Singapore’s Top Private Banking Institutions (2024): A Complete Guide

Singapore has established itself as a global financial hub, and its priority banking sector is a cornerstone of this success. According to Dr. Sarah Ong, Associate Professor of Finance at the National University of Singapore, Singapore’s private banking scene is rapidly evolving, with a growing emphasis on technology and digital solutions. 

Singapore’s role as a key player in wealth management is underscored by its thriving private banking sector, dedicated to serving high-net-worth individuals (HNWIs). These institutions extend far beyond the scope of traditional retail banking, providing an array of exclusive services tailored to the sophisticated financial needs of their clients.

Read on to explore our curated list of the best private banks, each offering unparalleled expertise and innovative solutions to meet the needs of Singapore’s HNWIs.

Eligibility and Entry Requirements for Private Banking

Here are the minimum financial requirements and criteria to unlock these exclusive doors. Here are the key thresholds and factors influencing eligibility:

Minimum Investable Assets

  • Formal Thresholds: Most private banks in Singapore set a minimum investable asset threshold, ranging from S$1 million to S$10 million. This refers to the total value of assets you can invest and manage through the bank, encompassing your portfolio of stocks, bonds, real estate, and other investments.
  • Beyond Numbers: While meeting the minimum is crucial, wealth alone isn’t the sole determinant. Banks consider your investment experience, risk tolerance, and future earning potential. A younger individual with a high income and strong financial acumen might be deemed eligible despite not meeting the total asset threshold yet.

Additional Criteria

  • Net Worth: Banks may consider your overall net worth, encompassing your assets minus liabilities like mortgages or loans. This provides a broader picture of your financial standing.
  • Residency and Tax Status: Singapore residents typically have easier access to private banking services. Non-residents might face higher minimum thresholds or additional documentation requirements.
  • Relationship Fit: Banks seek clients who align with their expertise and service offerings. They may assess your investment goals, risk appetite, and preferred communication style to ensure a compatible and mutually beneficial relationship.

Beyond the Minimums

Remember, qualifying for priority banking is more than just ticking boxes. It’s about establishing a long-term partnership with a wealth management institution that understands your unique needs and aspirations. Proactive communication, a clear vision for your financial future, and a willingness to engage with the bank’s services can significantly enhance your eligibility prospects.

Alternative Paths

If you haven’t yet reached the minimum thresholds for private banking, don’t despair. Here are several alternative options that can help you prepare for entry:

  • Wealth Management Firms: Consider wealth management firms offering services similar to private banks but with lower minimum investment requirements.
  • Robo-advisors: These digital platforms provide automated investment management at lower fees, ideal for accumulating capital and gaining experience.
  • Relationship Building: Establish connections with financial advisors or private bankers early on. This can lead to smoother onboarding and future eligibility once your assets reach the threshold.

 By understanding the minimum requirements and criteria, actively managing your finances, and exploring alternative avenues, you can pave the way for a future immersed in Singapore’s priority banking excellence.

Comparative Overview of Top Private Banks in Singapore

Bank Minimum Investment Threshold Key Strengths Unique Offerings Total AUM (approximates) Headquarters
DBS Private Bank S$5 million Technology and innovation, digital wealth management tools Focus on Asian investments, strong local presence S$291 billion Singapore
UBS S$2 million Global reach, investment expertise Family office services, art advisory S$3.9 trillion Zurich, Switzerland
Bank of Singapore S$3 million Wealth preservation, focus on Southeast Asia Private trust services, Shariah-compliant investment options S$116 billion Singapore
HSBC Private Bank S$5 million International network, comprehensive wealth management solutions Sustainable investing options, philanthropy advisory S$1.2 trillion London, UK
UOB Private Bank S$5 million Investment expertise, personalized approach Alternative investments, real estate advisory S$139 billion Singapore
Standard Chartered Private Bank S$1.5 million Emerging markets expertise, focus on family businesses Global family office network, succession planning guidance S$78 billion London, UK

DBS logo

1. DBS Private Bank – Best for Technology-Driven Wealth Management

DBS Bank, the asset management arm of DBS Group, stands out in Singapore’s competitive landscape with its focus on cutting-edge technology and personalized solutions for high-net-worth individuals (HNWIs).

 According to Dr. Li Zhang, Professor of Finance at NUS Business School, “DBS Bank’s focus on digital wealth management tools is truly a game-changer. Their AI-powered investment assistant provides clients with personalized insights and recommendations, making them a leader in fintech-driven private banking.”

 Here’s a glimpse into what makes them a top choice:

 DBS Bank boasts over S$291 billion in assets under management (AUM), solidifying its position as a leading financial player in Asia.

