DBS targets S$1 trillion assets under management by 2030
DBS aims to reach S$1 trillion in assets under management by 2030, with Hong Kong and Singapore as complementary wealth hubs. The bank plans 18 new wealth centres globally, including one in Tsim Sha Tsui, and will use AI, partnerships and talent to accelerate growth.
DBS is targeting S$1 trillion (HK$6.1 trillion) in assets under management (AUM) by 2030, with Hong Kong and Singapore positioned as complementary rather than rival wealth hubs, according to Shee Tse Koon, the bank’s group head of consumer banking and wealth management.
DBS has already exceeded its original target, achieving S$680 billion in AUM as of the first half of 2026. Shee said Hong Kong and Singapore are both international booking centres that clients choose between based on their own needs, and some use both. Hong Kong has overtaken Switzerland in inbound international wealth flows, growing at 9.3 per cent, while Singapore is third at 9.4 per cent. He expects this trend to accelerate.
International wealth into Asia is projected to rise from US$5 trillion (HK$39 trillion) today to US$7.9 trillion by 2030, giving DBS a strong tailwind as it pushes toward S$1 trillion.
To accelerate growth, DBS will build on its wealth continuum, connectivity and one-bank model, adding three drivers: industrialising artificial-intelligence, ecosystem partnerships, and talent and physical presence. The bank plans to open 18 wealth centres globally, including a new one in Tsim Sha Tsui, and upgrade 36 existing centres.
China’s intensified global tax enforcement on high-net-worth individuals’ overseas income only has minimal impacts on the bank with its diversification of business and clients, said Shee. He added that may even be positive for financial institutions which have been complying with rules.