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Through Multiple Correspondence Analysis and cluster analysis, we identify four elite formations shaped by race, gender, age, education, directorship networks and shareholder type. The results challenge accounts of elite diversification by showing the continued centrality of incumbent white male elites in key ownership structures. New Black and female entrants are incorporated into elite spaces, but largely through transformation\u2010linked entities, public\u2010sector ties, business\u2010school credentials and dense directorship networks. The article contributes methodological and conceptual tools for analysing elite formation through ownership, particularly in post\u2010apartheid and post\u2010authoritarian contexts. 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