Political transitions often involve elite negotiations that include an economic dimension. One key element involves asset transfers to new elites. These dynamics inform the trajectory of the wealth distribution within the broader society. This paper compares two examples in South Africa of asset transfers in elite transitions. To assess the processes through which these asset transfers shaped the overall distribution in the economy. In doing so, the paper highlights the importance of the structure of the transfer, the distribution mechanisms, and the wider economic policy framework in determining the role of elite transitions on wealth inequality.