South Africa: The New Rand Lords

Former A.N.C. leaders have joined South Africa's white corporate élite. But even some blacks are critical of the deals that made the Fab Four rich

South African businessman Tokyo Sexwale.

South Africa's mining magnates and millionaires have been meeting in the imposing Rand Club in downtown Johannesburg for more than a century. The neo-Baroque building is filled with paintings of such celebrated past members as British colonizer Cecil Rhodes and the ubiquitous portrait of Queen Elizabeth II. Built on the wealth of the largest goldfield in the world and the sweat of black labor, the club's membership was, until a few years ago, closed to South Africa's blacks. But these days, there's a new breed of tycoon walking the club's wood-paneled corridors and sipping whiskey in its stuffed leather chairs. A...

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