Singapore's wealthy now hold 1.5 million dollars on average, and Indonesians are the biggest cross border clients: inside Citi's wealth report

How rich are Singapore's wealthy clients? Richer than a year ago. Average assets among Singapore high net worth clients rose 6 percent to 1.50 million dollars, up from 1.41 million dollars in 2025, according to a white paper by Citi Wealth and research firm RFI Global, released on 22 October via PR Newswire. Average assets for affluent clients rose 5 percent to more than 565,000 dollars per institution.

The report also shows where the money comes from. Indonesians make up 41 percent of Singapore's cross border banking customers, followed by Malaysians at 36 percent. For a region where wealth, politics and markets are closely linked, those numbers explain why Singapore's role as a booking centre matters to neighbours, and why tensions with Indonesia over issues from haze to stock markets carry financial weight.

Singapore's growing wealth pool

The white paper, titled "Singapore at Heart, Global in Possibilities", explores how Singapore compares with other wealth markets, where AI can complement human advice and how families prepare for intergenerational wealth transfer. Its headline finding is steady growth in the city state's domestic and cross border wealth pool.

Singapore continues to attract wealth from across Asia, reinforcing its position as a leading wealth hub and booking centre for affluent and high net worth clients, the report said. "Singapore's appeal as an international wealth hub is supported by a stable operating environment and deep connectivity to global markets," said Yeo Wenxian, Asia South head of wealth at Citi and chief executive of Citibank Singapore.

The inflows are regional. Indonesia accounts for 41 percent of cross border banking customers and Malaysia 36 percent, reflecting close family, business and financial ties across the Strait of Malacca and the Causeway.

Mutual funds are booming, but cash still dominates

Singapore's wealthy are turning to professional fund management. Mutual fund ownership among Singapore high net worth investors has nearly tripled from 11 percent in 2022 to 31 percent in 2026, the highest adoption level in Asia, ahead of India at 24 percent, South Korea at 17 percent, Hong Kong at 16 percent and mainland China at 7 percent.

Yet most money is still parked in cash. In Singapore, 72 percent of onshore affluent assets and 74 percent of offshore booked assets remain in cash and liquid deposits, with only 26 to 28 percent allocated to investments. Hong Kong is similar, with 76 percent of offshore assets in deposits. By contrast, affluent and high net worth clients in the United States allocate 58 percent of assets to long term investments.

Asia's wealthy are richer than ever and still sitting on cash. That is either caution or the biggest untapped opportunity in wealth management.

The high cash share reflects a preference for liquidity and capital preservation, especially in a year of volatile markets, oil shocks and high interest rates that make deposits more attractive. For wealth managers, it represents a large pool that could be shifted into longer term investments.

Where AI fits in wealth advice

The report found growing openness to AI. Fifty eight percent of Singapore high net worth clients and 51 percent of affluent clients said they are comfortable exploring AI for personalised insights, mainly for product comparison and portfolio screening.

But human control remains non negotiable. Remaining in full control of financial decisions is the top consideration for AI adoption, cited by 31 percent, followed by having the option to consult a human adviser at 22 percent. Relationship managers remain valued: their net promoter score in Singapore rose from plus 19 in 2022 to plus 31 in 2026.

The findings point to a hybrid advisory model, with AI speeding up research and human advisers providing judgement, reassurance and execution. That mirrors debates elsewhere about how far AI agents should be allowed to act on clients' money, as we covered in our report on AI agents inside bank accounts.

For banks, the challenge is to deploy AI in ways that strengthen rather than replace the relationship manager. Tools that summarise market news, flag portfolio risks or prepare meeting notes can free advisers to spend more time with clients, which may be why satisfaction with relationship managers has risen even as AI use grows.

Singaporeans plan their legacies early

Singapore stands out on estate planning. About three in four affluent Singaporeans have a will or succession plan in place or intend to establish one, outpacing regional peers. Among those aged 55 and over, 76 percent have established wills or succession plans, compared with 41 percent in Hong Kong.

Advice from a financial adviser and health concerns are the two top triggers for succession planning, each cited by 41 percent of respondents, followed by retirement planning at 37 percent. Protecting family assets is the top priority when structuring estates, cited by 51 percent, ahead of avoiding family disputes and ensuring fair distribution, both at 45 percent. The key takeaways for investors and advisers include:

• Singapore's wealth pool keeps growing, led by regional inflows
• Indonesian and Malaysian clients dominate cross border banking
• Mutual fund adoption is rising quickly but cash remains dominant
• Clients welcome AI for research but insist on human control
• Estate planning is far more established in Singapore than in Hong Kong

The gap with Hong Kong is notable given that both cities are major wealth hubs with ageing populations. Singapore's higher rate of planning may reflect a combination of public awareness campaigns, advice from banks and a culture of formal financial planning. For wealth managers, estate planning is also a gateway to longer client relationships that span generations.

What it means for the region

Singapore's role as a regional wealth hub has implications for its neighbours. Strong inflows from Indonesia and Malaysia mean that political and economic shocks in those countries can drive money toward Singapore, which can become a source of friction, especially when tensions are high over issues such as haze and market turmoil.

For wealth managers, the opportunity is clear: large cash balances, growing appetite for professional management and openness to AI enhanced advice. The challenge is earning trust in a market where clients still want a human at the centre of their financial decisions.

Those tensions have flared this year. Singapore has issued haze notices to companies linked to forest fires in Indonesia, as we covered in our report on Singapore's haze law notices, and Indonesian markets have been volatile. When political or market stress rises at home, wealthy families in neighbouring countries often look to Singapore as a safe place to hold assets, which reinforces its role as a booking centre.

Citi's report shows Singapore's wealth hub growing richer, more regional and more open to professional management, yet still heavily parked in cash. Indonesian and Malaysian clients form the core of its cross border business, linking Singapore's fortunes to its neighbours. For advisers, the next decade will be about blending AI tools with the human trust that clients still demand.