Asia's private banking and wealth management sector has maintained its rapid growth, especially in China and India, fuelling intense competition among industry players. The market has also seen clients diversifying into alternatives and private assets, and leading private banks adopting new business models.

In Asia-Pacific, the number of high-net-worth individuals (HNWIs), those with liquid assets of at least US$1 million, grew by 2.7% year-on-year in 2024. The region has 7.7 million HNWIs, or about a third of the 23.4 million globally, according to Capgemini’s World Wealth Report 2025.

The number of ultra-high-net-worth individuals (UNHWIs), or those with investable assets exceeding US$30 million, is also increasing in the region – up 3% to 181,000 individuals in 2023, according to Knight Frank’s Wealth Report.

This rapid growth has triggered massive wealth transfers, both in terms of geographical and intergenerational flows. In the former case, the rapid growth in the number of family offices, especially in Singapore and Hong Kong, often involves cross-border structures. In the latter case, the younger heirs to family fortunes are seeking more digital, impact-oriented, and personalized services.

On the negative side, the intense competition among private banks for the huge volume of assets seeking transfers to new markets or locations has resulted in massive money laundering cases, which in turn have prompted regulators to strengthen law enforcement against wrongdoings. The Monetary Authority of Singapore (MAS), for example, recently slapped penalties totalling S$27.45 million (US$21.5 million) against six global private banks and three non-bank financial institutions for violations that happened in 2023. It was the second-largest anti-money laundering fine in Singapore after the 1MDB scandal (S$29.1 million in 2017).

Also, the Securities and Exchange Board of India (Sebi) is currently investigating a case of alleged market manipulation through the stock exchange index by a leading global market maker and a top Indian private bank.

On the positive side, Singapore has become a top investment venue for Asian and non-Asian family offices, which are drawn to its tax incentives, regulatory clarity, and geopolitical neutrality. Hong Kong is also regaining its strength post-Covid, especially among Chinese clients, in view of its regulatory initiatives to support virtual assets and family offices.

Meanwhile, the global market uncertainty arising from US President Donald Trump’s “reciprocal tariffs” is creating a serious trend towards de-dollarization as UNHWIs and HNWIs seek to diversify their traditionally US dollar-denominated assets into gold and other currencies.

Diversification trend

This diversification trend is resulting in a shift towards advisory and holistic solutions, with a growing number of private banks and wealth managers moving to fee-based, discretionary portfolio management (DPM) and goal-based advisory models in lieu of traditional transactional banking. In general, UNHWI and HNWI clients are now expecting consolidated wealth reporting, estate planning, and bespoke trust services across jurisdictions.

Favourable deal economics, bank/regulatory retrenchment, and investor appetite for yield and diversification are fuelling meaningful growth in alternatives – private equity, private credit, hedge funds, and real assets – as investors diversify away from public markets.

According to S&P Global, APAC–focused private credit fundraising increased 7.5% from US$5.48 billion (32 funds) in 2023 to US$5.89 billion (33 funds) in 2024. In response, private banks and wealth managers are building exclusive access platforms and co-investment vehicles to gain an edge in what has become a highly competitive market.

Part of this response includes tapping technology and digitalization, particularly the integration of artificial intelligence (AI) and AI-powered advisory tools, robo-hybrid models, and hyper-personalization into their existing private banking and wealth management platforms.

AI is increasingly being used for traditionally manual activities such as client onboarding, risk profiling, and portfolio reviews in order to enhance speed and scale. Cybersecurity and digital trust remain critical as digital adoption deepens.

Competition for talent is also becoming more intense in certain markets as private banks and wealth managers compete for experienced relationship managers, financial planners, investment specialists, and tech-savvy communicators.

India

India’s robust market has been described as a “rising tide that is lifting all ships” in reference to its strong economic fundamentals driven by favourable demographics, pro-growth government policies, technological adoption, and a diversifying economic base.

Its wealth management market has seen robust growth, particularly in equities, alternative investments, and private credit.

Equities in India, particularly small caps, have seen a strong performance, with small and medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs) delivering 18% to 25% returns. This, in turn, has led to a home market bias among local HNWIs and UNHWIs.

In alternative investments, allocations have increased to growth assets like private equity and listed equities (80%), while fixed income, including private credit, has grabbed the remaining 20% share. Private equity is currently the main trend for alternatives in India.

