DBS Group, Singapore’s largest bank, has outlined an aggressive strategy to expand its wealth management division, aiming to elevate assets under management (AUM) to over S$1 trillion by the close of the decade. This target, equivalent to approximately $774 billion, represents a substantial increase from the S$632 billion in wealth AUM projected for the end of 2025. The bank’s leadership views this objective as attainable, citing significant macroeconomic tailwinds, particularly the sustained growth of wealth within Asia and the increasing flow of capital into regional financial hubs like Singapore.
The ambition to add another S$400 billion in wealth AUM between 2025 and 2030 reflects a heightened pace of growth compared to previous periods. Shee Tse Koon, DBS’s group executive and group head of consumer banking and wealth management, noted that the bank achieved a similar S$400 billion increase over a ten-year span from 2015 to 2025. The accelerated timeline for the next phase underscores the bank’s confidence in market dynamics and its strategic positioning. This push aligns with a broader trend among global financial institutions, which are intensifying their focus on Asia to capture a share of the region’s expanding affluent population.
Singapore has emerged as a particularly strong beneficiary of this regional wealth accumulation. Its reputation as a safe haven, coupled with ongoing geopolitical and economic uncertainties elsewhere, has led to a consistent influx of wealth. This environment has demonstrably boosted the performance of the city-state’s major banks, including DBS. The bank has already observed tangible results, with a 20% year-on-year increase in newly onboarded high-net-worth and ultra-high-net-worth clients as of May. DBS currently services over a third of the single-family offices established in Singapore, indicating its prominent role in managing significant private wealth. 
To support its ambitious expansion, DBS plans a considerable investment in human capital and infrastructure. The bank intends to hire more than 600 new relationship managers and frontline advisors, alongside platform engineers, by the end of 2028. These hires will primarily be deployed across DBS’s core markets, which include Singapore, Hong Kong, China, India, Indonesia, and Taiwan. Shee Tse Koon emphasized that the initiative extends beyond client-facing roles, highlighting the critical need for “engineers, the tech people, the platform people to create that capability and the capacity,” indicating a comprehensive approach to bolstering its technological backbone.
The strategic expansion also encompasses a significant physical footprint. Last month, DBS announced plans to establish 18 new wealth centers across Asia by the end of 2027. Concurrently, 36 existing centers are slated for upgrades over the next 18 months. This represents the most extensive physical expansion of its wealth management franchise to date, signaling a commitment to both digital and traditional client engagement. The bank’s “wealth continuum” strategy aims to cater effectively to diverse client segments, ensuring tailored services for each, recognizing that client needs are far from uniform. This integrated approach, combining increased personnel, technological advancements, and expanded physical presence, forms the bedrock of DBS’s strategy to capture a larger share of Asia’s burgeoning wealth.
