Top 5 Private Banking Options in Singapore for Wealth Growth

private banking singapore

Private banking in Singapore caters to high-net-worth individuals seeking personalized financial services and expert wealth management. As the largest international financial hub in Asia, the city-state is well-equipped to handle the sophisticated needs of these clients across the region. With numerous prestigious private banks available, you have the opportunity to choose one that aligns with your financial goals and preferences.

The year 2023 is a promising time for the private banking industry in Singapore. Lee Lung-Nien, chairman and head for South Asia, expresses optimism about the overall economic environment, with China’s recovery and reopening expected to benefit the ASEAN region, including the private banking sector. This positive outlook is likely to generate continued demand for private banking services in the country.

Family office advisory services, in particular, are expected to witness strong demand in Singapore due to the city-state’s reputation as a wealth management hub. The offering of attractive tax concessions for family office setups is one of the many reasons why high-net-worth individuals choose the best private banks in Singapore to help them grow their wealth and leave a lasting legacy.

What is Private Banking?

Private banking is a specialized banking service tailored to the needs of high-net-worth individuals (HNWIs) and affluent clients. As a high-net-worth individual, you can expect customized financial solutions, superior investment advice, and comprehensive wealth management services.

Singapore is a haven for wealth and a hub for asset managers, according to Time Magazine. As such, the country offers numerous reputable private banking options. Your financial requirements and capacity are crucial when selecting the best private bank in Singapore. Typically, these banks have a minimum asset under management (AUM) requirement to establish a private banking relationship.

So, how does private banking work?

In private banking, your dedicated relationship manager or advisor works closely with you to develop a personalized financial strategy. Key services provided include: 

  • Investment advice
  • Estate planning
  • Asset management
  • Tailored financial products

We will discuss these services further in the next section. However, it is important to note that these services differ from retail banking as they cater to the unique financial needs, goals, and risk tolerance of high-net-worth individuals.

Do not confuse private banking services with priority banking services. While the two concepts have similarities, there are significant differences. Private banking is aimed at wealthy clients with large sums in their accounts and high expenses. Plus, a private banking service is at a higher level than priority banking, benefiting from many more sources and an extensive list of wealth management services.

Services Offered by Private Banks in Singapore

Private banks in Singapore offer a wide array of services, tailored primarily for high-net-worth individuals. These services often include:

  • Private Banking’s Investment Services and Wealth Management: Private banks provide personalized investment advice, helping clients build and manage their investment portfolios. This includes access to a range of investment products like stocks, bonds, mutual funds, and alternative investments.
  • Asset Management: They offer services related to managing clients’ assets, including real estate and business investments, ensuring optimal asset allocation and risk management.
  • Estate Planning: This involves assistance in planning the distribution of the client’s wealth, including setting up trusts and wills, to ensure a smooth transition of assets to beneficiaries.
  • Tax Planning: Private banks assist in optimizing tax liabilities through efficient tax planning strategies, including advice on offshore banking and international tax implications.
  • Private Financing: They offer customized financing solutions, including private loans, mortgages, and credit facilities, often with more favorable terms than those available through retail banking.
  • Family Office Services: Comprehensive services for managing the financial and investment affairs of wealthy families, including succession planning and family governance.
  • Insurance Solutions: Tailored insurance products, including life insurance and bespoke insurance solutions for unique client needs.

Pros and Cons

When considering private banking in Singapore, it’s essential to weigh the pros and cons to make the most informed decision about your financial management.


  • Personalized Services: With private banking, you will receive tailored financial solutions specific to your needs and preferences. Your dedicated relationship manager will work closely with you to understand your financial goals and develop a customized strategy to achieve them.
  • Expertise and Access: Private banks typically employ experienced professionals who possess a deep understanding of the financial markets and offer exclusive investment opportunities, such as alternative asset classes and pre-IPO shares, to high-net-worth individuals like yourself.
  • Discretion and Privacy: Private banking services emphasize client confidentiality and hold your financial affairs in the highest regard. Most private banks have strict policies and protocols in place to ensure that your data remains secure at all times.
  • Global Reach: Private banks in Singapore often have extensive international networks, allowing you to bank across multiple countries and access global investment opportunities with comparative ease.


  • High Costs: The personalized services and exclusive investments provided by private banks come with a higher price tag than traditional banking services. This may include higher-than-average fees or engagement of certain financial products and services.
  • Eligibility Requirements: Private banks have stringent eligibility criteria, such as minimum assets under management (AUM), ranging from $1 million to $5 million. This can limit the availability of private banking services to high net worth individuals only.
  • Potential Conflicts of Interest: Some private banks may earn commissions based on the products they recommend, which may create potential conflicts of interest between the banks and their clients.
  • Risk Exposure: Access to exclusive investment opportunities often comes with increased risk exposure. It is essential to conduct thorough due diligence and understand the risks associated with such investments before committing your assets.

5 Best Private Banking in Singapore

dbs logo

1. DBS Private Bank – Best for Regional Investment Opportunities

DBS Private Bank is one of the leading private banking institutions in Asia, renowned for its innovative banking solutions and strong regional presence. It caters to high-net-worth individuals by offering bespoke financial services and wealth management solutions, underpinned by the robust infrastructure and expertise of DBS Group.

