Private banking in Africa: Winning over the continent’s wealthy

The slow and steady rise of high net-worth individuals across Africa has piqued the interest of wealth managers. But who has the upper hand – regional players close to their clients, or global names with solid reputations?

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Margaret Nienaber, global head of Standard Bank’s private clients business, says: “There is an increasing need for wealth managers to embrace the local culture, economy and regulatory environments of specific jurisdictions in Africa.”

Out of the ashes of Angola’s 27-year-long civil war has risen one of Africa’s richest countries. Since the war ended in 2002, the country has been able to exploit its vast oil and diamond reserves. Angola is the fifth largest source of diamonds in the world and pumping out around 1.7

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