"Emotions of European and American wealthy individuals for "going East" are heating up, and Asia has become a global safe haven for wealth."

Joseph Poon, head of private banking at DBS Group, said that wealthy clients from Europe and the United States are actively looking for investment and wealth management solutions in Asia to protect their portfolios from long-term volatility. Poon pointed out that affluent individuals in these regions are seeking to invest in business projects, with some considering setting up a second family office in Asia. He stated that given the turbulent geopolitical climate, rising energy costs, and increasingly interconnected capital flows, all parties are showing a "strong sense of caution". In another interview, the private banking head mentioned that affluent clients coming to the region are seeking "absolute stability". He said, "When it comes to Asia, they want a leading Asian institution, which is us." With narrowing loan spreads, Singapore's largest bank has been relying on its wealth management business to drive growth. Last year, DBS Bank and its local competitors collectively attracted 77 billion Singapore dollars (approximately 61 billion US dollars) in net new wealth funds from wealthy clients. With the outbreak of the US-Iran conflict this year, this attractiveness may further increase. The conflict shook global markets, prompting wealthy families in Asia to reevaluate the locations where they hold their funds when seeking safe havens. Poon stated that volatility "is now the norm, not the exception". He revealed that DBS Bank has been recruiting relationship managers, with the number of staff increasing in line with growing demand. He did not provide further details on specific recruitment targets.