exposed to multiple African markets.
As the top 20 companies in the region are all South Africans, we have created separate tables for South Africa, including South Africa. Using a separate table allows you to consider businesses based in the rest of the region.
The threshold for inclusion in the South African table has increased from SASOL's $4.9 billion valuation in the table in 2024 to $5.1 billion in Pepcoal holdings in this year's rankings, suggesting a recovery in the country's strength of corporate depth. This highlights the total amount of South African companies listed in the top 250, which has not been recovered at all to the 2023 record, but has grown from $300 billion to $358 billion over the past year.
South Africa's largest companies come from a wide range of industries, including banking, insurance, mining, communications, internet and software services, retail, restaurants, investment management, and more. Morocco is the only other African country with a wide range of large companies. Morocco and South Africa have large raw materials sectors, but both use natural resources to benefit the wider economy.
Click here to view the full list of Africa's top 250 companies 2025.
