This paper evaluates the evolution and the implementation of the ANC government's commitment to fostering a black capitalist class or black economic empowerment (BEE) as a non-racial nation-building strategy. A substantial black bourgeois i.e. and other middle classes begun to emerge over the last decade, contrary to popular perceptions. The legitimating role assigned to the emergent black bourgeoisie by the ANC and the government is, however, threatens to turn the strategy into a nepotistic accumulation. This development is paradoxically threatening to re-racialise the country, widening black inequality gaps, and precluding the rise of a black bourgeoisie with a nurture capitalist agenda. Other equally powerful social groups have begun to challenge the prevailing strategy, compelling the government to explore a more accommodating strategy exemplified by the recent introduction by the government of ‘broad-based economic empowerment’. Should a less patrimonial, less racially and ethnically divisive BEE strategy emerge from this quasi-pluralist power play, such a change holds prospects for the creation of a ‘growth coalition’ capable of sustainable capitalist development and true empowerment of the black majority. That would be a positive development in terms of establishing and consolidating democracy in South Africa.