Singapore's leading bank aims to grow its wealth assets to S$500 billion ($369.7 billion) by 2026, as strong inflows into the city state provide a promising opportunity, states the division's president.

Because Singapore is politically stable, has low taxes, and has favorable laws for family offices and trusts, it attracted a lot of wealth to Asia last year, helping DBS's wealth assets grow by 23% to S$365 billion.

DBS is the largest lender in Southeast Asia by assets, holding more than one-third of Singapore's family offices.

Shee Tse Koon has spent nearly eight years as an employee of DBS. He is the group head of wealth management and the consumer banking group, as well as a group executive. Speaking to the reporters, he expressed confidence that the plan to raise the bank's assets will be completed, barring any unforeseen circumstances. By the end of 2026, DBS wants to have twice as many wealthy clients with assets of at least S$1 million. In just the last two years, the bank's high-net-worth clientele has increased by more than 50%.

The population and worldwide wealth of high-net-worth individuals grew by 5.1% and 4.7%, respectively, in 2023, which reversed the decline observed in 2022, according to the June 7 release of the Capgemini Research Institute's World Wealth Report 2024. Rich people, according to the survey, are investing with greater risk. In January 2024, cash holdings made up 25% of all investments, compared to 34% in the same month the year before. For banks in Singapore, wealth management is a significant revenue stream, particularly for DBS. The bank reported impressive results last month and anticipates even higher profits this year as more customers choose to invest with them.

Despite the S$3 billion money laundering incident and increased scrutiny of affluent visitors, Singapore has seen a rise in the number of family offices. Government statements show an increase from around 1,100 to approximately 1,400. Shee mentioned Singapore's robust anti-money laundering laws, citing the previous scandal.