Private banks in Singapore report a significant uptick in account openings by high-net-worth individuals (HNWIs), driven by political uncertainty in Europe and increasing regulatory pressures in the U.S.
Singapore’s position as a global wealth hub continues to strengthen, as multiple private banks including DBS Private Bank, Credit Suisse, and UOB Privilege Banking have reported a surge in inquiries and account openings by foreign nationals in the first half of 2025.
The Monetary Authority of Singapore (MAS) has emphasized that its pro-business environment, robust regulatory framework, and tax neutrality are attracting a growing number of wealthy individuals and families to establish financial presence in the city-state. Industry analysts note that recent regulatory changes in Switzerland and the U.S. — such as increased scrutiny over foreign accounts and tightening capital controls — have prompted wealthy families from the Middle East, Europe, and Greater China to consider Singapore as a safer long-term alternative.
According to a senior relationship manager at a leading Swiss private bank:
“In the last six months, we’ve seen more than double the usual interest from UHNW clients relocating assets to Singapore-based structures. These clients are looking for geopolitical safety, banking confidentiality, and access to Asian markets.”
The trend is further supported by new incentives in Singapore’s Global Investor Program (GIP) and expanding family office structures. Legal advisors and wealth management firms expect this migration of capital to accelerate throughout the year.
Keywords: High Net Worth, Private Banking, Singapore, Global Investor Program, Wealth Migration