Swiss private banking group Banque Pictet has opened its first office in Africa.

This development marks a significant expansion for the institution as the continent’s millionaire population is projected to rise sharply over the next decade.

Banque Pictet is a 220-year-old private lender. It established a representative office in South Africa after securing approval from the country’s Prudential Authority, according to South Africa’s BusinessDay.

This move represents the first time the Swiss wealth manager has established a physical presence on the continent.

The expansion aligns with expectations of substantial growth in Africa’s wealthy population. Reports indicate the number of millionaires across the continent could increase by 65 percent over the next 10 years. This growth is driven by rising investment activity, business expansion, and developing financial markets.

Banque Pictet managed about 724 billion Swiss francs ($942 billion) in assets as of the end of 2024. This positions it among the world’s leading private banking institutions focused on wealth management.

The bank’s entry highlights increasing global interest in Africa’s emerging wealth market. South Africa stands out as the continent’s largest hub for private banking and high-net-worth individuals.

Private banks typically target wealthy clients with specialised services. These include investment management, estate planning, and cross-border wealth structuring.

Banque Pictet’s presence is expected to strengthen competition in Africa’s wealth management sector. International financial institutions are positioning themselves to serve a rapidly expanding affluent class.