Private banks and wealth managers in Singapore are reporting increased demand from high-net-worth individuals (HNWIs) seeking diversified investment and asset protection strategies.
In the first half of 2025, Singapore witnessed a surge in private banking activities as wealthy clients moved assets into family offices and managed accounts. According to recent industry surveys, the number of licensed family offices in Singapore has grown by more than 25% year-on-year.
UOB Private Bank reported a 30% increase in new high-net-worth client accounts, while Citibank’s wealth management unit noted strong interest in alternative assets such as private equity and green investments.
Experts believe Singapore’s political stability and tax-friendly environment are attracting regional clients, particularly from China, India, and Indonesia. “Singapore is now seen as Asia’s Switzerland for wealth management,” said one private banking executive.
The trend has also encouraged traditional banks to roll out new advisory services, blending digital tools with personal relationship managers. This hybrid approach is expected to become the standard in Asia’s wealth management sector.
About the Author
Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen.
Read more articles