The Economy of South Africa is the second largest in Africa and the most industrialized, technologically advanced, and diversified in Africa overall. South Africa is an upper-middle-income economy, one of only eight African countries.
Following 1996, after over twelve years of international sanctions, South Africa’s Gross Domestic Product (nominal) almost tripled to US$416 billion in 2011. In the same period, foreign exchange reserves increased from US$3 billion to nearly US$50 billion, creating a diversified economy with a growing and sizable middle class within two decades of ending apartheid.
Although the mining industry remains one of the largest in the country, with an annual contribution to the GDP of US$13.5 billion, the economy of South Africa has diversified since the end of apartheid, particularly towards services.
High-class business services, with comprehensive financial and auditing back-up, are among the plus points. In 2019, the financial industry contributed US$41.4 billion to South Africa’s GDP. In 2021, South Africa-based financial institutions managed more than US$1.41 trillion in assets. The total market capitalization of the Johannesburg Stock Exchange is US$1.28 trillion as of October 2021.