As Africa’s largest bank by assets, Standard Bank Wealth and Investment is well-placed to take advantage of the growth of the continent as a private-banking market. The firm is led by Jacques Els.
The bank has clearly recognised this opportunity and is acting on it. It points out, for example, that private wealth in Africa is projected to grow by 30% to $2.6 trillion by 2030, while the number of ultra-high net-worth individuals is expected to grow at a similar rate, reaching 4,400 by 2030.
This puts Africa second only to Asia in terms of the pace of growth in UHNWIs.
With its largest market shares in South Africa, Nigeria and Uganda, Standard has recently seen strong growth both in earnings and client numbers in wealth management, especially in high net-worth individuals (HNWIs) and family offices.
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