Over the past decade, women have emerged as the most upwardly mobile force in South Africa’s private banking sector. Standard Bank’s data shows that they now account for 42% of its active Private Banking client base, up from just under a third a decade ago.
The growth has been consistent, with female client acquisition outpacing that of men in the past five years. The bank says the shift is redefining the profile of high-net-worth clients and reshaping private banking.
“The significance goes beyond numbers; it signals a shift in the balance of economic power,” said Chiko Manokore, Head of Personal and Private Banking at Standard Bank SA.
An Upwardly Mobile Force
The typical female Standard Bank private banking client is 47 years old and earns R55,478 a month. This is 59% higher than female clients’ average earnings a decade ago. Most women entering private banking (80%) are employed full-time, while 6% are self-employed. Among higher earners, the proportion of self-employed women rises to 14%.
Financial services, healthcare, and education dominate as the top industries for female clients entering private banking. Geographically, Gauteng accounts for 48% of Standard Bank’s female private banking clients, followed by the Western Cape (18%) and KwaZulu-Natal (15%).
Wealth and Credit Behaviour
The data shows women are active wealth-builders. Nine percent hold more than two home loans, while their home loan-to-income ratio averages 23%, compared to 27% for men. Women also maintain cleaner credit records, with 8% in delinquency versus 10% of men.
Savings and investment balances average R184,325 for women, compared to R259,698 for men. “Women are making significant strides in our economy. At Standard Bank Private, we’re here to support them, from financing a first property to investing in the stock market,” Manokore said.
At Standard Bank, women continue to dominate home financing. Over the past 10 years, they have accounted for 70% of all the Bank’s core home loan clients, whether as joint or sole applicants. Nearly 40% of all main applicants for home loans today are women, up from 37.9% in 2015. In the affordable housing segment, women make up 55% of main applicants.
Drawn by Tailored Banking Solutions
Standard Bank is increasingly tailoring its private banking offering to the needs of women. The bank’s value proposition includes wealth planning, asset protection, and access to financial expertise designed to help women grow and safeguard their financial legacies.
“Women are not just inheriting wealth; they’re actively creating it. Our commitment is to partner with them through bespoke advice, innovative financial tools, and strategies that align with their goals,” concludes Manokore.
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