Singapore today stands as one of the world’s most important centers for wealth management. With over 200,000 high-net-worth (HNW) individuals and more than 5,000 ultra-high-net-worth (UHNW) individuals calling the city-state home, the concentration of capital is among the highest in Asia. The city’s stability, strong regulatory framework, and international connectivity have made it the preferred base not only for wealthy families themselves, but also for the growing number of single family offices (SFOs) and multi-family offices (MFOs) that manage their assets.
For these clients, banks remain indispensable partners. Beyond providing custody and execution, leading institutions in Singapore deliver complex solutions: from portfolio diversification and private markets access, to succession planning, cross-border credit, and family governance support. In an environment where wealth is increasingly global and intergenerational, the right bank is more than just a financial provider — it is a long-term partner in safeguarding and growing assets.
The recently published WealthLens Singapore 2025 study by Agility Research & Strategy has highlighted the most popular and trusted banks among the city’s wealthiest individuals. We will take a closer look at the top three banks featured in the ranking and analyze what matters most to affluent clients in Singapore today — the factors that truly influence their choice of a banking partner.
For these clients, banks remain indispensable partners. Beyond providing custody and execution, leading institutions in Singapore deliver complex solutions: from portfolio diversification and private markets access, to succession planning, cross-border credit, and family governance support. In an environment where wealth is increasingly global and intergenerational, the right bank is more than just a financial provider — it is a long-term partner in safeguarding and growing assets.
The recently published WealthLens Singapore 2025 study by Agility Research & Strategy has highlighted the most popular and trusted banks among the city’s wealthiest individuals. We will take a closer look at the top three banks featured in the ranking and analyze what matters most to affluent clients in Singapore today — the factors that truly influence their choice of a banking partner.
HSBC — The Global Powerhouse
HSBC takes the crown in the WealthLens Singapore 2025 rankings, earning a brand affinity score of 90 out of 100. For Singapore’s ultra-high-net-worth (UHNW) and high-net-worth (HNW) clients, the bank represents a combination of global scale, deep wealth management expertise, and long-term financial stability.
What sets HSBC apart is its ability to provide truly international coverage. Wealthy families in Singapore are rarely confined to one jurisdiction; their assets, businesses, and family members are scattered across Asia, Europe, and North America. HSBC’s network of international booking centers and its strong presence in key markets allow clients to move capital seamlessly across borders. This global reach is especially valuable for entrepreneurs and family offices managing complex, multi-jurisdictional structures.
Beyond geographical access, HSBC has invested heavily in expanding its private banking and wealth management hub in Singapore. This includes enhanced services in alternative investments, succession planning, and cross-border credit solutions. UHNW clients also value HSBC’s capacity to combine institutional-level research and deal access with highly personalized advisory services.
In an era of market volatility, the bank’s reputation for balance sheet strength and resilience provides reassurance. Wealthy clients view HSBC not just as a bank, but as a stability anchor, capable of preserving wealth across generations.
HSBC takes the crown in the WealthLens Singapore 2025 rankings, earning a brand affinity score of 90 out of 100. For Singapore’s ultra-high-net-worth (UHNW) and high-net-worth (HNW) clients, the bank represents a combination of global scale, deep wealth management expertise, and long-term financial stability.
What sets HSBC apart is its ability to provide truly international coverage. Wealthy families in Singapore are rarely confined to one jurisdiction; their assets, businesses, and family members are scattered across Asia, Europe, and North America. HSBC’s network of international booking centers and its strong presence in key markets allow clients to move capital seamlessly across borders. This global reach is especially valuable for entrepreneurs and family offices managing complex, multi-jurisdictional structures.
Beyond geographical access, HSBC has invested heavily in expanding its private banking and wealth management hub in Singapore. This includes enhanced services in alternative investments, succession planning, and cross-border credit solutions. UHNW clients also value HSBC’s capacity to combine institutional-level research and deal access with highly personalized advisory services.
In an era of market volatility, the bank’s reputation for balance sheet strength and resilience provides reassurance. Wealthy clients view HSBC not just as a bank, but as a stability anchor, capable of preserving wealth across generations.
Bank of Singapore — The Regional Champion
Ranking second with a brand affinity score of 84 ( WealthLens Singapore 2025), Bank of Singapore has carved out a distinct position as a private banking specialist with strong Asian roots. As the private banking arm of OCBC Group, it combines the trust of a major local financial institution with the sophistication of a dedicated wealth manager.
