S$77 billion in new wealth flows into Singapore’s two largest banks

SINGAPORE: Singapore’s two largest banks, DBS and OCBC, attracted a combined $77 billion in net new money from high-net-worth (HNW) clients in 2025.

The figures, compiled by brokerage UOB Kay Hian (UOBKH), highlight sustained inflows into Singapore’s banking system as wealthy individuals continue to seek stable jurisdictions to preserve and grow their assets.

The report noted that wealth management continued to be a key earnings driver for both lenders. In the first quarter of 2026, wealth management fees increased by 25 per cent at DBS and 34 per cent at OCBC, which UOBKH analyst Jonathan Koh described as “hefty”.

Beyond direct fee income, the expansion of wealth management businesses is also expected to benefit other parts of the banks’ operations.

“The growth of the wealth management business also has positive spillover effects on banks’ treasury income and bancassurance sales,” Mr Koh said.

According to the report, Singapore’s banking sector is well-positioned to continue attracting wealth inflows as the country’s financial and systemic resilience becomes increasingly recognised against a backdrop of global uncertainty.

Mr Koh said Singapore’s appeal as a safe haven, together with the desire among wealthy individuals to diversify jurisdictions, would continue to support growth in assets under management (AUM).

He added that wealth creation across the Asia-Pacific region, as well as intergenerational wealth transfers, are also expected to contribute to the continued expansion of banks’ wealth management businesses.

The report further noted that Singapore’s banking system remains well insulated from external shocks. Among the factors cited were the Government’s fiscal strength, which provides room to respond to economic disruptions, as well as banks’ strong fundamentals, including stable asset quality, robust capital adequacy and highly liquid balance sheets.