DBS Group has set a new target to expand assets under management (AUM) in its wealth operations to in excess of S$1 trillion by 2030, the bank announced at a recent briefing. The figure equates to roughly $774 billion using the disclosed conversion rate of $1 = 1.2924 Singapore dollars.
The S$1 trillion ambition covers both the lender’s retail and wealth divisions and represents an increase of about S$400 billion from the S$632 billion in wealth assets under management reported at the end of 2025.
At the media briefing, Shee Tse Koon, group executive and group head of consumer banking and wealth management at DBS, noted the pace of past growth and the bank’s intent to accelerate it. "From full year 2015 to 2025, in 10 years, we grew our AUM by S$400 billion. Looking at the traction, our ambition now is to grow the same S$400 billion by half the time," she said.
Shee highlighted macro trends the bank sees as supportive, including rising wealth in Asia and a shift of wealth into the region. "Many of the macro trends that we see, for example the rise of wealth in Asia, and also the shift of wealth into Asia, I think these macro trends are what will be tailwinds," she said.
DBS is not alone in seeking to capture the region’s wealth. Global banks have been expanding wealth capabilities across Asia to access a growing affluent population, and Singapore has been a prominent recipient of those inflows. The city-state’s reputation as a safe haven amid geopolitical and economic uncertainty has contributed to steady wealth inflows, supporting the performance of its largest lenders.
DBS reported that, as of May, newly onboarded high-net-worth and ultra-high-net-worth clients had increased by 20% compared with a year earlier. The bank also said it serves more than a third of the single-family offices established in Singapore.
To underpin its growth objective, DBS plans to recruit more than 600 relationship managers or frontline advisers and platform engineers by the end of 2028. Hiring will concentrate mainly in its core markets - Singapore, Hong Kong, China, India, Indonesia and Taiwan.
"It’s not just about the frontliners. We need the engineers, the tech people, the platform people to create that capability and the capacity," Shee said, underscoring the bank’s emphasis on both client-facing and technology roles. She added that the bank’s wealth strategy is a "wealth continuum" aimed at serving different client segments appropriately given their differing needs.
DBS also outlined a physical expansion of its wealth franchise. Last month the bank said it would open 18 new wealth centres across Asia by the end of 2027 and upgrade 36 existing centres over the following 18 months, representing its largest rollout of physical wealth locations to date.
The bank’s plans combine organic client growth, talent and technology investment, and a broadened physical footprint as it seeks to lift AUM to the S$1 trillion mark by 2030.
Currency note: $1 = 1.2924 Singapore dollars.