DBS Targets S$1 Trillion Wealth AUM by 2030 Amid Asia Wealth Boom

DBS Group has set an ambitious goal to grow assets under management (AUM) in its wealth business to more than S$1 trillion (US$774 billion) by 2030, reflecting the bank’s confidence in Asia’s expanding affluent population and rising capital inflows into regional financial hubs.

Singapore’s largest bank plans to increase wealth AUM by approximately S$400 billion from the S$632 billion recorded at the end of 2025. According to Shee Tse Koon, DBS Group’s Executive and Group Head of Consumer Banking and Wealth Management, the lender aims to achieve in five years what previously took a decade.

Between 2015 and 2025, DBS added S$400 billion in wealth assets under management. Shee said strong momentum, combined with favorable long-term trends such as the rapid creation of wealth across Asia and the migration of assets into the region, provides a solid foundation for reaching the bank’s 2030 target.

The wealth management industry has become a key battleground for global banks seeking to capitalize on Asia’s growing base of high-net-worth and ultra-high-net-worth individuals. Singapore continues to strengthen its position as a preferred wealth management hub, benefiting from its political stability and safe-haven reputation during periods of geopolitical and economic uncertainty.

DBS has already seen strong client growth. As of May, the number of newly onboarded high-net-worth and ultra-high-net-worth customers increased 20% compared with a year earlier. The bank also serves more than one-third of Singapore’s single-family offices, highlighting its significant presence in the city-state’s wealth ecosystem.

To support its long-term expansion strategy, DBS plans to recruit more than 600 relationship managers, frontline advisers, platform engineers, and technology specialists by the end of 2028. Hiring will primarily focus on its major Asian markets, including Singapore, Hong Kong, China, India, Indonesia, and Taiwan.

Shee said the bank’s investment extends beyond customer-facing teams, emphasizing the importance of strengthening digital platforms and technology infrastructure to enhance client service across different wealth segments.

The hiring initiative follows DBS’ recent announcement that it will open 18 new wealth centres across Asia by the end of 2027 while upgrading 36 existing centres over the next 18 months, marking the bank’s largest-ever expansion of its regional wealth management network.