DBS Private Banking is best known for its comprehensive wealth management services and strong Asian market insights.

Minimum Investable Assets to Join: S$5 million in investable assets


  • Have access to DBS’ Chief Investment Office for more informed decisions and curated investment ideas and market analysis
  • Personalized investment advisory
  • Access to the DBS digibank wealth app to monitor and manage your portfolio effortlessly
uob logo

2. UOB Private Bank – Best for Asset Allocation, Diversification, and Wealth Preservation

With UOB’s ASEAN heritage, their private banking experience caters to the unique needs of clients in the region. Having a strong regional network with more than 500 offices in 19 countries, UOB Private Bank serves clients with diverse wealth solutions. Their growing private bank presence includes locations in China, Indonesia, Malaysia, and Thailand.

Minimum Investable Assets to Join: S$5 million in investable assets


  • Investment Advisory
  • Discretionary portfolio management
  • Family Office
  • Investment solutions
  • Credit solutions
  • Next-gen programme
citigold banking

3. Citigold Private Client – Best for Tailored Wealth Management Solutions

Citigold Private Client offers a dedicated relationship manager, data-driven financial insights, and a suite of world-class wealth solutions, making both online and offline banking seamless. Singapore is a leading international financial hub, providing private banking services to cater to the needs of not only local economic activity but also the entire Asian region.

Minimum Investable Assets to Join: S$1.5 million in investable assets


  • Personalized wealth management solutions
  • Access to global investment opportunities
  • Curated lifestyle experiences
  • Mastercard Privileges
  • Preferential rates on loans and deposits
  • Enhanced credit card rewards
  • Invitations to exclusive events

4. HSBC Private Bank – Best for Personalized Banking and Wealth Management

HSBC Private Bank, part of the global HSBC Group, is a leading international private bank known for its global reach and deep expertise in private wealth management. Catering to a diverse and sophisticated clientele, it offers a comprehensive suite of services, including wealth management, investment services, and private banking solutions. 

HSBC Private Banking is recognized for its ability to connect clients with opportunities both in established and emerging markets, leveraging its vast international network and resources.

Minimum Investable Assets to Join: S$5 million of investable assets


  • Dedicated Relationship Managers to provide personalized advice and support
  • Access to investment opportunities across diverse asset classes
  • Tailored wealth planning and advisory services
  • Products and services focused on preserving and growing wealth across generations
standard chartered logo

5. Standard Chartered Priority Private – Best for Tailored Wealth Management and Growth

Standard Chartered Priority Private is the exclusive private banking division of Standard Chartered Bank, designed for high-net-worth individuals seeking personalized financial services. This elite segment offers a blend of custom wealth management solutions, investment opportunities, and attractive banking services. It stands out for its global perspective combined with local expertise, providing private banking clients with tailored strategies to manage and grow their wealth effectively.

Minimum Investable Assets to Join: S$1.5 million of investable assets


  • Access to sophisticated wealth management services
  • A dedicated relationship manager
  • Exclusive privileges and rewards, such as priority private concierge, airport limousine transfers, unlimited priority pass access, and more

Comparison Table

BankBest ForMinimum Investable AssetsKey Perks
DBS Private BankRegional Investment OpportunitiesS$5 millionAccess to DBS’ Chief Investment Office, Personalized investment advisory, DBS digibank wealth app
UOB Private BankAsset Allocation, Diversification, and Wealth PreservationS$5 millionInvestment Advisory, Discretionary portfolio management, Family Office, Investment solutions, Credit solutions, Next-gen programme
Citigold Private ClientTailored Wealth Management SolutionsS$1.5 millionPersonalized wealth management solutions, Access to global investment opportunities, Curated lifestyle experiences, Mastercard Privileges, Preferential rates on loans and deposits, Enhanced credit card rewards, Exclusive events
HSBC Private BankPersonalized Banking and Wealth ManagementS$5 millionDedicated Relationship Managers, Access to diverse asset classes, Tailored wealth planning and advisory, Services for wealth preservation and growth
Standard Chartered Priority PrivateTailored Wealth Management and GrowthS$1.5 millionSophisticated wealth management services, Dedicated relationship manager, Exclusive privileges and rewards (concierge, airport transfers, priority pass access)


Private banking in Singapore stands as a significant pillar in the financial landscape, particularly for high-net-worth individuals seeking tailored financial solutions and expert wealth management. The sector’s buoyancy, driven by optimistic economic forecasts and a strong focus on family office advisory services, highlights Singapore’s stature as a preeminent wealth management hub. Ultimately, selecting the right private bank in Singapore hinges on aligning its offerings with your specific financial objectives and circumstances.

Key Takeaways

  • As a high-net-worth individual, you get access to personalized financial services including investment management, wealth planning, and financial advice tailored to your specific needs and objectives.
  • Leading private banks in the country include DBS, UOB, OCBC, HSBC, and Standard Chartered, offering a variety of services and exclusive benefits.
  • Private banking focuses on a long-term, relationship-based approach, ensuring that your wealth is managed efficiently and strategically to help you achieve your financial goals.

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