Swiss private bank Pictet to open South Africa office

Swiss private bank Banque Pictet is opening a representative office in South Africa after winning approval from the country’s Prudential Authority, a move that signals rising confidence in Africa’s fast growing wealth market.

Pictet’s entry is its first on the continent in the bank’s 220 year history, arriving as forecasts point to a sharp increase in private wealth across Africa. Industry projections cited in the report estimate the number of millionaires on the continent could rise by about 65% over the next decade, powered largely by South Africa’s established wealth base and rapid growth in a handful of other markets.

Founded in Geneva, Pictet is best known for serving high net worth individuals and institutions through wealth management, asset management and related services. The group manages more than $900 billion in assets, making it one of Switzerland’s biggest financial institutions and one of Europe’s largest privately held financial firms.

The bank’s structure is unusual by modern banking standards. It is owned and managed by a small group of managing partners, with a larger set of equity partners and an independent supervisory board providing oversight. The Pictet family remains influential, with Marc Pictet taking over as senior managing partner in 2024, according to the report.

Pictet did not immediately provide details on what it plans to do with a South Africa representative office, which typically focuses on client relationships and market development rather than full scale banking operations. Even so, the move highlights how global wealth managers are increasingly treating Africa as a source of long term clients, not just a frontier market.

South Africa is a natural landing point. It has the continent’s deepest financial system and, by many estimates, hosts more than a third of Africa’s private wealth. The report also noted that some of the country’s ultra rich have ties to Switzerland, including business figures who have lived there or built financial relationships there.

Banks in South Africa have already been pointing wealthy clients toward Switzerland as a destination for diversification and long term wealth planning, particularly for families with significant investable assets and cross border business interests. Analysts say that demand often rises during periods of currency volatility and political uncertainty, when clients seek stability, global investment access and clearer succession structures.

Pictet’s arrival adds another heavyweight to the race for Africa’s wealthy clients, a market that is becoming harder to ignore as fortunes built in commodities, finance, technology and family businesses expand beyond national borders.