Sustained poaching over the past decade has led to significant loss of black (Diceros bicornis) and southern white (Ceratotherium simum simum) rhinoceroses across South Africa. Whereas much research has focussed on the heavily targeted state-owned populations, there is little understanding of the trends and challenges faced by rhino populations held in the private sector. Private rhino ownership has increased substantially across South Africa over the past three decades, with over 42% of the entire rhino population now in private ownership. Although total rhino numbers on private properties are still increasing, the number of properties owning rhinos is declining. This suggests a move away from traditional extensive properties to large, single-species breeding facilities, which are less valuable from a conservation perspective. The economic impact associated with increased poaching of rhinos over the past decade is the major challenge to private rhino ownership and may encourage disinvestment in rhinos. Some private rhino owners advocate for trade in rhino horn to generate the funds necessary for continued protection of their animals. However, other options to reduce disinvestment, such as local community-engagement projects, are likely to be more favourably received by the wider conservation industry.