DBS is targeting S$1 trillion (HK$6.1 trillion) in assets under management by 2030, with Hong Kong and Singapore positioned as complementary rather than rival wealth hubs, said 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 centers 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 percent, while Singapore is third at 9.4 percent. 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: industrializing AI, ecosystem partnerships, and talent and physical presence.
The bank plans to open 18 wealth centers globally, including a new one in Tsim Sha Tsui, and upgrade 36 existing centers.
China’s intensified global tax enforcement on high-net-worth individuals’ overseas income only has minimal impacts to the bank with its diversification of busieness and clients, said Shee. He added that may even be positive for financial institutions which have been complying with rules.
