DBS targets $370b in wealth assets by 2026

DBS saw a 23% increase in wealth assets in 2023.

DBS intends to expand its assets under management for its wealth business to $369.7b (S$500b) by the end of 2026, according to Shee Tse Koon, group executive and head of consumer banking and wealth management.

Last year, DBS saw a 23% increase in wealth assets, reaching a record S$365b, as Singapore attracted significant wealth inflows due to its political stability, low taxes, and favourable policies for family offices and trusts, Reuters reported. 

DBS, the largest lender in Southeast Asia by assets, serves over a third of Singapore's family offices.

Tse Koon, who has been with DBS for nearly eight years, expressed optimism about reaching the S$500b target, assuming no major unforeseen events. 

The bank aims to double the number of clients with assets of at least S$1m by 2026, having already grown its affluent and high-net-worth client base by more than 50% over the past two years.

Despite a S$3b money laundering scandal that prompted stricter oversight of wealth inflows, the number of family offices in Singapore grew to around 1,400 last year from about 1,100 the previous year.

Addressing the money laundering issue, Shee stated that Singapore's anti-money laundering measures are robust but must continuously evolve to counter new criminal tactics.