Key Features

  • Digital Wealth Platform: Their proprietary DBS digibank platform offers a seamless experience, allowing clients to manage their investments, track performance, and receive market insights conveniently.
  • Personalized Investment Solutions: DBS Bank takes pride in its bespoke investment strategies tailored to each client’s risk tolerance and financial goals. They provide access to various assets, including equities, bonds, alternative investments, and private equity.
  • Focus on Asian Markets: With deep regional expertise, DBS Bank offers clients privileged access to Asian investment opportunities, particularly in growth markets like China and Southeast Asia.
  • Global Reach and Network: While rooted in Asia, DBS Bank maintains a strong global presence with offices in key financial hubs, providing clients with international diversification and investment options.
  • Wealth Management Expertise: Their team of experienced wealth advisors and relationship managers offer comprehensive guidance on all aspects of wealth management, from portfolio construction and risk management to tax and succession planning.


Reviews: It has a rating of 3.8 on Google.

  • Here is what one user says, “Very fast & efficient (with SMS queuing). For SG newcomer: if you are here to open a new bank account, you need proof of residence to open the bank account!”

UBS logo

2. UBS – Best for Global Reach and Investment Expertise

UBS boasts a rich 160-year history as a leader in global wealth management. With over S$3.9 trillion in assets under management and a presence in over 50 countries, it caters to high-net-worth individuals and families seeking sophisticated wealth management solutions.

UBS offers a comprehensive suite of wealth management services with a global reach, renowned investment expertise, and a commitment to sustainability and innovation. This makes it a strong choice for individuals and families seeking a top-tier wealth management partner with a proven track record.

Key Features

  • Global Reach and Diversification: Access to a vast network of financial experts and investment opportunities across diverse markets.
  • Investment Expertise: Personalized investment strategies tailored to your risk tolerance and financial goals, backed by award-winning research and analysis.
  • Bespoke Solutions: Wealth planning, family office services, and sophisticated financial instruments for complex needs.
  • Innovation: Focus on digital tools and platforms for seamless investment management and wealth tracking.
  • Sustainability Commitment: Dedicated teams and investment options focused on ESG principles and impact investing.
  • Philanthropy Advisory: Assistance with setting up and managing charitable giving initiatives.


Reviews: It has a rating of 4/5 on Google Play.

  •  One user says, “Best honest, reliable service. I have total trust in them taking care of my finances.!”

Bank of Singapore logo

3. Bank of Singapore – Best for Asia-Focused Wealth Management and Personalized Service

The Bank of Singapore is owned by OCBC Bank, and it’s uniquely positioned as Asia’s global private bank. With over S$116 billion in assets under management and a strong presence across key Asian markets, the Bank of Singapore prioritizes a deep understanding of the region’s dynamics.

 This bank also caters to individuals seeking wealth management tailored to the Asian context. This makes it a top choice for individuals and families with significant wealth tied to Asia and seeking a wealth management partner who understands the region’s dynamics.

According to Ms. Lily Chen, Director of Private Banking at Bank of China, “Singaporean private banks have a deep understanding of the local market and the unique needs of Asian clients. This can be a valuable advantage for high-net-worth individuals based in the region.”

Key Features

  • Deep Asia Expertise: Leverage their deep understanding of Asian economies, regulatory environments, and investment opportunities.
  • Personalized Service: Dedicated Relationship Managers offering tailored advice and solutions based on your unique goals and risk tolerance.
  • Open-architecture Platform: Access various investment products from various providers, ensuring flexibility and choice.
  • Sustainability Focus: Dedicated ESG investing solutions and commitment to responsible investing practices.
  • Wealth Preservation: Expertise in structuring trusts and estate planning, safeguarding wealth for future generations.
  • Shariah-Compliant Options: Cater to Muslim clients with compliant investment products and wealth management services.


Reviews: It has a rating of 3.7/5 on Google. 

  • One user says, “Excellent facilities, convenient location, family-oriented culture.”

HSBC Private Bank

4. HSBC Private Bank – Best for Global Network and Bespoke Solutions

With roots dating back to 1865, HSBC Private Bank boasts a global network spanning 45 countries and over 8,000 dedicated private banking professionals. This vast reach, combined with its S$1.2 trillion in assets under management, makes it a powerful partner for high-net-worth individuals seeking comprehensive wealth management solutions across the globe.

Key Features

  • Global Reach and Diversification: Access to investment opportunities and expertise across diverse markets, catering to your specific needs and risk tolerance.
  • Bespoke Solutions: Tailored wealth management plans and investment strategies, incorporating your unique financial goals and family dynamics.
  • Investment Expertise: Comprehensive investment research and analysis, with access to various asset classes and alternative investments.
  • Digital Innovation: User-friendly online and mobile platforms for convenient wealth management and investment tracking.
  • Sustainable Investing: Dedicated teams and investment options focused on ESG principles and responsible investing.
  • Philanthropy Advisory: Assistance with establishing and managing charitable giving initiatives.
  • International Expertise: Support with cross-border wealth management, tax planning, and estate planning for global families.


