Singapore has firmly established itself as Asia’s premier destination for private wealth management. Known for its political stability, robust legal system, and forward-thinking financial regulations, the city-state continues to attract high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) from across the globe. In 2025, Singapore’s private banking sector stands stronger than ever, fueled by regional wealth growth, the rise of family offices, and innovative banking models.
This article explores the top 10 private banks in Singapore, ranked by Assets Under Management (AUM). It also highlights their strategic growth, client focus, and unique market positioning.
Singapore: Asia’s Rising Wealth Hub
Singapore’s financial ecosystem remains one of the most attractive in Asia. In 2024 alone, private banks operating in Singapore experienced a surge in AUM, thanks to strong inflows from Greater China, Southeast Asia, and India. A favorable policy framework for family offices and transparent wealth structuring has solidified the city’s role as a trusted offshore center for private wealth.
Asian private banks saw AUM grow by 13% in 2024, reaching over $2 trillion. The recovery from previous years of market volatility and the acceleration of digitization across financial services have enhanced Singapore’s appeal to global wealth holders.
How Singapore’s Top Private Banks Are Growing Their AUM
Singapore’s leading private banks have adopted a diverse set of strategies to grow their assets under management. From tapping into new markets to introducing innovative services, these banks are combining strategic foresight with deep client understanding. Here’s how they are expanding their AUM:
1. Expanding into High-Growth Markets
Many private banks are targeting rising wealth in Greater China, ASEAN, and beyond. For instance, Bank of Singapore has seen a fivefold increase in assets from Greater China and a doubling from ASEAN over recent years. These markets are fertile ground for growth, especially with the rise of cross-border family offices.
Similarly, Pictet Wealth Management is aligning its services with the growing number of Chinese family offices based in Singapore and Hong Kong, offering tailored solutions for UHNWIs in these high-growth corridors.
2. Embracing ESG and Sustainable Investing
Environmental, Social, and Governance (ESG) investing has become a powerful magnet for new client inflows. Bank of Singapore launched its proprietary ESG framework, “Spring,” developed with WWF Singapore, appealing to socially conscious investors. The industry-wide trend shows that over half of all AUM in Singapore is now managed with ESG mandates, demonstrating the rising influence of sustainability in wealth management.
3. Targeting Generational Wealth Transfer
With trillions of dollars expected to pass between generations in Asia by 2030, private banks are strengthening their wealth transfer offerings. Bank of Singapore, for example, has enhanced its succession planning and next-gen advisory services, leading to a 30% growth in its family office client base in 2023 alone.
4. Strengthening Family Office Services
Singapore’s reputation as a family office hub continues to grow, and private banks are responding. Bank of Singapore supports around one-third of the country’s single-family offices, offering governance, tax, and investment planning. Pictet Wealth Management also focuses on this segment, with 70% of its regional AUM coming from UHNWIs and family offices.
5. Enhancing Digital Capabilities
Digital transformation is central to client engagement and operational efficiency. Banks like DBS lead the way with AI-enhanced tools, personalized wealth dashboards, and seamless portfolio tracking. These innovations enable banks to deliver smarter, faster, and more secure services to demanding clients.
6. Offering Access to Alternative Investments
As demand for private equity, hedge funds, and venture capital grows, banks are expanding their advisory capabilities. Bank of Singapore and others now offer access to exclusive, illiquid opportunities that diversify client portfolios and enhance long-term returns.
7. Expanding Relationship Manager Teams
Private banking is still a relationship-driven business. Leading banks continue to scale their RM headcount to serve a growing client base. Bank of Singapore employs over 400 relationship managers globally, while DBS has increased its RM strength significantly to support its North Asia expansion.
8. Leveraging Strategic Partnerships
Collaborations have played a pivotal role in reaching new markets and enhancing service offerings. Pictet, for example, partnered with Bangkok Bank to tap into Thailand’s growing wealth sector, using local insight to deepen client relationships.
9. Introducing Innovative Products
New products tailored for affluent lifestyles are also helping banks grow. Standard Chartered launched the Beyond Credit Card with Mastercard, offering exclusive benefits to HNW clients. These tools strengthen loyalty and attract new business.
10. Delivering Truly Client-Centric Solutions
Finally, banks are leaning into ultra-personalized service. Pictet Wealth Management, for instance, offers custom mandates starting at CHF 100 million, targeting UHNW clients with long-term investment horizons and unique liquidity needs. This level of customization helps banks stand out in a competitive landscape.
These strategies reflect a broader industry shift toward innovation, relevance, and service excellence—core pillars that drive both client satisfaction and AUM growth.
Top 10 Private Banks in Singapore by AUM (2025)
1. UBS Global Wealth Management
UBS continues to dominate the region’s private banking landscape. After acquiring Credit Suisse, UBS’s total AUM in Asia reached $665 billion in 2024. This reflects strong client confidence, consistent net new money inflows, and a strategic focus on Asia-Pacific.
