Private banker crunch clouds $4.22t cross-border wealth boom: BCG

Billionaire wealth jumped 66.4%, lifting the market past Australia. 

Singapore’s independent wealth managers are facing higher hiring costs as senior bankers with established client portfolios become harder and more expensive to recruit, according to Boston Consulting Group (BCG).

The pressure comes as cross-border wealth booked in the city-state is projected to grow 9% annually to $4.22t (US$3.3t) by 2030, from $2.68t (US$2.1t) in 2025.

In its Global Wealth Report 2026, BCG ranked Singapore as the world’s third-largest cross-border booking centre, behind Hong Kong and Switzerland. However, hiring-led growth has become more difficult due to talent scarcity.

The hiring squeeze adds to the wider cost pressures financial institutions face.

A separate Fenergo report found that banks allocate about a third of their operations budgets to client lifecycle management technology. Investment and corporate banks each allocate around 35%, whilst commercial banks allocate 30%.

Fenergo also found that 92% of financial institutions use agentic artificial intelligence (AI) or generative AI to automate Know Your Customer and Anti-Money Laundering processes.

The rate was higher than 79% in the US and 77% in the UK, the report added.

Recent hiring indicators also point to competition for finance talent. A Hays report found that banking and finance jobseekers expect a 10% pay rise when switching roles.

Meanwhile, a financial advisor ranked as Indeed’s top job for 2026 in Singapore, based on demand, stability, and worker mobility.

The Monetary Authority of Singapore (MAS) is also pushing faster onboarding by cutting median private banking account opening times to within a month, from six weeks or longer for complex cases.

The regulator also issued a circular directing financial institutions to establish clients’ source of wealth in a more risk-proportionate manner.

BCG said Singapore’s position is supported by regulatory stability, institutional credibility, and a strong wealth management ecosystem.

The city-state is positioned as Asia’s most diversified wealth hub, serving as a neutral channel between Asian and Western capital markets, it added.

The market has attracted over 2,000 single-family offices and more than 100 independent wealth management firms.

Wealth expansion has also been reflected at the top end of the market. UBS said Singapore’s billionaire wealth rose 66.4% to $335.36b (US$258.8b) in 2025, pushing the city-state ahead of Australia as Asia-Pacific’s third-largest billionaire market.

Meanwhile, Singapore’s independent wealth management market is estimated at $191.6b (US$150b) to $255.5b (US$200b) in assets under management, with around 100 to 150 MAS-licensed external asset managers and multifamily offices, according to BCG.

BCG also identified succession planning as a growth area for the wealth industry. In Singapore, 47% of top family-owned businesses remain under founder leadership, whilst 37% are under next-generation leadership.

The median leadership age is 71.

$1= = US$0.78