In Africa Rankings list of the top 25 companies by market capitalization, 1 is from Egypt, 3 are from Morroco, 4 are from Nigeria and a whopping 17 are from South Africa. The #1 ranked company, South Africa’s Naspers, leads by far, with market capitalization of $60 billion. There are no companies from East or Central Africa.
| Rank | Company | Country | Market Cap |
|---|---|---|---|
| 25 | FBN Holdings | Nigeria | $0.6 B |
| 24 | Zenith Bank | Nigeria | $1.9 B |
| 23 | Massmart Holdings | South Africa | $2.2 B |
| 22 | Guaranty Trust Bank | Nigeria | $2.2 B |
| 21 | MMI Holdings | South Africa | $2.6 B |
| 20 | Imperial Holdings | South Africa | $3.7 B |
| 19 | BMCE Bank | Morroco | $3.8 B |
| 18 | Banque Central Populaire | Morroco | $4.1 B |
| 17 | AngloGold Ashanti | South Africa | $5.4 B |
| 16 | Commercial International Bank | Egypt | $5.5 B |
| 15 | RMB Holdings | South Africa | $5.8 B |
| 14 | Shoprite Holdings | South Africa | $6.7 B |
| 13 | Attijariwafa Bank | Morroco | $7.2 B |
| 12 | Bidvest Group | South Africa | $8.4 B |
| 11 | Remgro | South Africa | $9.3 B |
| 10 | Aspen Pharmacare Holdings | South Africa | $10.1 B |
| 9 | Sanlam | South Africa | $10.5 B |
| 8 | Dangote Cement | Nigeria | $13.8 B |
| 7 | Standard Bank Group | South Africa | $14.4 B |
| 6 | Vodacom | South Africa | $14.6 B |
| 5 | FirstRand | South Africa | $18.5 B |
| 4 | MTN Group | South Africa | $18.9 B |
| 3 | Sasol | South Africa | $20.9 B |
| 2 | Steinhoff International | South Africa | $22.8 B |
| 1 | Naspers | South Africa | $60 B |
Of course, it goes without saying, that this is not remotely close to the world leaders, like:
| Rank | Company | State | Capitalization |
|---|---|---|---|
| 10 | Bank of America | North Carolina | $318.2 B |
| 9 | Exxon Mobil Corp | Texas | $319.8 B |
| 8 | Johnson & Johnson | New Jersey | $356.7 B |
| 7 | JP Morgan Chase & Co | New York | $389.4 B |
| 6 | Berkshire Hathaway | Nebraska | $495.3 B |
| 5 | Facebook, Inc. | California | $525.1 B |
| 4 | Amazon.com, Inc. | Washington | $640.3 B |
| 3 | Microsoft Corp | Washington | $705.6 B |
| 2 | Alphabet Inc. | California | $750.3 B |
| 1 | Apple Inc. | California | $800.1 B |
But the African list shows that East Africa and Central Africa continue to lag far behind South, West and North Africa. Considering how far Africa lags behind the world, this is a wake up call to East and Central Africa, as this image by The Africa Report’s list of the top 500 companies in Africa shows:
Unsurprisingly, East and Central Africa are the most ill-governed in Africa. War and dictatorship have many consequences: suffocating poverty is one of them.
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