DBS Group Aims for S$500 Billion Wealth Growth

DBS Group has set a target to increase its assets under management for its wealth business to S$500 billion by the end of 2026. The bank's focus is on attracting strong inflows into Singapore, leveraging the country's reputation as a stable financial hub with favorable tax policies for family offices and trusts.

Last year, DBS saw a remarkable 23% growth in its wealth assets, reaching a record S$365 billion. As the largest lender in Southeast Asia, DBS holds over a third of Singapore's family offices, showcasing its dominant position in the market.

Shee Tse Koon, the Group Executive and Group Head of Consumer Banking Group and Wealth Management at DBS, expressed confidence in achieving the ambitious target. He highlighted the potential for market recovery as interest rates decline, driving further growth in the wealth sector.

DBS also aims to double the number of wealthy clients with assets exceeding S$1 million by the end of 2026. The bank has witnessed substantial growth in its affluent and high-net-worth client base over the past couple of years, reflecting a positive trend in the market.

The Capgemini Research Institute's World Wealth Report 2024 revealed that global high-net-worth-individual wealth and population rebounded in 2023 after a decline in the previous year. The report also indicated a shift in risk appetite among the wealthy, with a decrease in cash holdings to 25% of portfolio totals in January 2024 from 34% in the prior year.

DBS Group's ambitious target to grow its wealth business to S$500 billion by 2026 reflects its strong position in the market and confidence in the future. With a strategic focus on attracting inflows into Singapore and expanding its client base, DBS is poised for further success in the wealth management sector. The positive trends in global high-net-worth wealth and risk appetite indicate a favorable environment for DBS to achieve its goals and continue its growth trajectory.