- Pictet opens first African office in South Africa
- The group manages assets worth $955 billion
- South Africa will have 41,100 dollar millionaires in 2025
Geneva-based Pictet Group has opened a representative office in South Africa after receiving regulatory approval from the country's prudential authority. Several local media outlets reported the move on Monday, February 16, 2026.
This office marks Pictet's first presence in Africa. As of the end of December 2025, the group managed $955 billion of assets and operated 31 representative offices around the world. Specializing in wealth management, asset management and fund-related services, Pictet is expanding its international footprint with the move.
The South African office is part of a broader strategy to expand into emerging markets. This decision is based on the scale of private wealth in the country. According to the Africa Wealth Report 2025 published by Henley & Partners, South Africa was home to 41,100 million dollar millionaires in 2025. South Africa alone has 34% of Africa's dollar millionaires, ahead of Egypt, Morocco, Nigeria and Kenya. Combined, those five markets are home to 63% of the continent's millionaires and 88% of its dollar billionaires.
Johannesburg has 11,700 millionaires, making it the wealthiest city in Africa. Meanwhile, Cape Town is home to 8,500 high-net-worth individuals, including 35 ultra-wealthy residents. The report also estimates that the number of millionaires in Africa could increase by 65% over the next decade.
Pictet's arrival could help strengthen its operations in Africa's wealth management market. The group, founded in 1805, anticipates growing demand for structured wealth management, advisory, investment services and cross-border solutions. South Africa offers a developed financial infrastructure, a banking system integrated into global markets and a client base with significant investment potential. By establishing a local presence, Pictet aims to capture a share of new wealth creation in South Africa and assist families and entrepreneurs in structuring their wealth. The opening represents a milestone in the group's international expansion.
Chamberlain Moco