Financial services companies traditionally dominate the rankings of asset heavyweights through their control of individual and corporate savings and loans. 2006 was no different: financial institutions enjoyed another boost as the consumer spending boom continued, largely financed by credit, overdrafts and debt.

Even as household spending starts showing signs of weariness in the SA economy, the corporate sector is picking up the slack through the infrastructure spending boom.

The table on page 29 provides only the asset figures contained in the 2005 and 2006 annual reports available earlier this year. A more recent ranking of JSE-listed firms by assets is as follows (year-end in brackets):

1. Old Mutual - £129bn (R1,742 trillion) (Dec 2006)

2. Standard Bank - R967bn (Dec 2006)

3. FirstRand - R583bn (June 2006)

4. Absa - R495bn (Dec 2006)

5. Nedbank - R485bn (Dec 2006)

6. Investec - R370bn (Mar 2007)

7. Sanlam - R335bn (Dec 2006)

8. Anglo American - R323bn (Dec 2006)

9. BHP Billiton - R295bn (June 2006)

10. Liberty - R201bn (Dec 2006)

11. SABMiller - R112bn (Mar 2007)

12. Sasol - R101bn (June 2006)

13. Richemont - R88bn (Mar 2007)

14. MTN - R67bn (Dec 2006)

15. Telkom - R57bn (Mar 2006)

Old Mutual's meteoric rise is put into perspective against the comparative fortunes of erstwhile rival Sanlam. As recently as six years ago the Cape duo were fierce competitors when it came to controlling key sectors in SA's financial services market.

But under the leadership of Jim Sutcliffe, Old Mutual has expanded into the UK, the US and Sweden. The acquisition of Sweden's Skandia has gone smoothly and is contributing significantly to group results.

Sanlam, on the other hand, has been content to strengthen its local base. On the banking front Sanlam shed its shareholding in Absa, while Old Mutual persevered with Nedbank, which, after four difficult years, is showing solid results.

In Old Mutual's December financial statement Sutcliffe said the group was heading towards controlling £300bn of funds under management by the end of 2008, from £240bn at present. "This should offer a solid base for future earnings growth," he said.

The group's local asset management arm Old Mutual Investment Group is by far the largest SA asset manager, with total assets under management of R347bn in December 2006, followed by Sanlam Investment Management with R272bn (see page 143).

Outside of financial services it is, as expected, the mining houses that make the running. Though BHP Billiton is substantially larger than Anglo American as measured by turnover, they are close in terms of assets. Anglo's assets totalled R323bn in December last year, while BHP's were R295bn in June 2006.

SABMiller's continued expansion and solid financial growth is mirrored by the growth in assets from R65bn to R112bn in the year to March. Also marching up the asset ranks is high-flying cellphone group MTN, which through the acquisition of mobile operator Investcom last year and solid organic growth, boosted its asset base from R37bn to R67bn.

By comparison, the assets of electricity utility Eskom - SA's largest public-sector corporation - totalled R128bn at March 2006, followed by transport utility Transnet, which controlled R77bn worth of assets in March 2007.