Swiss private banking giant enters Africa as millionaire population set to surge 65%

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 rise sharply over the next decade.

Banque Pictet, a 220-year-old private lender, established a representative office in South Africa after securing approval from the country’s Prudential Authority, according to South Africa’s BusinessDay.

The move marks the first time the Swiss wealth manager has established a physical presence on the continent.

The expansion comes as Africa’s wealthy population is expected to grow significantly. Reports indicate the number of millionaires across the continent could increase by 65 percent over the next 10 years, driven by rising investment activity, business growth, and expanding financial markets.

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Banque Pictet managed about 724 billion Swiss francs ($942 billion) in assets as of the end of 2024, placing it among the world’s leading private banking institutions focused on wealth management.

The bank’s entry signals growing global interest in Africa’s emerging wealth market, 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 specialised services, including investment management, estate planning, and cross-border wealth structuring.

Banque Pictet’s presence is expected to strengthen competition in Africa’s wealth management sector as international financial institutions position themselves to serve a rapidly expanding affluent class.