Swiss private banking group Banque Pictet has opened its first office in Africa, marking a major expansion as the continent's millionaire population is projected to grow rapidly over the next decade.
Banque Pictet, a 220-year-old private lender, has set up a representative office in South Africa after receiving approval from the country's prudential authority, according to South Africa's BusinessDay.
The move marks the first time a Swiss wealth manager has established a physical presence on the continent.
This expansion comes as Africa's wealthy population is expected to grow significantly. Reports indicate that the number of millionaires across the continent could increase by 65 percent over the next 10 years due to increased investment activity, business growth and expanding financial markets.
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Banque Pictet managed approximately 724 billion Swiss francs ($942 billion) of assets as of the end of 2024, making it one of the world's leading private banking institutions focused on wealth management.
The bank's entry signals growing global interest in Africa's emerging wealth markets, particularly in South Africa, which remains the continent's largest hub for private banking and high net worth individuals.
Private banks typically target wealthy clients with specialized services including investment management, estate planning and cross-border wealth structuring.
The presence of Banque Pictet is expected to strengthen competition in Africa's wealth management sector as international financial institutions position themselves to serve the rapidly growing affluent class.
