While ordinary individuals are on the fringes of BEE transactions, failing even to get crumbs, through aggressive networking and strategic business moves, a select of smart individuals continue making an outrageous fortune.
According to the 3rd annual wealth report on South Africa, entitled the “South Africa 2015 Wealth Report”, published by New World Wealth, there were 14,700 South African high-net-worth individuals (HNWIs) from previously disadvantaged groups at the end of 2014.
Most of BEE HNWIs have built their wealth as partners in BEE deals, which big corporations unveil to boost their empowerment credentials.
Out of a total 46,800 HNWIs in SA in 2014, 32,100 are white, representing 69%, while 9,800, are either Indian, Asian or coloured representing 21%, and 4,900, or 10%, are African.
A HNWI is person with wealth of US$1 million or more, whilst a multi-millionaire is an individual with wealth of at least US$10 million.
“Wealth” is defined as the net value of assets, which includes financial holdings, business interests and tangible assets. The only item excluded from NWW’s valuation is primary residences.
BEE HNWIs are not shy to flaunt their wealth. The younger ones have a latest Porsche parked in their home garages and usually globetrot for shopping.
HNWI changes 2013 – 2014
| Group | 2013 | 2014 | Change |
| White | 40 900 | 32 100 | -21.5% |
| Previously disadvantaged | 7 800 | 14 700 | 88.5% |
| Total | 48 700 | 46 800 | -3.9% |
HNWI demographic changes 2007 – 2014
| Group | 2007 | 2014 | Change |
| White | 36 900 | 32 100 | -13% |
| Asian/Indian/Coloured | 3 600 | 9 800 | 172% |
| African | 2 300 | 4 900 | 113% |
| Total | 42 800 | 46 800 | 9% |
