STANDARD Bank has seen a 121% spike in the number of offshore accounts opened since June 2023, it said in a statement.
“With domestic events like local elections, the energy crisis, and general economic uncertainty, we have noted an increase in enquiries over the past three years,” says Bridgette Kruger, head of private banking clients at Standard Bank.
“However, we generally find that clients wish to diversify across borders to protect themselves from unforeseen events and uncertainty by placing some of their wealth offshore.” – Bloomberg