Asian billionaire funds continue to pour into Singapore's three major banks, attracting $61 billion in assets last year.

In the face of geopolitical tensions and trade uncertainty, Asian wealthy funds continue to flow into Singapore, with the three major banks in Singapore absorbing a net increase of 77 billion Singapore dollars (about 61 billion US dollars or 236.76 billion ringgit) last year. According to reports, Oversea-Chinese Banking Corporation (OCBC) stated last month (February 25) that its net new funds increased by 30% to 27 billion Singapore dollars, bringing its assets under management (AUM) to a record 343 billion Singapore dollars. Prior to this, DBS Group announced on February 9 that it had attracted an additional 39 billion Singapore dollars, bringing its assets under management to 488 billion Singapore dollars. United Overseas Bank (UOB) revealed in its performance disclosure last week that it attracted 11 billion Singapore dollars in net new funds, bringing its high net worth assets under management to 201 billion Singapore dollars. Analysis indicates that Singapore's political stability and clear regulatory system make it more attractive in a global environment of frequent policy changes. For example, tax adjustments in the UK have prompted some wealthy individuals to reconsider the location of their assets, posing a challenge to London's status as a global wealth center. In this context, Singapore has become an important destination for some high net worth individuals to re-allocate their assets.