DBS sets S$1 trillion wealth target, plans to hire more than 600 employees

SINGAPORE: DBS has set an ambitious target of growing its assets under management (AUM) to more than S$1 trillion by 2030, almost doubling from the S$632 billion it managed in the 2025 financial year, as it looks to ride Asia’s expanding wealth market.

The bank said its wealth management business will be the primary driver of this growth strategy, citing the continued creation of wealth across Asia and sustained inflows of international capital into the region.

A DBS executive said the rapid growth in Asian wealth, together with an increasingly favourable business environment, is drawing more investment funds into Asia, creating fresh opportunities for the bank’s wealth management operations.

He noted that both the region’s growing pool of wealth and rising investor interest in Asian markets have strengthened the outlook for the sector.

Revealing that the Group has set the S$1 trillion target as it observes more and more funds flowing into Asia, the executive added that the bank aims to benefit from the long-term trend of wealth creation across the region.

Beyond investment growth, DBS also expects demand for wealth succession services to rise as more families prepare for intergenerational transfers of assets.

The executive said Singapore has strengthened its position over recent years as not only an international financial centre but also an increasingly important wealth management hub. He added that the expansion of family office and trust services has further reinforced the country’s competitive position in the global wealth management industry.

To support its next phase of growth, DBS plans to deepen its use of technology and artificial intelligence while pursuing new partnerships to broaden its customer reach.

The bank said it has already deployed technology to shorten customer account opening times and deliver more tailored financial advice. Artificial intelligence is also being used to reduce manual administrative work, allowing wealth management advisers to spend more time engaging directly with clients.

As part of its expansion plans, DBS expects to recruit more than 600 frontline wealth management advisers and platform engineers by 2028 to support the continued growth of its wealth management business.