“South Africa Needs More Black Billionaires”

ANC secretary-general Fikile Mbalula has doubled down on the defence of black economic empowerment (BEE), arguing that South Africa still needs more black billionaires to address deep-rooted racial inequality.

Speaking in Polokwane on Wednesday during an event honouring the late ANC stalwart Peter Mokaba, Mbalula said the country’s wealth remains overwhelmingly in white hands, with mining tycoon Patrice Motsepe standing as a rare exception.

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BEE Still Needed as Wealth Remains Racially Skewed

Mbalula said laws such as broad-based black economic empowerment (BBBEE) remain critical in a country where economic power has yet to shift meaningfully.

“The biggest beneficiaries of BEE [black economic empowerment] in a democratic state [are] white people, who [are] doing business post democracy on the continent,” he said.

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“Who are the billionaires in the economy, except Motsepe? They are all white. Our only billionaire is Motsepe; it’s only him with a lot of money. Besides that, we have [Johann] Rupert and other white people who are benefiting from this country’s economy.”

‘The Struggle Is Not Yet Over,’ Says ANC Secretary-General

Mbalula acknowledged international pressure, particularly from the United States, over South Africa’s transformation policies but insisted that scrapping them would be premature.

“How do we get rid of black economic empowerment when transformation has not arrived? The struggle is not yet over.”

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He argued that inequality between black and white South Africans remains visible in everyday life.

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“Have you ever seen a white homeless person? The homeless are black. Have you ever seen an unemployed white person? Or have you ever seen a white person staying in a shack?” he said.

No ‘White Genocide’ as BEE Debate Intensifies

Mbalula also dismissed claims that minority groups are being persecuted in South Africa, stating firmly that there is no white genocide in the country.

The debate around BEE continues to divide opinion, with critics — including some within the ANC — conceding that the policy has weaknesses and has often benefited a politically connected elite rather than the broader population.

The Democratic Alliance has proposed an alternative policy, the Economic Inclusion for All Bill, which it says would stimulate investment, create jobs, and grow the economy without discriminating against any South African. The party is seeking ANC backing for the bill.

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