Battle for your wealth
Singapore’s banks are pulling out all the stops for wealth clients.
Battle for your wealth: Singapore's banks fight to win affluent customers
The escalating cost of living is prompting many Singaporeans, regardless of their savings size, to start investing their money. Mui Cher, a third-generation leader of her family’s import-export business in her 30s, is one such individual who turned to investment after discovering her savings were not keeping pace with rising expenses.
Cher, a client of DBS Treasures, DBS Bank’s wealth management service for the affluent, works closely with a dedicated relationship manager who guides her through various investment products suited to her risk tolerance.
Singapore's banks are intensifying their efforts to attract a new segment of customers – the mass affluent, which includes professionals and entrepreneurs with significant investment potential. The nation's combined net worth surged 7.3% year-on-year to $3.3 trillion at the end of 2025, reaching $3.4 trillion by the end of June 2026.
Combined household wealth in June 2026 saw a 5% increase from the previous year, primarily due to a rise in cash and deposits, excluding wealth held in property, Central Provident Fund savings, life insurance, stocks, and other investments.
The influx of wealth into the banking system is driving banks to expand their services. Total deposits grew by 7.6% year-on-year in June 2026, with most of this growth attributed to residents. Notably, the number of single-family offices with tax incentives from the Monetary Authority of Singapore has surged from around 400 in 2020 to over 2,000 in 2025, indicating the growing interest of wealthy families in Singapore's banking sector.
Banks employ a tiered approach to serve their customers, offering dedicated bankers, better rates, and exclusive products to those who cross a certain investment threshold. At the pinnacle of this hierarchy, banking services extend far beyond routine transactions, with private bankers assuming roles as fixers, advisers, and confidential advisors to the ultra-rich.
These high-net-worth clients often rely on their private bankers for discreet assistance, handling everything from retrieving lost passports to naming newly cultivated orchids in their honor.
The banks' growing assets under management have translated into higher profits, with an estimated $77 billion in new money flowing into the three local banks in 2025. However, the challenge lies in maintaining this momentum as interest rates continue to decline and lending margins narrow. Banks are responding by reimagining their physical presence, transforming branches into lavish sanctuaries designed to captivate high-net-worth clients.
The introduction of AI-driven customer service, such as OCBC's Wendy and Wayne, further enhances the personalized experience for their most valuable clients.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