Its greatest strength lies in its focus on private banking. Bank of Singapore is known for building high-touch relationships, assigning senior bankers who understand the unique complexities of UHNW families in Asia. Its regional influence extends beyond Singapore, with networks and insights across Southeast Asia, Greater China, and the Middle East. This regional orientation resonates with wealthy families whose business empires are tied to Asian growth.
The bank also prides itself on its open-architecture investment platform, which gives clients access to a wide range of third-party fund managers and products. For UHNW families seeking diversified strategies, this open model offers both choice and flexibility. In addition, Bank of Singapore has become increasingly active in family office services, providing governance, succession, and next-generation planning.
In contrast to global giants, its size and agility allow for more personalized, tailor-made solutions. UHNW clients who prefer a “local champion with global capabilities” often find Bank of Singapore an ideal fit.
Ranking second with a brand affinity score of 84 ( WealthLens Singapore 2025), Bank of Singapore has carved out a distinct position as a private banking specialist with strong Asian roots. As the private banking arm of OCBC Group, it combines the trust of a major local financial institution with the sophistication of a dedicated wealth manager.
Its greatest strength lies in its focus on private banking. Bank of Singapore is known for building high-touch relationships, assigning senior bankers who understand the unique complexities of UHNW families in Asia. Its regional influence extends beyond Singapore, with networks and insights across Southeast Asia, Greater China, and the Middle East. This regional orientation resonates with wealthy families whose business empires are tied to Asian growth.
The bank also prides itself on its open-architecture investment platform, which gives clients access to a wide range of third-party fund managers and products. For UHNW families seeking diversified strategies, this open model offers both choice and flexibility. In addition, Bank of Singapore has become increasingly active in family office services, providing governance, succession, and next-generation planning.
In contrast to global giants, its size and agility allow for more personalized, tailor-made solutions. UHNW clients who prefer a “local champion with global capabilities” often find Bank of Singapore an ideal fit.
Citibank — The International Connector
With a score of 83 ( WealthLens Singapore 2025), Citibank completes the top three. Known for its international footprint and comprehensive suite of services, Citi appeals to wealthy clients who prioritize global mobility and integrated solutions that bridge personal and corporate wealth.
Citi’s strength lies in its dual offering: on one side, Citi Private Bank caters to UHNW individuals and family offices, while Citigold Private Client provides services for affluent but slightly less complex clients. This tiered structure ensures that Citi can grow with the client, adapting as their wealth and needs evolve.
For Singapore’s globally connected elite, Citi’s American roots and presence in North America and Latin America are particularly attractive. Families with U.S. tax considerations, global businesses, or children studying abroad often turn to Citi for its ability to navigate cross-border regulations and provide seamless international banking.
Citi also brings significant capabilities in capital markets, structured products, and FX solutions, making it a strong partner for UHNW clients with active investment strategies. The bank’s access to primary markets and deal flow is a differentiator for families seeking exposure to IPOs, private placements, and institutional opportunities.
Ultimately, Citibank is best positioned for UHNW clients who are globally mobile, run businesses in multiple geographies, and require a partner that can bridge both personal wealth and corporate banking needs.
With a score of 83 ( WealthLens Singapore 2025), Citibank completes the top three. Known for its international footprint and comprehensive suite of services, Citi appeals to wealthy clients who prioritize global mobility and integrated solutions that bridge personal and corporate wealth.
Citi’s strength lies in its dual offering: on one side, Citi Private Bank caters to UHNW individuals and family offices, while Citigold Private Client provides services for affluent but slightly less complex clients. This tiered structure ensures that Citi can grow with the client, adapting as their wealth and needs evolve.
For Singapore’s globally connected elite, Citi’s American roots and presence in North America and Latin America are particularly attractive. Families with U.S. tax considerations, global businesses, or children studying abroad often turn to Citi for its ability to navigate cross-border regulations and provide seamless international banking.
Citi also brings significant capabilities in capital markets, structured products, and FX solutions, making it a strong partner for UHNW clients with active investment strategies. The bank’s access to primary markets and deal flow is a differentiator for families seeking exposure to IPOs, private placements, and institutional opportunities.
Ultimately, Citibank is best positioned for UHNW clients who are globally mobile, run businesses in multiple geographies, and require a partner that can bridge both personal wealth and corporate banking needs.
Four decisive factors in bank selection today
1) Digital experience and efficiency
Wealthy families expect banking to match the speed and convenience of their broader digital lives. This means fast onboarding, secure platforms, and the ability to access consolidated information across jurisdictions. A bank that can shorten processes and provide transparency instantly becomes more attractive to families who value agility.
2) Trust and financial strength
For intergenerational wealth, reputation alone is not enough. Families look for institutions with strong balance sheets, conservative risk management, and proven reliability in turbulent times. Trust is built not just on branding, but on the ability to deliver consistently — through crises, travel restrictions, or regulatory complexity.
