DBS Group is targeting S$500 billion (US$369.7 billion) in assets under management for its wealth business by the end of 2026, as reported by Reuters.
The announcement comes as the DBS benefits from robust inflows into Singapore, driven by the city-state’s political stability, low taxes, and favorable policies for family offices and trusts.
In 2023, DBS achieved a record S$365 billion in wealth assets, marking a 23% growth. The bank services more than a third of Singapore’s family offices.
According to Shee Tse Koon, Group Executive and Group Head of Consumer Banking and Wealth Management at DBS, the market is expected to recover as interest rates stabilise and decline, which should boost market activity.
Shee, who has been with DBS for nearly eight years, expressed confidence in achieving the 2026 target barring any unexpected major events.
DBS also aims to double its wealthy client base, those with at least S$1 million in assets, by the end of 2026. The bank has already increased its affluent and high-net-worth clients by over 50% in the past two years.
According to the Capgemini Research Institute’s World Wealth Report 2024, global high-net-worth individual wealth and population grew by 4.7% and 5.1%, respectively, in 2023, reversing the declines seen in 2022.
The report also noted an improvement in risk appetite among the wealthy, with cash holdings decreasing to 25% of portfolio totals in January 2024 from 34% a year earlier.
Wealth management has become a key revenue driver for Singaporean banks, including DBS, which recently posted record quarterly results and projected higher net profits than last year’s record.