Reviews: It has a rating of 3.7/5 on Consumer Affairs.

  • One user says, “I don’t understand why the bad reviews. Every time I had to contact HSBC, they’ve always done what I’ve asked them to.”


UOB Logo

5. UOB Private Bank – Best for Asian Expertise and Personalized Approach

UOB Private Bank, backed by the strength of UOB Group, has emerged as a leading wealth management player in Asia. Additionally, in 2023, it was recognized by AsiaMoney as the Best Digital Private Bank in Singapore.

With over S$139 billion in assets under management and a focus on personalized solutions, this Singapore-based bank serves clients (affluent individuals and families) seeking a tailored approach to wealth creation and preservation.

Key Features

  • Personalized Approach: As a private banker, you will get dedicated relationship managers with a deep understanding of your individual needs and risk tolerance.
  • Asian Expertise: Extensive knowledge of regional markets, economies, and investment opportunities.
  • Focus on Family Businesses: Bespoke solutions for family offices, succession planning, and intergenerational wealth transfer.
  • Alternative Investments: UOB private banking clients have access to private equity, real estate, and other alternative assets for portfolio diversification.
  • Next-Gen Program: Enjoy services offered including dedicated initiatives to engage younger generations in family wealth management and entrepreneurship. 


Reviews: It has a rating of 2.4/5 on Google.

  • One user says, “Of course, I would like to thank this bank because it is one of the best banks in the world, and its customers are very respectful.”

Standard Chartered Private Bank Logo

6. Standard Chartered Private Bank – Best for Emerging Markets Expertise and Family Business Focus

Founded in 1853, Standard Chartered Private Bank leverages its extensive history and strong presence in emerging markets to cater to high-net-worth individuals and families seeking wealth management with a global perspective. With over S$78 billion in assets under management, their unique focus sets them apart in the competitive private banking landscape.

Key Features

  • Deep Understanding of Emerging Markets: Access to investment opportunities and insights in high-growth regions often overlooked by other private banks.
  • Tailored Solutions for Family Businesses: Comprehensive wealth management, succession planning, and governance guidance for family-owned enterprises.
  • Global Family Office Network: Connect with a network of family offices for specialized expertise and cross-border solutions.
  • Focus on Sustainability: Benefit from dedicated sustainable investment options and expert advice to align your investments with your values.
  • Convenient Digital Platform: Manage your accounts, track investments, and access market updates with ease through the online platform.


Reviews: It has a rating of 4.3/5 on Google Apps.

  • One user says, “Loved the SC Mobile app as I am greeted with a beautiful login screen. The user interface after logging in is very clean and intuitive. I particularly like the soft token feature as it means I do have bring my hard token around.”


1. Which private banking is the best in Singapore?

There’s no single “best” private bank, as each caters to different needs and risk appetites. Andrew Chan, Managing Director of Wealth Management at a leading consulting firm in Singapore says, “There is no one-size-fits-all answer to the best private bank. The key is to find a bank that aligns with your individual needs, goals, and risk tolerance.”

2. How much do you need to qualify for private banking in Singapore?

Minimum investment thresholds vary between banks, typically ranging from S$1 million to S$10 million. However, when assessing eligibility, banks also consider your net worth, income potential, investment experience, and risk tolerance.

3. What is the minimum balance for a private bank?

While some banks might have minimum balance requirements, they are not the primary criteria for eligibility. The focus is usually on your investable assets and overall financial standing.

4. How do I qualify for DBS private banking in Singapore?

DBS Private Bank doesn’t publicly disclose its specific eligibility criteria. However, you can contact them directly to discuss your financial situation and see if you meet their requirements. They might consider your investable assets, net worth, income potential, risk tolerance, and investment goals.


The “best” private bank for you will depend on your unique financial goals and risk tolerance. By carefully considering your needs and conducting thorough research, you can navigate this exclusive financial ecosystem and find the perfect partner to help you achieve your long-term financial objectives.

When choosing private banking in Singapore, consider these three key factors:

  • Consider the minimum asset thresholds, typically ranging from S$1 to S$10 million, and assess your overall net worth.
  • Choose a bank whose expertise and services align with your financial goals and investment style, including their digital wealth management capabilities.
  • Ensure the bank offers a personalized approach, understands your financial objectives, and provides comprehensive services like estate planning and tax advice.

Need immediate cash? Instant Loan assists you with immediate cash solutions for any personal or emergency needs. With our swift and straightforward process, we connect you with the best personal loan offers from Singapore’s leading financial institutions. Apply now – it’s simple, efficient, and cost-free.

Instant Loan CTA Banners DesktopInstant Loan CTA Banner 2

Get Your Tailored Personal Loan Quotes

Complete the enquiry form to receive instant loan quotes now!

  • This field is for validation purposes and should be left unchanged.