Swiss private bank Pictet has opened its first office on the African continent, marking a historic expansion for the 220‑year‑old wealth manager as it seeks to serve the continent’s growing affluent population. The Geneva-based bank received regulatory approval from South African Prudential Authority to establish a representative office in Johannesburg, its first physical presence in Africa, according to Africa Business Insider.
Founded in 1805 and headquartered in Geneva, Pictet manages approximately 724 billion Swiss francs ($942 billion) in assets, making it one of the world’s largest privately owned wealth managers. Despite its long-standing global presence across Europe, Asia, and offshore centres, the bank had not previously established a dedicated office on the African continent.
Business Day says the expansion reflects rising international interest in Africa’s private wealth sector. The continent’s millionaire population is projected to grow by around 65 % over the next decade, driven by entrepreneurship, natural resource wealth, and expanding financial markets, trends that are attracting global wealth managers.
Pictet’s South Africa office will provide bespoke investment management, estate planning, and cross-border wealth services for high-net-worth individuals and institutions, underscoring the bank’s confidence in Africa’s long-term wealth growth potential and the opportunities presented by the continent’s evolving financial markets.
