Singapore's largest banks triple wealth management income over 5 years

Which bank raked in the most?

Since 2010, wealth management has been an income growth stream for OCBC, DBS and UOB, Singapore's three largest banks.

According to a report by SGX, since 2010, there has been an average growth of 182% in Wealth Management income for DBS Group Holdings, OCBC and UOB as noted in annual financial statements.

Last year Wealth Management Income grew on average by 13% for the three banks.

SGX reports that OCBC Wealth Management fees in FY2014 totalled S$467 million which represented 31% of OCBC’s net fees and commissions for the year.

Meanwhile, DBS’s Wealth Management Fees of S$507 million represented 25% of its net fee and commission income for FY2014.

UOB’s Investment-related income (which is referred to as wealth management income in the notes and previous financial statements) totalled S$431 million also represented 25% of its fee and commission income.

Here's more from SGX:

Wealth Management is an important part of Singapore’s financial services with a range of products and services available to a range of eligible customers.

New Wealth builders are touted to grow faster than the High Net Worth segment in the coming years. According to a recent report by the Economist Intelligence Unit, sponsored by Citi, New wealth builder households with financial assets of US$100,000 to US$2 million comprise the world’s fastest-growing wealth segment. As noted by Hubbis, new wealth builders today have US$88 trillion in global assets and are expected to grow at a Compound Annual Growth Rate of 7.1% and reach US$145 trillion by 2020.

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