AfE 2024
Led by its head of wealth and investment Jacques Els, Standard Bank Wealth & Investment is a private-banking powerhouse in Africa.
Key to its success is its reach. SBW&I delivers private wealth services to clients in 14 markets across southern and western Africa, as well as London. The business generated R1.5 billion ($81 million) in pre-tax profit in 2023, up 61% year on year, with revenues up 42% and headline earnings surging 74%. Assets under management climbed 9% to R128.5 billion.
The wealth manager saw earnings and client numbers rise sharply in 2023 in its three core markets, South Africa, Uganda and Nigeria. Total private wealth in Africa is projected to expand by 30% to $2.6 trillion by the end of the decade, with the number of ultra-high net-worth individuals – families with at least $30 million in assets – on track to grow at a similar rate, hitting 4,440 by 2030.