Key facts
- DBS Group aims to grow its wealth business assets under management to over S$1 trillion ($774 billion) by 2030.
- This target represents a S$400 billion increase from the S$632 billion in wealth assets at the end of 2025.
- The bank plans to hire more than 600 relationship managers and platform engineers by the end of 2028.
- DBS will open 18 new wealth centers across Asia by the end of 2027 and upgrade 36 existing centers.
DBS Group, Singapore's largest bank, aims to significantly expand its wealth management business, targeting over S$1 trillion ($774 billion) in assets under management by 2030. This ambitious goal represents a doubling of assets in half the time it took to achieve the previous S$400 billion growth, from S$632 billion at the end of 2025.
Shee Tse Koon, DBS's group executive and group head of consumer banking and wealth management, stated that rising wealth in Asia and its shift into the region are key tailwinds for this expansion. Global banks are increasingly focusing on Asia's growing affluent population, with Singapore benefiting from its safe-haven status amidst geopolitical and economic uncertainty.
To support this growth, DBS plans to hire more than 600 relationship managers and platform engineers by the end of 2028, emphasizing the need for both frontline advisors and technological capabilities. The bank is also undertaking its largest physical expansion to date, with plans to open 18 new wealth centers across Asia by the end of 2027 and upgrade 36 existing ones over the next 18 months. DBS currently banks over a third of single-family offices established in Singapore, and saw a 20% increase in newly onboarded high-net-worth and ultra-high-net-worth clients as of May.