South Africa (since 1900 one of the world's most successful equity markets)
Today, South Africa has 90% of the world's platinum, 80% of its manganese, 75% of its chrome and 41% of its gold, as weel as vital deposits of diamonds, vanadium, and coal. As per 2015, South Africa is the largest economy in Africa, with a sophisticated financial structure. Financials account for 24%, while basic minerals lag behind with only 8% of the market capitalization. Taken together, media and mobile communications account for 26% of the market index.
Following figure shows that, over the last 115 years (as per 2015), the real value of equities, with income reinvested, grew by a factor of 3,551 as compared to 8.6 for bonds and 3.0 for bills.
The next figure displays the long-term real index levels as annualized returns, with equities giving 7.4%, bonds 1.9% and bills 1.0%.
Source: Credit-Suisse-Publications / CS Global Investment Returns Yearbook 2015