DBS Group Targets S$1 Trillion in Wealth Assets by 2030, Citing Asian Growth

DBS Group, Singapore's biggest bank, has set an ambitious target to grow assets under management (AUM) in its wealth business to more than S$1 trillion (approximately $774 billion) by 2030. The goal reflects the lender's strategy to capitalize on surging wealth across Asia and Singapore's growing prominence as a global financial safe haven.

Accelerated Growth Ambitions

The target represents a planned increase of about S$400 billion from the bank's S$632 billion in wealth AUM recorded at the end of 2025. This new goal aims to match the growth achieved over the prior decade in half the time.

"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," said Shee Tse Koon, DBS’s group head of consumer banking and wealth management, at a media briefing. He cited the "rise of wealth in Asia" and the "shift of wealth into Asia" as key tailwinds for the bank.

Tapping into Regional Wealth Inflows

Global banks are intensifying their focus on Asia's rapidly expanding affluent population, and Singapore has emerged as a primary beneficiary. The city-state's reputation for stability has attracted significant wealth inflows amid global economic and geopolitical uncertainty, boosting the performance of its major financial institutions.

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DBS reported that as of May, the number of newly onboarded high-net-worth and ultra-high-net-worth clients had increased by 20% from the previous year. The bank currently serves more than a third of the single-family offices established in Singapore.

Strategic Expansion and Hiring

To support its growth objectives, DBS is planning a significant expansion of its resources and physical footprint. Key initiatives include:

• Hiring more than 600 relationship managers, frontline advisers, and platform engineers by the end of 2028.
• Focusing recruitment on core markets including Singapore, Hong Kong, China, India, Indonesia, and Taiwan.
• Opening 18 new wealth centres across Asia by the end of 2027 and upgrading 36 existing locations within the next 18 months, marking its largest-ever physical expansion for the wealth franchise.