Global Market: DBS targets over $774 billion in wealth assets by 2030 amid Asia wealth boom

DBS Group has set an ambitious goal to grow assets under management (AUM) in its wealth business to more than S$1 trillion by 2030. Southeast Asia's largest bank looks to capitalise on rising wealth across Asia and sustained inflows into regional financial hubs, according to Reuters.

The target covers both the bank's retail and wealth management businesses and represents an increase of roughly S$400 billion from the S$632 billion in wealth AUM reported at the end of 2025. Achieving this milestone would effectively match the growth DBS delivered over the previous decade, but in about half the time.

DBS expects long-term structural trends, including the rapid expansion of wealth in Asia and the migration of global wealth into the region, to provide a strong foundation for future growth. The bank believes these trends will continue to support demand for wealth management services over the coming years.


Asia's Growing Wealth Attracts Global Banks
The expansion plan comes as global financial institutions intensify their focus on Asia's fast-growing affluent population. Wealth management has become a key growth area for banks seeking stable fee income amid volatile lending markets.

Reuters reported that Singapore has emerged as one of the biggest beneficiaries of this trend, attracting significant wealth inflows thanks to its reputation as a stable financial centre during periods of geopolitical and economic uncertainty. The influx has supported the growth of the country's three largest banks, including DBS.

High-Net-Worth Client Base Expands
DBS said the number of newly onboarded high-net-worth and ultra-high-net-worth clients had increased by 20% year-on-year as of May. The lender also serves more than one-third of the single-family offices established in Singapore, strengthening its position in the region's private banking market.

The bank views its broad customer base across multiple wealth segments as a competitive advantage as it seeks to deepen client relationships throughout different stages of wealth accumulation.

Hiring and Technology Investment
To support its expansion, DBS plans to recruit more than 600 relationship managers, frontline advisers and platform engineers by the end of 2028. The hiring drive will primarily focus on its core markets, including Singapore, Hong Kong, China, India, Indonesia and Taiwan.

The bank is investing not only in client-facing teams but also in technology and digital platforms to enhance its wealth management capabilities and improve customer experience.

Largest Wealth Centre Expansion
DBS has also announced the largest-ever physical expansion of its wealth franchise. Last month, the bank unveiled plans to open 18 new wealth centres across Asia by the end of 2027 while upgrading 36 existing centres over the next 18 months.

The expansion underscores DBS's strategy to strengthen its presence in key Asian markets as competition intensifies among global and regional banks for the region's growing pool of affluent and high-net-worth clients.