As in recent years, banks and insurance companies dominate the rankings due to the fact that they control the savings and loans of both individuals and corporates. Their rate of asset growth has slowed in the past year or so, due - in no small measure - to the effects of the National Credit Act.

Unlike their foreign counterparts, SA banks and insurers' asset bases have been largely unaffected by the global credit crunch. Many foreign banks, such as UBS and RBS, have had to sell off huge chunks of their asset bases to repay debt.

Old Mutual still heads the list at almost R1,9 trillion, marginally up from 2007's R1,7 trillion. In fact, the first four rankings are the same as last year, but it is notable that Absa's asset base rose faster than most - up 29% from R640,3bn.

But BHP Billiton has displaced Nedbank in number five position, going from R385,3bn to R567,8bn. This is also significant as diversified mining companies like BHP Billiton and Anglo American peaked as far as earnings were concerned in 2008 - in the wake of the huge rise in commodity prices that had been occurring for some years prior to that.

Investec Plc's asset base shot up by 47%, from R371,1bn to R545,5bn, putting it in sixth spot, while Investec Ltd took seventh position, also with an asset base of R545,5bn, but from a slightly higher base of comparison. Nedbank came in at number eight.

Richemont came soaring up the rankings to number nine, rising by more than 200%.

Sanlam occupied 10th spot with an asset base almost unchanged at R336,3bn.

Diversified miner Anglo American came in at number 11, but with a greatly reduced asset base, having progressively reduced its holding in AngloGold Ashanti, for example. Its total assets reduced from R306,8bn to R290,7bn.

Liberty Holdings managed to increase its asset base by about 10% to R219,4bn.

SABMiller's asset base increased sharply between 2007 and 2008, largely as a result of fully consolidating its purchase of Grupo Empresarial Bavaria in Colombia. Total assets rose from R84,3bn to R127bn. The group has been steadily adding to its asset base over the years as its geographic footprint spreads across the globe. Its only significant asset disposal was a few years ago when it was forced to sell its holding in Harbin Brewery in China.

Metropolitan Holdings, one of the smaller listed life assurers, has been moving steadily up the rankings. Though nowhere near the size of its former parent, Sanlam, it is likely to keep on growing its asset base for many years to come.

MTN, currently in negotiations with Bharti Airtel to merge their operations, has also been moving steadily up the rankings. MTN has proved to be remarkably successful in growing internationally in recent years, adapting its tried and tested formula to a variety of foreign countries. Its total assets have risen from R54,1bn to R75,3bn.

Naspers's total assets have grown from R43,7bn to R62,4bn, putting it just behind MTN in the rankings.

At R61,3bn, Telkom comes in just behind Naspers. Its asset base grew by 16% to R61,3bn. By now, of course, this is completely historic. Following the unbundling of Vodacom, Telkom's total asset base will have shrunk considerably and it's unlikely that the company will be anywhere near its current ranking in next year's Top Companies Asset Heavyweights.