Top 10 most valuable companies in Africa 2025

Africa’s corporate landscape in 2025 is defined by a mix of financial powerhouses, telecom giants, and globally influential resource companies.

• Africa’s corporate landscape in 2025 is dominated by financial, telecom, and mining giants, with South Africa leading the rankings.
• Naspers retains its position as the continent’s most valuable company with a valuation of $40.4 billion.
• Morocco strengthens its regional influence with Attijariwafa Bank and Maroc Telecom securing places in the top ten.
• The full ranking highlights sectors driving Africa’s growth from digital services and banking to gold production and connectivity.

Market capitalisation figures from African Business magazine’s Top 250 Companies ranking for 2025 provide the clearest picture of who sits at the summit.

These tables assess listed firms whose revenue and core operations are rooted in Africa, offering a transparent benchmark of continental value creation.

South Africa continues to dominate the list with eight of the ten most valuable companies, although Morocco maintains a strong showing with two major players holding their own among Africa’s elite.

Together, these companies capture the evolving story of African business, one shaped by digital transformation, financial innovation, and the resilience of extractive industries.

1. Naspers (South Africa)

Market value in 2025, $40.4 billion

Naspers remains the most valuable company in Africa due to its unique global tech footprint and strong investment portfolio.

Its influence is mainly driven by its international holdings through Prosus, notably its stake in Tencent.

Although much of its operational structure is now centred in Europe, its African roots and listing position maintain its dominance on the continent.

Locally, Naspers continues to shape the digital economy through companies such as Takealot and PayU.

2. FirstRand (South Africa)

Market value in 2025, $21.9 billion

FirstRand is Africa’s most valuable banking group, controlling a wide portfolio that includes First National Bank, Rand Merchant Bank, and WesBank.

The group has a strong presence in Southern Africa and a growing footprint in select international markets.

Its ability to innovate in digital banking and retail financial services has allowed it to maintain strong investor confidence and commercial success.

3. Standard Bank Group (South Africa)

Market value in 2025, $21.6 billion

Standard Bank is Africa’s largest bank by total assets, operating in twenty African countries and serving millions of customers.

Its strategic partnership with the Industrial and Commercial Bank of China places it at the centre of Africa-Asia investment flows.

Although slightly behind FirstRand in market value, Standard Bank remains a dominant force in corporate banking, infrastructure finance, and cross-border trade.

4. Gold Fields (South Africa)

Market value in 2025, $19.7 billion

Gold Fields has risen into the upper tier of African corporate giants due to strong global gold prices and steady production across its mines.

The company operates in South Africa, Ghana, Australia, and the Americas.

Its ability to manage costs and maximise output has made it one of the most profitable gold producers globally.

This performance has pushed Gold Fields into competition with the continent’s leading banks for valuation prominence.

5. Capitec Bank (South Africa)

Market value in 2025, $19.6 billion

Capitec Bank is one of South Africa’s most remarkable success stories.

Built on a low-cost, simplified, and digital-first banking model, the bank has grown rapidly by serving a broad consumer base.

Its focus on accessibility, transparent pricing, and technology-driven efficiency has won it millions of loyal customers.

Capitec’s surge into the top ten reflects a shift in African finance towards consumer-centred digital banking.

6. AngloGold Ashanti (South Africa)

Market value in 2025, $18.7 billion

AngloGold Ashanti is one of the world’s leading gold mining companies. It operates mines across Africa, the Americas, and Australia.

Its valuation has benefited from global investor interest in gold as a stable asset in uncertain economic conditions.

Strategic restructuring and operational improvements have also strengthened its performance, keeping it firmly among Africa’s most valuable companies.

7. Attijariwafa Bank (Morocco)

Market value in 2025, $15.6 billion

Attijariwafa Bank is Morocco’s largest financial institution and one of the most influential banks in North and West Africa.

With operations spanning several countries, the bank plays a key role in facilitating trade and investment across the region.

Its strong capital base and expanding African footprint continue to make it a competitive force among the continent’s financial giants.

8. Vodacom Group (South Africa)

Market value in 2025, $14.2 billion

Vodacom is one of Africa’s leading telecommunications companies, serving more than 130 million customers across markets such as South Africa, Tanzania, Mozambique, the Democratic Republic of Congo, and Egypt.

Its growing investments in digital services, mobile money, and health technology platforms have broadened its role beyond traditional telecoms.

The company recently signed a landmark agreement with Elon Musk’s satellite broadband company, Starlink, to deliver high-speed, low-latency internet across Africa.

Vodacom’s wide coverage and service innovation continue to make it a household name across Africa.

9. MTN Group (South Africa)

Market value in 2025, $12.6 billion

MTN remains one of Africa’s largest telecom operators and a major player in digital financial services.

With a subscriber base of nearly 290 million, the company continues to push into mobile money, fintech, and digital infrastructure.

Although market pressures have affected its valuation recently, MTN’s scale and influence keep it firmly within the top tier of Africa’s leading corporations.

10. Maroc Telecom (Morocco)

Market value in 2025, $11.2 billion

Maroc Telecom, Morocco’s flagship telecom operator, completes the top ten list.

It maintains a strong presence in several West and Central African countries through subsidiaries that provide mobile and fixed-line services.

Its expansion strategy and dominance in francophone Africa have helped solidify its position as one of the continent’s most valuable telecom companies.