We investigate developments in business ownership rates in four CEE transition economies (Czech Republic, Hungary, Poland and Slovak Republic), and compare them with similar developments in other OECD countries in the period 1989-2008. Our analysis reveals that business ownership rates in the four CEE countries have been converging rapidly towards the levels of other OECD countries, and these CEE countries were able to rebuild their private sectors in a relatively short period of transition. We also find sizable differences among the four CEE countries under study in the level and dynamics of change of business ownership since 1989.