• Pictet opens first African office in South Africa
• Group manages $955 billion in assets
• South Africa hosts 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, Feb. 16, 2026.

The office marks Pictet's first presence in Africa. As of end-December 2025, the group managed $955 billion in assets and operated 31 representative offices worldwide. Specializing in wealth management, asset management and fund-related services, Pictet is expanding its international footprint with this move.

The South African office is part of a broader strategy to expand into emerging markets. The decision is underpinned by 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 dollar millionaires in 2025. South Africa alone accounts for 34% of Africa's dollar millionaires, ahead of Egypt, Morocco, Nigeria and Kenya. Together, those five markets account for 63% of the continent's millionaires and 88% of its dollar billionaires.

Johannesburg has 11,700 millionaires, making it Africa's wealthiest city. Cape Town, meanwhile, is home to 8,500 high-net-worth individuals, including 35 ultra-wealthy residents. The report also projects that the number of millionaires in Africa could grow 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 rising demand for structured wealth management, advisory, investment services and cross-border solutions. South Africa offers a developed financial framework, a banking system integrated into global markets and a client base with significant investment capacity. By establishing a local presence, Pictet aims to capture a share of new wealth creation in South Africa and support families and entrepreneurs in structuring their assets. The opening represents a milestone in the group's international expansion.

Chamberline Moko