Banque Pictet & Cie SA has opened its first office on the African continent, marking a historic milestone in the 220-year-old wealth manager’s expansion strategy. The Geneva-based firm secured regulatory approval from South Africa Prudential Authority to establish a representative office in South Africa.
Pictet oversees 724 billion Swiss francs, approximately US$942 billion, in assets globally, positioning it among the world’s largest privately owned wealth managers. Despite a long-standing international presence across Europe, Asia, and major offshore financial centres, the group had never established a physical footprint in Africa until now.
Why South Africa?
South Africa remains the continent’s most mature private banking market and hosts the largest concentration of high-net-worth individuals in Africa. For a firm like Pictet, which specialises exclusively in wealth and asset management rather than commercial or investment banking, the country offers a stable regulatory framework and a sophisticated financial ecosystem.
Industry projections suggest Africa’s millionaire population could grow by approximately 65% over the next decade. Drivers include entrepreneurship, natural resource wealth, cross-border capital flows, and the expansion of regional financial markets. That growth trajectory presents a strategic opportunity for global private banks seeking early positioning in emerging wealth corridors.
Strategic timing
Pictet’s move signals growing international confidence in Africa’s long-term private wealth prospects, even as several economies continue to navigate currency volatility, fiscal pressures, and uneven growth patterns. Establishing a representative office allows the firm to build local relationships while leveraging its global investment platforms.
Founded in 1805 and headquartered in Geneva, Pictet employs around 4,600 staff worldwide, including roughly 900 investment managers. The group operates from 28 offices across major financial hubs such as Luxembourg, Nassau, Hong Kong, and Singapore. Its model focuses on discretionary portfolio management, estate planning, and international wealth structuring for affluent individuals and institutions.
Unlike universal banks, Pictet does not engage in retail banking or large-scale lending activities. This pure-play private banking approach may appeal to African high-net-worth clients seeking diversification, global asset exposure, and intergenerational wealth planning.
Bigger picture
The entry of a US$942 billion asset manager into South Africa reflects a broader recalibration in how global capital views Africa’s wealth landscape. While macroeconomic volatility remains a risk factor, demographic expansion and rising entrepreneurship are reshaping the continent’s private capital ecosystem.
For South Africa, attracting established global wealth managers reinforces its status as Africa’s financial gateway. For Pictet, the move represents a long-term bet on the continent’s expanding affluent class, positioning the firm ahead of what could be one of the fastest-growing private wealth markets globally over the next decade.
