DBS Revolutionizing Global Private Banking For New Generation Of HNWIs

Forbes

27-05-2025

Global wealth is on the rise, with the number of high net worth individuals (HNWIs) growing by 4.4% in 2024 to reach 2,341,378. According to The Wealth Report 2025 by Douglas Elliman and Knight Frank, this figure is projected to further increase by 28.1% by 2028. At the same time, the greatest wealth transfer in history is gaining momentum, bringing a shift in investment behavior and priorities among younger generations.
One constant remains—these wealthy individuals continue to seek a trusted partner to help them preserve and grow their wealth, amid an increasingly complex global landscape with shifting trade policies and geopolitical tensions.
Ultra-wealthy families have traditionally managed their wealth from a single-family office located where their business and family reside. But the dynamics for many of these families have radically changed as their businesses, homes and children migrate across the world.
Having interests across multiple jurisdictions creates possibilities for wealth creation as part of a broader diversification strategy but also presents complexities. Clients with high international mobility require a wealth manager with extensive cross-market expertise, both onshore and offshore, along with a team of skilled planners who can guide them through the diverse financial regulatory landscapes.
Recognized as the world's best private bank for HNWIs and Asia's safest bank for 16 consecutive years, DBS Private Bank has earned the trust of clients across more than 120 markets. These clients look to leverage DBS as a gateway to the growing pool of dynamic investment opportunities in Asia through its dual booking centers in Singapore and Hong Kong.
Joseph Poon, Group Head of DBS Private Bank
'Our clients are drawn to our deep regional expertise, access to global markets and comprehensive investment platform, all delivered via our award-winning 'phygital' model,' says Joseph Poon, Group Head of DBS Private Bank.
'What truly differentiates our approach to wealth management is our appreciation that clients often need much more than wealth services. Many are also entrepreneurs who require corporate banking solutions and services or sophisticated investors looking for bespoke and institutional investment opportunities. Our unique 'One Bank' approach enables our clients to tap into the expertise of our capital markets and institutional banking teams for strategic advice and solutions, as well as financing for their business.'
Serving The Needs Of Family Offices
As an international financial center and a key node in Asia, Singapore is one of the leading hubs for family offices. At the end of 2024, there were more than 2,000 single-family offices set up in Singapore, with DBS Private Bank working with about one-third of them.
In 2023, DBS launched the world's first bank-backed multi-family office (MFO), leveraging the variable capital company (VCC) structure. The DBS Multi Family Office Foundry VCC helps ultra-high net worth (UHNW) clients seeking a safe and secure platform in Singapore to manage their investments without the need to set up their own single-family office. It is especially appealing to families who may not be relocating to Singapore immediately but wish to consolidate their assets there. With DBS MFO, families can access the full suite of investment services on a single platform.
'We were able to provide bespoke investment solutions by leveraging the structuring capabilities of our Global Financial Markets team. One of our UHNW clients was able to diversify the exposure of onshore wealth to a customized offshore investment portfolio, through our VCC structure,' says Poon.
A One Bank Offering That Meets All Your Wealth And Business Needs
DBS' approach to wealth management is characterized by a clear understanding that clients in Asia often need much more than just wealth services. In fact, '70% of our clients are entrepreneurs,' Poon says. 'We serve their businesses and personal wealth holistically through our distinctive One Bank approach, where they can leverage our corporate and investment banking franchise to expand their businesses across Asia.'
For instance, the bank's Equity Capital Markets team has recently advised a UHNW client on his company's IPO and dual listing. Another client with a public market portfolio valued at more than US$500 million benefitted from a bespoke total return swap transaction recently executed by the bank's Global Financial Markets team—a solution typically used by institutional clients.
'Our wealth and institutional businesses at DBS are well integrated, and when combined with our strong track record of collaboration for the benefit of our clients, they create a differentiated wealth proposition,' Poon says.
Leveraging The 'Phygital' Strengths Of The World's Best Private Bank
As an early adopter of technology and artificial intelligence (AI), DBS has successfully developed and embraced a 'phygital' approach to wealth management, blending the best of digital convenience with the personal touch of human expertise. The bank's award-winning phygital approach enables its relationship managers (RMs) to provide greater value through AI-augmented insights, dynamic portfolio optimization and personalized advisory—without losing the personal touch clients expect.
'Our long-term investment in data allows our RMs to be attuned to what our wealth clients need. We understand where clients are in their financial life cycle, such as how and when they accumulate wealth, when they begin investing or when they start planning for retirement and legacy,' says Poon. 'This allows us to anticipate their needs and provide them with timely personalized insights or actionable nudges that cut through clutter.'
For example, an RM was alerted to a large inward remittance for a client after receiving insights that the client had recently been researching private debt as a strategy to counter inflation. This prompted the RM to proactively reach out to the client, explaining how he could invest in private debt with DBS. The client acted on this advice, which benefited his portfolio.
'Our RMs are well-trained to 'nudge' clients and provide forward-looking advice. They ensure that clients know in advance what they need to understand and do, whether it's optimizing their portfolio's risk/return, executing an FX trade or making a payment on their premiums,' Poon says.
The Best Investment Ideas, Delivered With Conviction
HNW clients can also leverage the bank's Chief Investment Office (CIO) as a leading source of ideas, research and advice. For instance, its bullish outlook on gold has paid off, with bullion hitting an all-time high last October.
Clients can also invest in the DBS Barbell Strategy, which includes allocating assets to the CIO's highest conviction calls. With a positive return of 14.1% as of last November, it outperformed its peers and is ranked in the top 5% of its category.
Riding The Digital Asset Wave
Meanwhile, clients seeking to diversify their portfolios into alternative investments can trade digital assets via DBS Digital Exchange (DDEx), a trading platform for institutional investors and accredited wealth clients. Last year, trading volumes on DDEx grew four times year-on-year, as Asia undergoes a private wealth boom.
Beyond providing a robust and secure platform for trading and custody of digital assets, DBS is laser-focused on client convenience. The DBS digibank app offers seamless, round-the-clock trading, direct conversion of virtual assets to fiat currency and a consolidated portfolio view that includes both digital and traditional assets. This integrated approach delivers a unique value proposition, setting the bank apart from typical cryptocurrency exchanges. More importantly, DBS is the first and only bank in Singapore to offer not only a platform for the custody of digital assets but also the integration of these assets into legacy planning for wealth clients.
Helping Clients Do Well By Doing Good
The bank has seen more UHNW families committed to using their family wealth as a 'force for good,' be it through impact investing or philanthropic means. DBS Foundation, which champions businesses for impact—social enterprises and SMEs with a dual bottom-line of profit and impact—serves as a natural partner for these clients, offering multiple avenues for them to drive change.
Poon says, 'It's about creating a legacy that not only benefits clients and their successive generations but also helps them pave the way for a more sustainable and equitable world. This is the power of wealth when it is aligned with purpose.'
Find out more about DBS Private Bank.