UBS aims for the region to account for 20% of its global AUM within the next five years. With tailored solutions for UHNW clients and a solid track record in wealth preservation, UBS holds the crown as the top private bank in Singapore.
2. HSBC Private Banking
HSBC maintains its position as the second-largest private bank in the region, with $354 billion in AUM. Nearly half of its global private banking assets are now managed out of Asia, signaling its long-term commitment to the region.
Singapore plays a key role in HSBC’s Asia expansion strategy. Its wealth continuum model, which serves clients from mass affluent to UHNW, ensures a holistic offering that meets clients’ evolving needs.
3. DBS Wealth Management
As Singapore’s largest bank, DBS has carved out a significant presence in the private banking space. With AUM reaching $200.7 billion in 2024, DBS has grown by nearly 24% year-over-year.
Recognized as Asia’s best private bank, DBS excels in delivering digital-first, personalized services. A strong focus on talent development, low staff turnover, and a growing family office segment contribute to its continued success.
4. J.P. Morgan Private Bank
J.P. Morgan caters primarily to UHNW individuals, with a high minimum investment threshold. In 2024, its Asia AUM rose to $169 billion. With a strong international footprint and a reputation for excellence, the bank continues to attract Asia’s wealthiest individuals.
J.P. Morgan’s strength lies in high AUM per relationship manager and global investment expertise. This makes it a preferred choice for clients seeking bespoke cross-border solutions.
5. Morgan Stanley Private Wealth Management
Morgan Stanley continues to gain traction in Singapore, especially among tech-savvy investors. In 2024, it posted one of the highest AUM growth rates in the region, driven by performance in U.S. equity markets and interest in alternative investments.
The bank’s strong relationship manager efficiency and sophisticated product offerings reinforce its appeal among Singapore’s affluent population.
6. Julius Baer
This Swiss private bank holds a strong position in Singapore, managing an estimated $150 billion in Asia. Julius Baer has gained a reputation for excellent client service and a personalized approach to wealth management.
Its boutique model and strong brand recognition have made it a popular choice for clients seeking discretion, expertise, and a human touch in managing their wealth.
7. Bank of Singapore
As the private banking arm of OCBC, Bank of Singapore has become a key player in the city-state’s wealth management market. With AUM of $121 billion, it caters to clients across Asia with a deep understanding of regional financial landscapes.
The bank blends global access with local insight, offering customized solutions to HNW clients and attracting those seeking a Singapore-based partner for regional investments.
8. Goldman Sachs Private Wealth Management
Goldman Sachs sets a high bar in the UHNW space, with a minimum investment threshold of $100 million. Despite this exclusivity, it manages around $110 billion in Asia and boasts the highest AUM per relationship manager in the region.
Its strength lies in leveraging its investment banking network to offer exclusive investment opportunities, making it a top choice for sophisticated clients.
9. BNP Paribas Wealth Management
BNP Paribas remains a strong contender with AUM of $94 billion in Asia. Its global expertise, combined with a solid European heritage, gives clients access to a diversified range of investment products.
With a minimum investment threshold of $3 million, BNP Paribas appeals to HNW clients seeking a balance of global reach and personalized attention.
10. LGT
LGT rounds out the top 10 with $78 billion in AUM in Asia. Backed by the Princely House of Liechtenstein, LGT brings a unique perspective to wealth preservation and multigenerational planning.
Its impressive three-year compound annual growth rate of 28% shows strong momentum. Clients value its stability, long-term vision, and tailored service model.
What’s Driving Private Banking Growth in Singapore?
Regional Wealth Expansion
As economies in Greater China, Southeast Asia, and India grow, so does private wealth. Singapore’s connectivity, rule of law, and policy clarity make it a natural center for booking assets and setting up family offices.
Digital Leadership
Private banks in Singapore are embracing digital tools—from AI-driven portfolio management to seamless client apps. This enhances client engagement and provides better risk-adjusted outcomes.
Relationship Manager Expansion
Talent remains a cornerstone of private banking. Banks are investing heavily in growing their relationship manager teams. DBS, for example, increased its RM headcount in Singapore by 24% in 2024, helping it better serve its growing client base.
Family Office Growth
Singapore has become Asia’s leading hub for family offices. Forward-thinking regulations and tax incentives attract wealthy families to establish multigenerational wealth platforms in the city. Banks are responding with dedicated family office units and advisory services.
Outlook: Continued Momentum for Singapore’s Private Banks
Singapore’s private banking sector is set to grow even further. With Asia projected to double its AUM by 2026, banks operating in Singapore are well-positioned to benefit.
To remain competitive, private banks must:
- Invest in digital infrastructure
- Offer differentiated, client-centric solutions
- Maintain strong compliance and risk frameworks
- Expand regional expertise to support cross-border needs
From global giants like UBS and HSBC to regional leaders like DBS and Bank of Singapore, the city-state’s top private banks are shaping the future of wealth in Asia. For clients seeking personalized advice, long-term strategies, and access to world-class investment opportunities, Singapore remains the private banking destination of choice.
