In a landmark move, Banque Pictet & Cie SA has launched its first office in Africa, positioning itself to tap into the continent’s fast-growing millionaire class over the next decade.
Regulatory clearance paved the way for the expansion after South Africa’s Prudential Authority approved a licence allowing the Geneva-headquartered lender to open a representative office in the country, as reported by Business Day.
By the close of 2024, Banque Pictet & Cie SA was overseeing 724 billion Swiss francs (about $942 billion) in assets, ranking it among the largest privately owned wealth managers globally. Although the firm has long maintained operations across Europe, Asia and several offshore financial hubs, it had never before set up a physical base on African soil.
Why Africa and why at this moment?
Forecasts suggest Africa’s millionaire population could climb by roughly 65% within the next decade. The anticipated surge is being fuelled by rising entrepreneurship, resource-driven wealth, deepening capital markets and increasing cross-border investments.
South Africa stands out as the continent’s most developed private banking environment and hosts the highest number of high-net-worth individuals, making it a strategic gateway for international wealth firms aiming to capture Africa’s expanding affluent segment.
Private banking institutions like Pictet specialise in safeguarding and growing wealth for high-net-worth clients and institutions. Their services typically span investment advisory, estate planning and cross-border wealth structuring. Unlike universal banks, the group does not operate in commercial lending or investment banking.
Established in 1805 and headquartered in Geneva, Pictet employs roughly 4,600 staff including about 900 investment professionals and runs 28 offices in major financial centres such as Luxembourg, Nassau, Hong Kong and Singapore.
Its arrival in South Africa reflects growing global confidence in the continent’s private wealth prospects, even as several African economies continue to face exchange rate instability, fiscal strain and uneven growth patterns.