Singapore wealthy clients' average assets reach US$1.5 million as mutual fund ownership leads Asia: Citi Wealth report

• Average assets among Singapore High Net Worth clients rise 6 percent to US$1.50 million, while Affluent assets increase 5 percent to more than US$565,000.
• Mutual fund ownership among Singapore HNW investors hits 31 percent, the highest level in Asia.
• More than 70 percent of onshore and offshore wealth remains in deposits, highlighting opportunities for greater portfolio diversification.
• Singapore demonstrates strong estate planning, with 76 percent of individuals aged 55 and above having established wills or wealth succession plans.

SINGAPORE, Oct. 22, 2026 /PRNewswire/ -- Singapore's domestic and cross-border wealth pool expanded steadily over the past year, with average assets for High Net Worth (HNW) clients hitting US$1.50 million – up 6 percent from 2025's figure of US$1.41 million.

For Affluent clients in Singapore, average assets under management (AUM) grew 5 percent to more than US$565,000 in each financial institution, up from US$537,710 in 2025.

These were the findings of a White Paper prepared by Citi Wealth and independent research firm RFI Global, titled "Singapore at Heart, Global in Possibilities".  The study aimed to explore how Singapore compares with other leading global wealth markets, where AI can complement human advice, and how families can prepare for intergenerational wealth transfer.

The increase comes as Singapore continues to attract wealth from across Asia, reinforcing its position as a leading wealth hub and booking centre for Affluent and HNW clients. Regional inflows continue to be led by Indonesia, at 41 percent of cross-border banking customers, followed by Malaysia at 36 percent.

Yeo Wenxian, Asia South Head of Wealth at Citi and CEO of Citibank Singapore, said, "Singapore's appeal as an international wealth hub is supported by a stable operating environment and deep connectivity to global markets. As wealth becomes increasingly international, clients are looking for opportunities that extend beyond their home markets, while seeking trusted advice to help them navigate an increasingly complex investment landscape."

Mutual fund investments on the rise, but cash still a large part of portfolios

With the sustained inflows and wealth accumulation, Singapore's wealthy are turning to professional fund management to remove emotion from investment decisions and tap the expertise of professional money managers.

Mutual fund ownership among Singapore HNW investors has nearly tripled from 11 percent in 2022 to 31 percent in 2026 – the highest adoption level in Asia and outpacing India (24 percent), South Korea (17 percent), Hong Kong SAR (16 percent) and Mainland China (7 percent).

However, a large proportion of portfolios remain held in cash. In Singapore, 72 percent of onshore Affluent assets and 74 percent of offshore booked assets remain concentrated in cash and liquid deposits. Only 26 percent to 28 percent were allocated to investments. This was similar across Asian hubs – for instance, Hong Kong has 76 percent of offshore assets sitting in deposits.

The high level of cash holdings highlights investors' continued preference for liquidity and capital preservation, while also presenting opportunities to diversify into longer-term investment solutions.

Elsewhere in the world, Affluent and HNW clients in the United States allocate 58 percent of assets to long-term investments, compared with 42 percent held in deposits.

Rising use of AI, but human advisory still key

As wealth management embraces its digital transformation, the White Paper found that 58 percent of Singapore HNWs and 51 percent of Affluent clients express comfort exploring AI for personalised insights – primarily for product comparison and portfolio screening.

However, human control remains non-negotiable. Remaining in full control of financial decisions is the top consideration for AI adoption (31 percent), alongside having the option to consult a human adviser (22 percent).

Relationship Managers (RMs) continue to play an important role in providing trusted advice. In Singapore, RM Net Promoter Score (NPS) rose from +19 in 2022 to +31 in 2026, reflecting stronger client advocacy and the enduring value placed on human advice even as digital capabilities evolve.

The findings indicate that investors favour a hybrid advisory model, where AI accelerates analytical and preparatory research, while human advisers deliver contextual judgement, emotional reassurance, and strategic execution.

Singapore leads in intergenerational wealth preparedness

Around three in four Affluent Singaporeans have a will or wealth succession plan in place or intend to establish one, consistently outpacing regional peers across all age cohorts.

The gap is most pronounced among senior wealth holders: 76 percent of Singaporeans aged 55 and over have established wills or succession plans, compared with 41 percent in Hong Kong.

Advice from a financial adviser and health concerns are the two top triggers for initiating succession planning in Singapore, with both cited by 41 percent of respondents. These are followed by retirement planning (37 percent), marriage or divorce (18 percent) and the birth of a child (13 percent).

When structuring estates, protecting family assets is the top priority for Singaporeans (51 percent), taking precedence over avoiding family disputes (45 percent) and ensuring fair distribution among heirs (45 percent).

Yeo Wenxian said, "The future of wealth management will be defined by how effectively technology and human advice work together. While clients are increasingly open to using AI to explore ideas and evaluate options, trust remains central to the decision-making process. The role of the adviser has evolved beyond providing information to becoming a strategic partner, helping clients navigate opportunities and prepare for the transfer of wealth across generations. Effective advice goes beyond a client's balance sheet and takes into account their family dynamics, life goals and the legacy they hope to build."

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

SOURCE Citibank Singapore