3) Succession and governance support
Private wealth in Asia is increasingly about preparing the next generation. Families value banks that can support estate planning, trustee coordination, and education of heirs, while also offering frameworks for philanthropy and family governance. In practice, this makes a bank more than a provider of financial products — it becomes a partner in preserving legacy.
4) Compliance and cross-border expertise
With assets and family members spread across multiple countries, wealthy clients face regulatory obligations from FATCA to CRS. They prefer banks that make compliance seamless, offering clear guidance, specialist onboarding, and proactive solutions. Efficient compliance ensures wealth remains mobile and flexible, rather than tied up in paperwork.
The Role of Banks in the Wealth Ecosystem
In Singapore’s wealth landscape, banks remain the backbone of the financial system for ultra-high-net-worth (UHNW) and high-net-worth (HNW) families. While the city has seen an explosion in single family offices (SFOs) and multi-family offices (MFOs), banks continue to provide the balance-sheet strength and global infrastructure that independent advisers or private equity houses cannot fully replicate. For wealthy families, the bank is not merely a custodian of assets but an operating system that supports liquidity, credit, and governance.
Within the structure of an SFO or MFO, banks play several indispensable roles. They serve as the primary custodian for portfolios, offering multi-jurisdiction booking centers that allow assets to be held in Singapore, Hong Kong, Switzerland, London, or New York. This flexibility is essential for families whose businesses and investments span continents. Banks also provide execution in public markets, risk management tools, and consolidated reporting—capabilities that are difficult for even the best family office to recreate on its own.
Another dimension where banks add value is credit. For UHNW clients, credit is not just about mortgages or personal loans; it involves portfolio-backed lending, capital-call facilities for private funds, and complex cross-border financing solutions that underpin both investment and lifestyle needs. In this sense, banks enable families to engineer liquidity across entities and geographies, giving them the ability to respond quickly to opportunities or obligations.
Independent MFOs and private equity houses, however, have carved out complementary roles. MFOs often act as conflict-free advisers, helping families to coordinate multiple banking relationships, negotiate fees, and impose governance discipline. They are valued for their independence and their ability to aggregate reporting across several institutions. Private equity houses, meanwhile, focus on origination of illiquid investments and co-investment opportunities that banks might distribute but rarely manufacture. For families with strong conviction in specific sectors, direct access to private equity managers offers exposure that traditional banks cannot provide at scale.
Despite these alternatives, the bank’s role remains irreplaceable because of three decisive factors. The first is digitalization. In an era where families expect real-time visibility, banks that offer secure portals, e-signatures, and API-based reporting integrate more smoothly into the workflow of a professionalized SFO. The second is trust. For intergenerational wealth, the resilience of a bank’s balance sheet and the reliability of its operations during periods of volatility matter more than headline returns. The third is succession and governance. Leading banks provide not only investment products but also trustee coordination, next-generation programs, and philanthropy frameworks that help families institutionalize their legacy. And finally, there is compliance. Cross-border wealth requires rigorous adherence to FATCA, CRS, and MAS standards; banks that turn compliance into a structured, predictable process allow families to maintain optionality without constant disruption.
Taken together, these elements explain why banks remain at the center of Singapore’s wealth ecosystem. Family offices may guide strategy, and private equity may deliver specialized opportunities, but banks continue to anchor the system by providing the scale, credit, and infrastructure that no other institution can match. For wealthy families, the question is rarely whether they need a bank, but rather how to select the right one—and how to balance its role with the independence of an MFO and the specialization of alternative investment partners.
NB! The information provided in this article is for general informational purposes only and does not constitute legal advice. While we strive to ensure the content is accurate and up-to-date, it should not be relied upon as a substitute for professional consultation. For personalized advice or assistance with legal matters, please contact our specialists directly.
1) Digital experience and efficiency
Wealthy families expect banking to match the speed and convenience of their broader digital lives. This means fast onboarding, secure platforms, and the ability to access consolidated information across jurisdictions. A bank that can shorten processes and provide transparency instantly becomes more attractive to families who value agility.
2) Trust and financial strength
For intergenerational wealth, reputation alone is not enough. Families look for institutions with strong balance sheets, conservative risk management, and proven reliability in turbulent times. Trust is built not just on branding, but on the ability to deliver consistently — through crises, travel restrictions, or regulatory complexity.
