Swiss bank targets Africa's 'hidden' billionaires.

UBS, a Swiss based bank, is targeting Africa's hidden billionaires. “Wealth management is key to the Africa franchise,” Sean Bennett, the Johannesburg-based managing director of UBS in sub-Saharan Africa, said yesterday in an interview with Bloomberg news. “That’s what we lead with. We want to increase our physical presence before year-end and then do more in the next few years,” he told Bloomberg.

The bank is targeting Africa's high net worth individuals, who have at least $3 million (Kshs.250 million) to invest.  “When countries grow at 7 percent, that’s a lot of people starting to make serious money,” Bennett
said. UBS has “hardly touched the tip of the iceberg” when it comes to banking Africa’s wealthiest, he told Bloomberg news. For example, Nigeria grew by 7.2 percent, while Ivory Coast and Mozambique grew at 8 percent each. When you have these kinds of growth, then you definitely have people making serious money, Bennett continued.

Analysts say that Africa has over 200 hidden billionaires, some of whom may be looking to legitimize their wealth. Nigeria's Aliko Dangote is Africa's richest man, with a net worth of $20.6 billion.

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