Which ASX 200 large-cap shares offer the best dividend yields?

We reveal the 10 highest ASX dividend payers among the ASX 200 large-cap stocks.

A tattooed man stands in front of a chalkboard with lots of cash notes drawn on it, as if it's raining money.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The 10 highest dividend payers among the ASX 200 large-cap shares pay dividend yields of between 5% and 10% 
  • Woodside shares currently pay the biggest trailing dividend yield at 10.64% 
  • The top 10 comprises a mix of ASX bank shares, mining shares, energy shares, and property shares

Dividends are expected to provide a greater portion of ASX investors' returns than capital growth while interest rates and inflation remain high, according to international and local experts.

The most reliable dividend payers of the ASX 200 are typically large-cap shares because they represent the biggest blue-chip companies.

The large caps have a minimum market capitalisation of $10 billion.

So, let's take a look at which ASX 200 large-cap shares are paying the best dividend yields right now.

Woodside the best ASX dividend payer

According to data provided by TradingView, the ASX 200 large-cap shares offering the 10 best trailing dividend yields are a mix of ASX bank shares, mining shares, energy shares, and property shares.

They are:

ASX 200 LARGE CAP SHAREASX DIVIDEND YIELDPAID PER SHARE
Woodside Energy Group Ltd (ASX: WDS) 10.64%$3.75
Fortescue Metals Group Ltd (ASX: FMG) 9.83%$1.96
BHP Group Ltd (ASX: BHP) 8.99%$3.92
South32 Ltd (ASX: S32) 7.13%33 cents
ANZ Group Holdings Ltd (ASX: ANZ) 6.59%$1.55
Westpac Banking Corp (ASX: WBC) 6.34%$1.34
Stockland Corporation Ltd (ASX: SGP)6.16%27 cents
National Australia Bank Ltd (ASX: NAB) 6.07%$1.61
Scentre Group (ASX: SCG) 5.76%16 cents
APA Group (ASX: APA) 5.36%54 cents
Based on share prices at the time of writing

Things to consider

If you're using this data to research which ASX dividend shares to buy, there are a couple of things to consider.

It's important to remember that trailing dividend yields are calculated by taking the most recent total annual dividend amount paid by a company and dividing it by today's share price.

Hence, trailing dividends are based on the previous year's income. Next year's income could be different depending on what is happening with each individual business.

However, large-cap ASX businesses are mature in nature and typically have longstanding dividend payout ratios in place, and they rake in fairly reliable levels of income.

Bear in mind that some ASX large-caps, like the mining shares, are 'price-takers'. This means their income is partly out of their control because global commodity prices determine how much they can sell their products for each year.

What should you do next?

Now that you know which large-caps are the biggest ASX dividend payers based on trailing payments, it's time to do some further research.

We can help.

Conduct a ticker or company name search on our website to find our ticker pages for each company.

Our ticker pages incorporate each company's latest announcements and all the articles we have published relating to that ASX share.

In our article library, you will likely find stories documenting the latest predictions from the big brokers as to the dividend amounts they expect these ASX 200 large-cap shares to pay in FY23, FY24, and even FY25.

Motley Fool contributor Bronwyn Allen has positions in ANZ Group, BHP Group, Fortescue Metals Group, Westpac Banking Corporation, and Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Dividend Investing

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Bank Shares

Do Macquarie shares pay a decent ASX dividend?

Can Macquarie's dividends match the otehr bank stocks?

Read more »

Man holding fifty Australian Dollar banknote in his hands, symbolising dividends, symbolising dividends.
Dividend Investing

Analysts name 2 ASX dividend shares to buy now

Here's why they think income investors should be buying these shares.

Read more »

A young woman sits on her lounge looking pleasantly surprised at what she's seeing on her laptop screen as she reads about the South32 share price
Dividend Investing

Buy these ASX shares and get 5% and 6.5% dividend yields

Analysts are expecting these shares to provide investors with some above-average yields.

Read more »

Woman with headphones on relaxing and looking at her phone happily.
Dividend Investing

Here's how I'd target a $2,000 second income by investing $35 a week

This would be my strategy to make investment income.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Should I buy TechnologyOne shares before they trade ex-dividend on Thursday?

TechnologyOne shares will drop on Thursday. Should you buy before then?

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Dividend Investing

2 top ASX income shares that analysts love

There's a reason that analysts have put buy ratings on these shares.

Read more »

Father in the ocean with his daughters, symbolising passive income.
Dividend Investing

3 top ASX 300 dividend shares to buy now for $3,000 a month in passive income

I think the long-term passive income potential remains very strong for these ASX dividend stocks.

Read more »

three young children weariing business suits, helmets and old fashioned aviator goggles wear aeroplane wings on their backs and jump with one arm outstretched into the air in an arid, sandy landscape.
Dividend Investing

3 ASX shares with a long history of increasing dividends

These stocks keep giving investors pay raises.

Read more »