Private bankers in Singapore are more optimistic about Asia's wealth-industry growth prospects than their peers in Hong Kong, according to a Bloomberg Intelligence (BI) survey in which a third of respondents in the Lion City forecast asset-management growth of 11% or more a year to 2030.
Their clients appear to have a bigger risk appetite, with exposure to greater China and demand for equities and digital assets likely to significantly rise.
A shorter wait time for family-office regulatory approval could lure more wealth to Singapore, along with scope for further tax perks.
More arduous compliance checks could frustrate investors and push up compliance costs.
Yet, investment in technology is likely to remain private bankers' biggest cost driver. Interest rate volatility, meanwhile, could be the largest risk factor impacting investment decisions
Singapore's private banking growth prospects are bright, with cross-border wealth booked in the Lion City likely to grow 6%-10% a year through 2030, according to a BI survey, boosting revenue for DBS Group Holdings, Oversea-Chinese Banking Corporation (OCBC) and peers. Mainland China is set to become the dominant source of growth and spur demand for equities, digital assets and private equity
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A third of respondents based in the Lion City anticipate that assets under management (AUM) could swell by 11% or more each year through 2030. Only 24% in Hong Kong forecast similar growth and 4% think AUM could even shrink — a sentiment not shared in survey feedback from Singapore. The majority of respondents in both cities estimate that AUM could expand 6%-10%, with net new money likely to grow at a similar pace, supported by more sophisticated digital product and service offerings, and growth in cross-border wealth.
This optimism is reflected in assets under management across Singapore banks DBS, OCBC and United Overseas Bank (UOB), which grew 10% in 2H2025 versus 1H2024, exceeding annual compound growth of 7.6% over 2019-2024.
Cross-border wealth booked in Singapore is set to climb 12% a year through 2030, our survey suggests. Mainland Chinese are set to drive growth and overtake Southeast Asians to represent a dominant 27% share of private bankers' client base in the next three to five years.
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Still, UOB and peers remain well-positioned to tap rising affluence in Southeast Asia. Singapore's appeal among clients from the Middle East has potential to rise over 6%, supported by a growing Islamic wealth business, led by Maybank.
Half the Singapore-based respondents see ultra high-net-worth individuals as the primary driver of net new money through 2030, versus just 32% in Hong Kong.
Yet, only 8% see the mass affluent/retail segment as a key driver versus 18% in Hong Kong, suggesting bankers there have a sharper focus on working with clients along the wealth continuum.
Wealthy clients appear more hungry to explore riskier investments in Singapore, with 50% of surveyees in the Lion City suggesting a higher risk appetite than a year ago — before US Federal Reserve rate cuts, the US presidential election and trade tariffs.
This contrasts with just 34% in Hong Kong where a majority (38%) has seen no change. Investment exposure to the greater China region in the next year could significantly rise, according to 34% of Singapore-based respondents, with an extra 58% predicting a mild to moderate uptick. Southeast Asia follows (24%), with investment opportunities likely to emerge amid development of the Johor-Singapore Special Economic Zone.
At the other end of the spectrum, only 4% see a significant rise in exposure to North America where the majority (24%) expect to see a cut in allocations.
Private banking clients are likely to increase exposure to equities, digital assets and private equity in the next 12 months, according to the 50 Singapore-based respondents in BI's survey, reflecting a rising preference for more risky assets.
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This trend is visible in Hong Kong, although respondents in Singapore anticipate stronger demand for private equity (70% see a significant uptick versus 46% in Hong Kong) and equities (66% versus 48%). Over 66% also expect digital-asset demand to grow, backed by a supportive regulatory framework.
The majority foresee no change or reduction in defensive-asset allocations, chiefly private credit (62%), gold and precious metals (60%) and commodities (58%).
Among Singapore respondents, equities represent 26% AUM, followed by private equity at 15%.
