Cape Town’s financial services sector was the largest contributor to GDP in 2016, contributing ZAR43 billion, and having experienced relatively consistent growth of 3.8%, on average, over the period 2011 to 2016.
A large proportion of private investment and asset management services, as well as insurance and personal service companies are located in Cape Town. Cape Town is also emerging as a significant financial services hub in the country.
Top insurance companies such as Old Mutual Africa, Santam, Direct Axis, Metropolitan, and Sanlam are headquartered in Cape Town and renowned investment and financial advisors such as Allan Gray, Price Waterhouse Coopers and Investec are also based in the city.
Five major South African banks (First National Bank, ABSA, Standard Bank, Nedbank and Capitec) have offices within the city, and have extensive services located throughout the metropolitan.