Singapore has continued to attract wealth from across Asia, reinforcing its position as a leading booking center for affluent and HNW clients
Singapore’s steady rise as a global wealth hub continues, with the city-state’s domestic and cross-border wealth pool expanding steadily over 2025.
As per a White Paper prepared by Citi Wealth and independent research firm RFI Global, titled “Singapore at Heart, Global in Possibilities,” average assets for high net worth (HNW) clients based in the city-state hit USD 1.50 million this year—up 6% from 2025’s figure of USD 1.41 million.
“For affluent clients in Singapore, average assets under management (AUM) grew 5% to more than USD 565,000 in each financial institution, up from USD 537,710 in 2025,” the white paper noted further.
The study also aimed to explore how Singapore compares with other leading global wealth markets, where AI can complement human advice, and how families can prepare for intergenerational wealth transfer.
The increase comes as Singapore continues to attract wealth from across Asia, reinforcing its position as a leading wealth hub and booking center for affluent and HNW clients.
Indonesia leads regional inflows, accounting for 41% of cross-border banking customers, followed by Malaysia at 36%.
Yeo Wenxian, the Asia South Head of Wealth at Citi and CEO of Citibank Singapore, said, “Singapore’s appeal as an international wealth hub is supported by a stable operating environment and deep connectivity to global markets. As wealth becomes increasingly international, clients are looking for opportunities that extend beyond their home markets, while seeking trusted advice to help them navigate an increasingly complex investment landscape.”
With the sustained inflows and wealth accumulation, Singapore’s wealthy are turning to professional fund management to remove emotion from investment decisions and tap the expertise of professional money managers.
Mutual fund ownership among Singapore HNW investors has nearly tripled from 11% in 2022 to 31% in 2026—the highest adoption level in Asia and outpacing India (24%), South Korea (17%), Hong Kong SAR (16%), and Mainland China (7%).
However, a large proportion of portfolios remain held in cash.
In Singapore, as per the White Paper, close to 72% of onshore affluent assets and 74% of offshore booked assets remain concentrated in cash and liquid deposits.
Only 26% to 28% were allocated to investments.
The trend was similar across Asian hubs, with Hong Kong, Singapore’s regional rival, having 76% of its offshore assets sitting in deposits.
The high level of cash holdings highlights investors’ continued preference for liquidity and capital preservation while also presenting opportunities to diversify into longer-term investment solutions.
Elsewhere in the world, affluent and HNW clients in the United States allocate 58% of assets to long-term investments, compared with 42% held in deposits.
As wealth management embraces its digital transformation, the White Paper found that 58% of Singapore HNWs and 51% of affluent clients express comfort exploring AI for personalized insights—primarily for product comparison and portfolio screening.
However, human control remains non-negotiable. Remaining in full control of financial decisions is the top consideration for AI adoption (31%), alongside having the option to consult a human adviser (22%).
Relationship Managers (RMs) continue to play an important role in providing trusted advice.
In Singapore, RM Net Promoter Score (NPS) rose from +19 in 2022 to +31 in 2026, reflecting stronger client advocacy and the enduring value placed on human advice even as digital capabilities evolve.
“The findings indicate that investors favour a hybrid advisory model, where AI accelerates analytical and preparatory research, while human advisers deliver contextual judgement, emotional reassurance, and strategic execution,” the White Paper noted.
Around three in four affluent Singaporeans have a will or wealth succession plan in place or intend to establish one, consistently outpacing regional peers across all age cohorts.
“The gap is most pronounced among senior wealth holders: 76% of Singaporeans aged 55 and over have established wills or succession plans, compared with 41% in Hong Kong,” Yeo Wenxian said.
Advice from a financial adviser and health concerns are the two top triggers for initiating succession planning in Singapore, with both cited by 41% of respondents. Retirement planning (37%), marriage or divorce (18%), and the birth of a child (13%) follow closely behind.
When structuring estates, protecting family assets is the top priority for Singaporeans (51%), taking precedence over avoiding family disputes (45%) and ensuring fair distribution among heirs (45%).
Yeo Wenxian said, “The future of wealth management will be defined by how effectively technology and human advice work together. While clients are increasingly open to using AI to explore ideas and evaluate options, trust remains central to the decision-making process. The role of the adviser has evolved beyond providing information to becoming a strategic partner, helping clients navigate opportunities and prepare for the transfer of wealth across generations. Effective advice goes beyond a client’s balance sheet and takes into account their family dynamics, life goals, and the legacy they hope to build.”