3) Succession and governance support
Private wealth in Asia is increasingly about preparing the next generation. Families value banks that can support estate planning, trustee coordination, and education of heirs, while also offering frameworks for philanthropy and family governance. In practice, this makes a bank more than a provider of financial products — it becomes a partner in preserving legacy.
4) Compliance and cross-border expertise
With assets and family members spread across multiple countries, wealthy clients face regulatory obligations from FATCA to CRS. They prefer banks that make compliance seamless, offering clear guidance, specialist onboarding, and proactive solutions. Efficient compliance ensures wealth remains mobile and flexible, rather than tied up in paperwork.
The Role of Banks in the Wealth Ecosystem
In Singapore’s wealth landscape, banks remain the backbone of the financial system for ultra-high-net-worth (UHNW) and high-net-worth (HNW) families. While the city has seen an explosion in single family offices (SFOs) and multi-family offices (MFOs), banks continue to provide the balance-sheet strength and global infrastructure that independent advisers or private equity houses cannot fully replicate. For wealthy families, the bank is not merely a custodian of assets but an operating system that supports liquidity, credit, and governance.
Within the structure of an SFO or MFO, banks play several indispensable roles. They serve as the primary custodian for portfolios, offering multi-jurisdiction booking centers that allow assets to be held in Singapore, Hong Kong, Switzerland, London, or New York. This flexibility is essential for families whose businesses and investments span continents. Banks also provide execution in public markets, risk management tools, and consolidated reporting—capabilities that are difficult for even the best family office to recreate on its own.
Another dimension where banks add value is credit. For UHNW clients, credit is not just about mortgages or personal loans; it involves portfolio-backed lending, capital-call facilities for private funds, and complex cross-border financing solutions that underpin both investment and lifestyle needs. In this sense, banks enable families to engineer liquidity across entities and geographies, giving them the ability to respond quickly to opportunities or obligations.
Independent MFOs and private equity houses, however, have carved out complementary roles. MFOs often act as conflict-free advisers, helping families to coordinate multiple banking relationships, negotiate fees, and impose governance discipline. They are valued for their independence and their ability to aggregate reporting across several institutions. Private equity houses, meanwhile, focus on origination of illiquid investments and co-investment opportunities that banks might distribute but rarely manufacture. For families with strong conviction in specific sectors, direct access to private equity managers offers exposure that traditional banks cannot provide at scale.
Despite these alternatives, the bank’s role remains irreplaceable because of three decisive factors. The first is digitalization. In an era where families expect real-time visibility, banks that offer secure portals, e-signatures, and API-based reporting integrate more smoothly into the workflow of a professionalized SFO. The second is trust. For intergenerational wealth, the resilience of a bank’s balance sheet and the reliability of its operations during periods of volatility matter more than headline returns. The third is succession and governance. Leading banks provide not only investment products but also trustee coordination, next-generation programs, and philanthropy frameworks that help families institutionalize their legacy. And finally, there is compliance. Cross-border wealth requires rigorous adherence to FATCA, CRS, and MAS standards; banks that turn compliance into a structured, predictable process allow families to maintain optionality without constant disruption.
Taken together, these elements explain why banks remain at the center of Singapore’s wealth ecosystem. Family offices may guide strategy, and private equity may deliver specialized opportunities, but banks continue to anchor the system by providing the scale, credit, and infrastructure that no other institution can match. For wealthy families, the question is rarely whether they need a bank, but rather how to select the right one—and how to balance its role with the independence of an MFO and the specialization of alternative investment partners.
NB! The information provided in this article is for general informational purposes only and does not constitute legal advice. While we strive to ensure the content is accurate and up-to-date, it should not be relied upon as a substitute for professional consultation. For personalized advice or assistance with legal matters, please contact our specialists directly.
RSBU Group Expertise
We have extensive experience in providing legal and financial support in Singapore for over 13 years. From choosing the right tax scheme (Section 13O, 13U, or 13D) to structuring investments and ensuring compliance with Singapore’s regulations, our team provides end-to-end support. We assist with operational setup, hiring professionals, and developing long-term strategies for wealth preservation and growth. Whether you need help with establishing a Single Family Office (SFO) or scaling a Multi-Family Office (MFO), we offer the expertise and resources to make the process seamless and efficient.
We have extensive experience in providing legal and financial support in Singapore for over 13 years. From choosing the right tax scheme (Section 13O, 13U, or 13D) to structuring investments and ensuring compliance with Singapore’s regulations, our team provides end-to-end support. We assist with operational setup, hiring professionals, and developing long-term strategies for wealth preservation and growth. Whether you need help with establishing a Single Family Office (SFO) or scaling a Multi-Family Office (MFO), we offer the expertise and resources to make the process seamless and efficient.