A report from the US bank said average assets held by Singapore’s high net worth banking clients reached $1.5 million. The study also examines cash allocations, AI adoption and succession planning.

Average assets held by high net worth clients in Singapore have risen 6 per cent over the past year to $1.50 million, from $1.41 million in 2025, according to a white paper from Citi Wealth and research firm RFI Global.

Among affluent clients, average AuM per financial institution grew 5 per cent to more than $565,000, from $537,710 in 2025. The study defines high net worth clients as those holding AuM, including investable liquid assets, of $1 million or more, and affluent clients as those holding $100,000 to $1 million.

The report, entitled Singapore at Heart, Global in Possibilities, compares Singapore with other wealth markets and examines AI in advice and intergenerational wealth transfer. 

Cross-border clients continue to come mainly from Indonesia, which accounts for 41 per cent of cross-border banking customers, and Malaysia, at 36 per cent.

Reports like this give banks such as Citi a handle on trends it can capture, for example where to expand offices, booking centres and clusters of advisors.

Fund ownership
Mutual fund ownership among Singapore high net worth investors has nearly tripled, from 11 per cent in 2022 to 31 per cent in 2026. That is the highest rate in Asia, ahead of India at 24 per cent, South Korea at 17 per cent, Hong Kong at 16 per cent and mainland China at 7 per cent.

Cash still dominates portfolios, the report said. Some 72 per cent of onshore affluent assets and 74 per cent of offshore booked assets in Singapore sit in cash and liquid deposits, with only 26 to 28 per cent invested. In Hong Kong, 76 per cent of offshore assets are in deposits. By contrast, affluent and high net worth clients in the US allocate 58 per cent of assets to long-term investments.

On technology and the current noise around AI, 58 per cent of high net worth and 51 per cent of affluent clients in Singapore said they were comfortable using AI for personalised insights, mainly product comparison and portfolio screening. Retaining full control of financial decisions was the top condition for adoption, cited by 31 per cent, followed by the option of consulting a human advisor, at 22 per cent. The net promoter score for relationship managers in Singapore rose from +19 in 2022 to +31 in 2026.

The report also touched on the intergenerational wealth transfer dynamic and how it plays out in Asia. Around three in four affluent Singaporeans have a will or succession plan, or intend to establish one. Among those aged 55 and over, 76 per cent have one in place, against 41 per cent in Hong Kong. Advice from a financial advisor and health concerns were the most common triggers, each cited by 41 per cent. Protecting family assets was the top estate planning priority, at 51 per cent.

“While clients are increasingly open to using AI to explore ideas and evaluate options, trust remains central to the decision-making process,” said Yeo Wenxian, Asia South head of wealth at Citi and chief executive of Citibank Singapore. “The role of the advisor has evolved beyond providing information to becoming a strategic partner.”