Singapore has firmly established itself as Asia’s premier private banking hub, with the sector managing over $2.3 trillion in assets across the top 10 institutions as of 2024. The city-state’s political stability, robust regulatory framework, and strategic position continue to attract ultra-high-net-worth individuals and family offices from across the globe.
Market Overview and Rankings
Singapore’s private banking sector experienced remarkable growth in 2024, with Asia’s top private banks posting their second consecutive year of expansion following the challenging period of 2021-2024. The total assets under management at Asia’s leading private banks reached a record high of over $2 trillion, representing a 13 percent year-on-year increase.
Top 10 private banks in Singapore ranked by Assets Under Management in 2024
The rankings demonstrate clear market leadership by UBS Global Wealth Management, which maintains its dominant position despite the competitive landscape12. Following the successful integration of Credit Suisse’s operations, UBS has further consolidated its market-leading position in the region56.
Historical Growth Trajectories
The five-year growth trajectory from 2020 to 2024 reveals significant variations in performance among the leading institutions74. American banks demonstrated exceptional performance, with J.P. Morgan Private Bank achieving the largest AUM increase of 29.5 percent in 2024, adding $49 billion to reach $215 billion2.
Historical growth trends of Assets Under Management for top private banks in Singapore from 2020-2024
HSBC’s strategic pivot to Asia became increasingly evident, with the region now accounting for 51.9 percent of its global private banking AUM, up from 46.8 percent in 20232. This represents more than just a pivot—it demonstrates a fundamental reorientation of the bank’s wealth management strategy toward Asian markets.
The post-pandemic recovery period from 2020-2022 showed varying resilience among institutions7. While some banks like HSBC and DBS demonstrated steady growth, others experienced more volatile patterns reflecting different client bases and geographic exposures.
Client Segmentation and Service Differentiation
Singapore’s private banking sector serves three distinct wealth segments, each with unique characteristics and growth patterns. The segmentation reflects not only asset thresholds but also service complexity and relationship management approaches.
Distribution of Assets Under Management across different client wealth segments in Singapore’s private banking sector
Ultra-High-Net-Worth Segment (>$30 million)
This segment represents the most profitable tier, accounting for 45 percent of total AUM while experiencing moderate growth rates of 8-12 percent annually. Banks serving this segment, including UBS, J.P. Morgan, Goldman Sachs, and Julius Baer, focus on sophisticated services such as family office support, alternative investments, and complex wealth structuring.
Goldman Sachs exemplifies this focus with its $100 million minimum investment threshold, targeting the most affluent clients who require comprehensive wealth management solutions. The bank’s Singapore operations have expanded by 30 percent over three years, reflecting growing demand for ultra-premium services.
High-Net-Worth Segment ($1-30 million)
Representing 40 percent of total AUM, this segment shows robust growth rates of 12-18 percent, driven by Asia’s expanding entrepreneurial class and intergenerational wealth transfers. HSBC, DBS, Morgan Stanley, Bank of Singapore, and UOB compete actively in this space, offering investment advisory services, discretionary portfolio management, and comprehensive estate planning.
DBS has positioned itself particularly strongly in this segment, with assets under management growing 23 percent to S$365 billion in 2023. The bank has successfully captured market share in Singapore’s family office sector, onboarding more than one-third of the 1,100 single family offices established in Singapore.
Mass Affluent Segment ($250,000-1 million)
Despite representing only 15 percent of total AUM, this segment exhibits the highest growth rates at 15-25 percent, reflecting Asia’s rapidly expanding middle class. Banks serving this segment increasingly rely on digital solutions and standardized investment products to achieve scalable profitability.
Performance Analysis and Growth Drivers
The 2024 performance data reveals significant divergence in growth strategies and outcomes across the top 10 institutions. Market performance was heavily influenced by investment returns, particularly from U.S. equity markets, where the S&P 500 delivered 25 percent returns and technology stocks saw exceptional gains.
Year-over-year AUM growth rates of top 10 private banks in Singapore for 2023-2024
J.P. Morgan’s exceptional 29.5 percent growth reflects successful client acquisition and market timing, particularly benefiting from American equity market performance. The bank’s expansion strategy in Asia has focused on hiring relationship managers and leveraging its global platform to attract clients seeking U.S. market exposure.
Conversely, Standard Chartered Private Bank experienced a 13 percent decline in AUM, highlighting the challenges facing some European institutions in the competitive Asian market. This contraction reflects broader strategic adjustments and client migration patterns within the sector.
Local Market Champions
Singapore-based institutions have demonstrated remarkable resilience and growth, collectively managing $492.6 billion across DBS, Bank of Singapore, and UOB. These local champions benefit from deep market knowledge, regulatory familiarity, and strong domestic client relationships.
DBS has set ambitious targets to reach S$500 billion in AUM by 2027, representing a near-doubling of current assets. The bank’s strategy focuses on clients with at least S$1 million in investable assets while expanding its relationship manager workforce by 25 percent in 2024.
Bank of Singapore, OCBC’s private banking arm, reported 20 percent year-on-year growth in Greater China AUM during the first quarter of 2025, including a 47 percent increase in discretionary portfolio management assets. The bank aims to grow its Hong Kong AUM by 50 percent between end-2023 and 2026.
UOB has positioned itself for continued expansion, aiming to double its wealth assets from the current S$176 billion over the coming years. The bank’s acquisition of Citi’s consumer operations in Southeast Asia provides additional growth opportunities across Indonesia, Malaysia, Thailand, and Vietnam.
Market Dynamics and Future Outlook
Singapore’s private banking sector continues to evolve in response to changing client expectations and regulatory developments. The government’s supportive policies for family offices, including favorable tax structures and transparent wealth management frameworks, have attracted increasing numbers of ultra-wealthy families to establish operations in Singapore.
The sector faces several key trends that will shape future development. Digital transformation remains crucial, with 87 percent of ultra-high-net-worth individuals indicating that a bank’s degree of digitalization will influence their selection decisions. Banks are implementing hybrid advisory models that combine digital efficiency with personalized human interaction.
Sustainability and environmental, social, and governance considerations are gaining prominence, though growth in sustainable investment AUM has moderated compared to previous years. Banks are adapting their product offerings to meet evolving client preferences for responsible investing.
The competitive landscape will likely see continued consolidation and specialization. While larger institutions leverage scale and global reach, pure-play private banks like Julius Baer focus on delivering specialized expertise and personalized service. Julius Baer’s Asia AUM grew 16 percent to 114 billion Swiss francs in the first half of 2024, supported by relationship manager hiring and market expansion.
Conclusion
Singapore’s private banking sector has demonstrated remarkable resilience and growth, cementing its position as Asia’s leading wealth management center. The top 10 institutions collectively manage $2.35 trillion in assets, with diverse growth strategies and client focuses driving sector expansion.
The market’s strength lies in its diversity—from global universal banks like UBS and J.P. Morgan to specialized pure-play institutions like Julius Baer and strong local champions such as DBS and Bank of Singapore. This competitive ecosystem benefits clients through innovation, service quality improvements, and competitive pricing.
Looking forward, the sector’s continued growth will depend on successfully navigating evolving client expectations, technological advancement, and regulatory changes while maintaining Singapore’s reputation for stability, expertise, and discretion. The fundamental drivers of Asian wealth creation—economic growth, entrepreneurship, and intergenerational transfers—remain robust, supporting optimistic long-term prospects for Singapore’s private banking industry.
