DBS sees near-threefold growth in millennial affluent clients

DBS reported a near-threefold increase in millennial retail customers moving into Treasures in the first half of 2026, alongside stronger investment engagement.

More millennial customers are fast-tracking their progression to higher wealth brackets, as those in their 30s and early 40s seek wealth advice and put their wealth plans into action earlier. At DBS, the number of millennial retail customers who moved to DBS Treasures tripled in the first half of 2026 compared with the same period last year. This reflects an increasing cohort of younger affluent customers who recognise that starting early can put them in a stronger position to build wealth over time.

Moreover, longer lifespans, evolving careers, growing financial commitments and more dynamic markets are changing the way Singaporeans plan for their financial future.

“Against this backdrop, more Singaporeans are recognising that building wealth cannot wait until later in life. Starting earlier and staying invested over the long run gives them more time and more options,” said Andrew Bok, head of DBS Treasures Singapore. “At DBS Treasures, we want to grow with our clients through every stage of their wealth journey, from their first investments to retirement and legacy planning. In the first half of this year, seven in ten Treasures clients who progressed to DBS Treasures first banked with us as retail customers. That longstanding relationship helps us understand how their needs have evolved and support what comes next.”

This trend extends beyond younger clients, the number of DBS retail customers progressing to Treasures rose 180% year-on-year in the first half of 2026. In addition, the investment balances of clients who moved into DBS Treasures in 2025 have since grown nearly sixfold, reflecting deeper investment engagement over time.

DBS continues to invest in people and relationships

The increase in the number of clients seeking wealth advice reinforces DBS’ investments in its advisory workforce and physical network. The bank plans to hire more than 600 additional relationship managers, frontline advisors and platform engineers by the end of 2028. It will also open 18 new wealth centres and upgrade 36 existing centres across the region by end-2027. In Singapore, its DBS Treasures wealth-centre footprint will increase by 50%.

Purpose-built for conversations rather than transactions, the centres will give clients dedicated spaces to review their portfolios, discuss long-term goals and meet relationship managers and specialists. They reflect the continued importance of human advice and face-to-face engagement, even as more wealth-management services become digital.

In addition, AI-enabled tools are helping DBS’ relationship managers create more capacity for these conversations. For instance, turnaround time for onboarding new-to-bank wealth clients has been reduced by 50%. By combining more advisors and physical touchpoints with technology that reduces administrative work, the bank can support more customers, while preserving the trusted advice and personal relationships at the heart of DBS Treasures.

Re-disseminated by Wealth and Society