Black South Africans now own 66% of locally owned JSE capital (vs 33% white), showing real progress on black economic ownership over 30 years. Yet on a per capita basis, white South Africans hold 6.5 times more JSE wealth — mainly due to 36% black unemployment (vs 8% white), SA’s low 14% fixed investment rate, manufacturing’s collapse to 12% of GDP, and a younger black population with less time to build compounded savings.