Despite a challenging business environment both locally and globally, Citadel recorded a solid performance for the financial year ended 31 March 2017. It was a tough 2016 for South African companies and individuals and I believe we have been able to increase our revenue, under these circumstances, by being strategically positioned to take advantage of green shoots as they arise.
We have also been active in the voluntary transformational aspects of our industry. As a leading wealth management business in South Africa, our client base is, of course, mostly South African. Since 1994 there has been a significant increase in net emerging wealth in South Africa, yet there is currently no market offering that sees this wealth being reinvested back into building the emerging market segment. In keeping with our commitment towards the creation of an inclusive, sustainable economy, we concluded a Broad-Based Economic Empowerment transaction in April this year. The first of its kind in the financial services sector.
Citadel is pleased and proud to play this important role in transforming the South African economy. We'll never lose sight of our aim to consistently provide the best wealth management services for our clients across all global jurisdictions.
As always, we'd love to hear from you. My proverbial door is always open, and I look forward to hearing your views and answering any questions you may have.
THE WAIT AND SEE ECONOMY
South Africa has seen little growth these past few years, leading some to label it the "wait-and-see" economy. While the world's economy grew slightly more than 3% last year, South Africa clocked growth of just 0.3%, largely due to embedded structural issues weighing on potential growth. Indeed, in recent years South Africa's growth has fallen further and further behind its global peers.
Jean de Villiers, Head of Philanthropy, talks about his new position as Citadel's Head of Philanthropy and the game plan for this division. Jean brings the same great leadership skill and passion to his new role as he displayed on the field. We are delighted to have him onside as part of our team!