Swiss wealth management major Banque Pictet opens SA office as African wealth surges

Swiss multinational private bank and financial services company Banque Pictet & Cie has set up base in South Africa after the Prudential Authority granted it permission to establish a representative office in the country.

The move by the Swiss group, opening its first office in Africa in its 220-year history, comes while the continent is said to be on the brink of a private wealth explosion, with the number of millionaires expected to surge by 65% over the next decade.

Founded in Switzerland and headquartered in Geneva, it is one of the largest Swiss banks, primarily offering services in wealth management, asset management and asset servicing to private clients and institutions.

The Pictet Group, which has more than $900bn (R14.4-trillion) in assets under management, is Switzerland’s second-largest financial institution, behind UBS, and Europe’s largest privately held financial institution.

The group is owned and managed by seven managing partners, with 43 senior executives, known as equity partners, with an independent supervisory board providing oversight of the company.

The founding Pictet family, one of Switzerland’s richest — estimated to be worth at least Sf6bn — is still very much in the mix, with Marc Pictet having taken over as senior managing partner of the group in 2024.

Some of South Africa’s ultra-rich individuals reside in Switzerland, including Johann Rupert and Glencore’s largest shareholder and erstwhile CEO, Ivan Glasenberg.

Banque Pictet & Cie could not be reached to explain its intention with the South Africa representative office.

Investec, the niche private banking, wealth management and corporate and investment banking group, has identified Switzerland as a key opportunity for its wealthy clients in South Africa and other jurisdictions to grow their wealth.

Target market

The company sees Switzerland as more of an investment destination than a banking business for its clients. Its target market for that destination is clients with $3m or more of investable assets.

Amol Prabhu, CEO of Barclays in South Africa, said the rise of private wealth is becoming an undeniable part of the African story.

He pointed out the Henley & Partners Africa Wealth Report 2025, which showed there are now about 122,500 millionaires in Africa.

“That’s a far cry from the late 20th century, when the continent had only a handful of dollar billionaires, which now number about 20-25, and many economies were stagnating. Today, more than a third of this wealth sits in South Africa. Sub-Saharan Africa’s economy is expected to expand by 3.7% in 2025, outpacing Europe (0.7%) and the US (1.4%),” Prabhu said.

“For many families, business is both the bedrock of their wealth and the engine that drives it. Across Africa, family enterprises are central to job creation, infrastructure investment, and innovation, which is often woven into the fabric of their communities,” he said.

“As these family businesses expand, private banks play a critical role by facilitating cross-border transactions, connecting families to global markets, and providing the expertise needed to turn capital into long-term influence.”