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Indicators · Banking and capital markets

Stock market capitalisation

The market value of shares of domestic companies listed on the national stock exchange, as a share of GDP.

Why it matters

Indicates how deep local equity markets are, which matters for exits, listings and raising local-currency capital.

Read with care

Only a few exchanges report to this series and several stop early. Dual-listed multinationals inflate some figures, most notably on the JSE.

Source

World Bank

% of GDP. 18 African countries, 1990 to 2025.

Market cap: highest in South Africa, lowest in Eswatini

Stock market capitalisation, % of GDP. Latest year available, mostly 2025. 9 of 16 countries have data.

15%
23%
34%
53%
No data
Loading map…
Source: World Bank· Get the data (Professional)·dotzedw Insights Centre

Ranked: market capiWhy it mattersIndicates how deep local equity markets are, which matters for exits, listings and raising local-currency capital.

Click a country to highlight it.

0%20%40%60%80%South Africa327.2%Mauritius55.0%Zambia51.6%Zimbabwe35.9% (1999)Seychelles27.1%Botswana21.5%Namibia18.2% (2024)Tanzania10.8%Eswatini6.9% (2007)Axis cut: longest bar not to scalemedian 27.1%
dotzedw Insights Centre
How spread out SADC is
Median 27.1%Log scaleLowest: Eswatini 6.9%Highest: South Africa 327.2%

Over time

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Stock market capitalisation against income per person

Each bubble is a SADC country, sized by population. Dashed lines mark the SADC medians. Countries far from the pattern are worth a closer look.

0.0%50.0%100.0%150.0%200.0%250.0%300.0%350.0%$3,000$10kGDP per person, US$ (log scale)Market capTanzaniaSouth AfricaZambiaZimbabweNamibiaBotswanaMauritiusSeychelles
Source: World Bank, World Bank·dotzedw Insights Centre

Table

The same figures as the map, for screen readers and copying.
RankCountryValueYearFive-year changeGradeDetails
1South Africa327.2%2025up 16.1 points since 2020A
2Mauritius55.0%2025up 1.8 point since 2020A
3Zambia51.6%2025up 36.6 points since 2020A
4Zimbabwe35.9%1999up 11.4 points since 1994B
5Seychelles27.1%2025down 61.5 points since 2020A
6Botswana21.5%2025down 0.6 points since 2020A
7Namibia18.2%2024down 2.6 points since 2019A
8Tanzania10.8%2025up 1.0 point since 2020A
9Eswatini6.9%2007down 3.7 points since 2002B
–AngolaNo recent data
–ComorosNo recent data
–DRCNo recent data
–LesothoNo recent data
–MadagascarNo recent data
–MalawiNo recent data
–MozambiqueNo recent data