Swiss Private Bank Banque Pictet Expands into Africa Amid Booming Millionaire Population
Swiss private banking giant Banque Pictet has officially entered Africa, opening its first office in South Africa in a move that highlights growing global interest in the continent’s wealth sector. The 220-year-old Swiss institution received approval from South Africa’s Prudential Authority to establish a representative office, marking its first physical footprint on the continent.
The decision comes amid projections of a significant rise in Africa’s affluent population. Analysts expect the number of millionaires across the continent to grow by 65% over the next decade, fueled by expanding business activity, investment opportunities, and evolving financial markets. South Africa, long recognized as Africa’s hub for high-net-worth individuals, is seen as a strategic entry point for global private banks.
Banque Pictet manages approximately 724 billion Swiss francs ($942 billion) in assets, making it one of the world’s largest private banks focused on wealth management. Its entry into Africa signals not only confidence in the region’s economic growth but also a recognition of the increasing sophistication of Africa’s wealthy clients, who are seeking specialized financial services.
Private banks like Banque Pictet offer tailored solutions for affluent clients, including investment management, estate planning, and cross-border wealth structuring. The bank’s presence in South Africa is expected to intensify competition within the local wealth management market, encouraging innovation and higher service standards for high-net-worth individuals.
Experts say this move reflects a broader trend of global financial institutions turning their attention to Africa, where rising entrepreneurship and investment activity are creating a new generation of millionaires. For Africa’s elite, the arrival of established international banks represents both opportunity and recognition on the world stage.
source: Business day