Swiss private bank Banque Pictet & Cie SA has opened its first office in South Africa, a move signaling growing international interest in the country’s burgeoning private wealth sector. The Geneva-based bank received approval from South Africa’s Prudential Authority to establish a representative office, according to statements released Monday.
The expansion marks a historic milestone for Pictet, which has operated for 220 years without a physical presence on the African continent. The decision comes as Africa’s millionaire population is projected to increase by 65% over the next decade, driven by factors including entrepreneurship, natural resource wealth and expanding financial markets, according to industry projections.
Pictet managed 724 billion Swiss francs (approximately $942 billion) in assets at the complete of 2024, making it one of the world’s largest privately owned wealth managers. The bank specializes in wealth management services for high-net-worth individuals and institutions, offering investment management, estate planning, and international wealth structuring. It does not engage in commercial lending or investment banking.
South Africa was identified as a strategic entry point due to its mature private banking market and concentration of high-net-worth individuals. The Pictet Group, Switzerland’s second-largest financial institution behind UBS, and Europe’s largest privately held financial institution, is owned and managed by seven managing partners, supported by 43 equity partners and an independent supervisory board.
The move by Pictet follows a trend of international financial institutions recognizing the potential of the African wealth market. Investec, a private banking group, has highlighted Switzerland as a key investment destination for its South African clients. Some of South Africa’s wealthiest citizens, including Johann Rupert and Ivan Glasenberg, already maintain residences and financial holdings in Switzerland.
Marc Pictet took over as senior managing partner of the group in 2024, continuing the involvement of the founding Pictet family, estimated to be worth at least Sf6bn. Banque Pictet & Cie declined to comment on its specific intentions for the South African representative office.