In Africa, the 100 largest companies (by revenue) contribute up to 60% of corporate taxes. Accumulating some US$1.4 trillion in annual profits, the continent’s biggest firms are growing faster than their counterparts around the world.
A study by the McKinsey Global Institute shows the continent has about 700 companies with an annual revenue of more than US$500 million, while 400 of those generate in excess of US$1 billion.
These firms are made up of 56% African-owned brands, 27% foreign-based multinationals and 17% state-owned enterprises.
With 300 corporate firms, South Africa accounts for nearly half of the continent’s large companies, followed by North Africa, which accounts for one-fifth, according to a Quartz Africa report. South Africa is also the only African country that has a globally comparable prevalence of large companies.
