Groups that had been previously repressed by the apartheid system in South Africa have a long way to go before pushing deep into the ranks of the ultra high net worth bracket, although growth rates are promising, according to WealthInsight.

The research firm says such groups account for 14 per cent (75 by number) of South Africa’s population of 543 UHNW individuals (defined by those with net assets of $30 million or more excluding primary residences). And yet these groups make up 90 per cent of South Africa’s total population.

But the growth rate is more promising and a sign of greater opportunity, the report said. Previously disadvantaged groups made up more than 30 per cent of total South Africa UHNW growth between 2007 and 2011; volumes have expanded by 88 per cent over that period compared with the total South African UHNW population growth rate of 20 per cent.

Looking ahead to 2016, previously disadvantaged groups are expected to account for more than 40 per cent of total UHNW growth, with volumes expanding by more than 100 per cent, WealthInsight said.

As far as all high net worth individuals are concerned, there were more than 12,500 such persons in South Africa at the end of last year. (For definition purposes, HNW equates to those with net assets of $1 million excluding primary residences.)

The term previously disadvantaged groups applies to Black Africans, Cape Coloreds, Indians and Chinese citizens who were restricted from voting in national elections until 1994 and restricted from other activities under the apartheid racial separation system.

“Despite strong transformation efforts by the ANC government since 1994, South Africa’s wealth distribution at the top end remains far from equal,” Andrew Amoils, analyst at WealthInsight, said.