DBS Group plans to grow wealth assets under management past S$1 trillion (US$774 billion) by 2030, up roughly S$400 billion from S$632 billion at the end of 2025.
The last S$400 billion took a decade. DBS wants the next in half that time, across both retail and wealth segments.
“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,” said Shee Tse Koon, Group Executive and Group Head of Consumer Banking and Wealth Management at DBS.
Singapore’s safe-haven status has pulled in steady wealth flows amid global uncertainty. DBS banks more than a third of the single-family offices set up in the city-state, and its new high-net-worth and ultra-high-net-worth client count was up 20% year on year as of May.
The bank will hire more than 600 relationship managers, advisers and platform engineers by end-2028 across Singapore, Hong Kong, China, India, Indonesia and Taiwan, with AI tools set to speed up onboarding and advice.
DBS also plans 18 new wealth centres across Asia by end-2027 and upgrades to 36 existing ones over the next 18 months, its biggest physical expansion in wealth to date.