Swiss private bank, Banque Pictet & Cie SA, has officially launched its first office on the African continent, marking a historic expansion for the 220-year-old wealth manager as the number of millionaires in Africa is projected to surge over the next decade.
The move follows regulatory approval from South Africa’s Prudential Authority, which granted the Geneva-based bank a licence to establish a representative office in the country.
Pictet, which managed 724 billion Swiss francs (approximately $942 billion) in assets at the end of 2024, is among the world’s largest privately owned wealth managers. Despite a long-standing presence across Europe, Asia, and offshore financial centres, the bank had never set up a physical footprint in Africa until now.
Industry analysts say Africa’s wealthy population is set to grow rapidly, with the number of millionaires expected to rise by about 65 per cent over the next ten years. Growth drivers include entrepreneurship, natural resource wealth, expanding financial markets, and cross-border investment flows.
South Africa, with the continent’s most mature private banking market and the highest concentration of high-net-worth individuals, presents a strategic entry point for global wealth managers seeking exposure to Africa’s expanding affluent population.
Pictet specialises in wealth management for high-net-worth individuals and institutions, providing services such as investment management, estate planning, and international wealth structuring. Unlike universal banks, it does not engage in commercial lending or investment banking.
Founded in 1805 and headquartered in Geneva, Pictet employs about 4,600 staff, including roughly 900 investment managers, operating from 28 offices in global financial centres such as Luxembourg, Nassau, Hong Kong, and Singapore.
Observers say the bank’s entry into South Africa reflects growing international confidence in Africa’s private wealth market, even as many parts of the continent continue to face challenges including currency volatility, fiscal pressures, and uneven economic growth.