Private credit in India offers high investment yields of 15% to 16%, especially in the case of real estate lending. Well-established wealth managers and private banks are actively engaging in private credit amid the strong appetite for the asset class among HNWI and UNHWI clients.

Also, many Indian UNHWI and HNWI families are increasing their overseas cash through overseas direct investment (ODI) and overseas portfolio investment (OPI) for foreign investments and wealth diversification.

Greater China

Chinese investors remain cautious, with many seeking alternatives amid the real estate downturn. Gold-related products, such as gold fund of funds and gold-linked notes, have gained traction as a hedge. While fixed income remains a core holding, the end of China’s bond bull market has led to greater openness towards equities.

A major structural shift is underway in wealth succession, with an estimated 20 trillion yuan (US$2.78 trillion) expected to transfer between generations in the next decade. However, China lacks standardized family office frameworks, and most services for this sector are delivered through trusts. Trust companies remain the primary service providers, while private banks act as advisers and intermediaries – though some assert a more active role in structuring trusts.

Hong Kong’s wealth management clients have increasingly prioritized stable investments, with fixed income accounting for 70-75% of allocations. However, confidence in the equity market is gradually recovering, particularly after high-profile listings like Chinese battery maker CATL. Investors are now showing renewed interest in equities and convertible bonds from large corporations. As portfolios grow, clients are also exploring primary market opportunities.

Additionally, business owners expanding overseas are favouring the “private banking + investment banking” model. Another notable trend is the rising interest in stablecoin regulatory frameworks, especially among family office clients.

In Taiwan, the wealth management sector is expanding rapidly, with the number of HNWIs expected to reach 816,000 by 2025, holding a combined US$1.7 trillion in assets. The momentum is likely to continue, driven by regulatory easing under Wealth Management 2.0, which broadens participation. Additionally, the Kaohsiung Special Economic Zone aims to boost onshore private banking sector developments, supporting Taiwanese clients and private banks to better connect with Hong Kong and Singapore.

It is in this context that we announce the winners of Private Banking and Wealth Management Awards as part of The Asset Triple A Private Capital Awards for Private Banks, Wealth & Investment Bank Advisers, Solutions and Index Providers 2025.

Best Private Bank, Asia

DBS Private Bank

DBS Private Bank has emerged as the undisputed leader among private banks in the region with its top credit rating, strong financial performance, and extensive market coverage, particularly in key markets such as Hong Kong, Singapore, and Taiwan.

DBS is also a market leader in providing digital asset investments through its DDEX digital exchange. DBS is also the first bank to hold digital assets in custody as well as to place them in trust as part of legacy planning.

Best Private Bank for UNHWIs, Asia, Winner

J.P. Morgan Private Bank

J.P. Morgan Private Bank wins the award in recognition of the strength of its investment performance, excellent client experience, and constant innovation to support growth. Its strong financial performance, client-centric team model, leading lending solutions, as well as proactive focus on delivering top digital banking services to its UNHWI clients, also make it the leading bank for UNHWI clients in the region.

Best Private Bank for UNHWIs, Asia, Highly Commended

BNP Paribas Wealth Management

BNP Paribas Wealth Management is Highly Commended under this award category for offering unique, uncompromising full-service solutions while delivering finely tuned localized services. The bank remains very active in serving the high-end needs of top Southeast Asian clients with its combination of product offerings, skillsets, and delivery capabilities.

Best Private Bank for New Ideas, Asia

Citi Private Bank

Citi Private Bank wins this award for providing effective investment solutions for clients who are keenly interested in more futuristic and less traditional investment strategies and solutions.

Best Private Bank for Impact Investing, Asia, Winner

J.P. Morgan Private Bank

J.P. Morgan Private Bank stands out in this category in Asia thanks to its strategic ESG acquisitions, robust impact fund offerings, dedicated due diligence, and strong client uptake.

Best Private Bank for Impact Investing, Asia, Highly Commended

BNP Paribas Wealth Management

BNP Paribas Wealth Management is Highly Commended for this award as it continues to be a leader in promoting and implementing a holistic approach to sustainable investing in the private banking industry. Its new DPM (discretionary portfolio management) Tailor-made Green & Sustainable Bonds Portfolio allows clients to achieve positive financial returns and positive ESG impacts through targeted use of proceeds for high-quality environmental and social projects.

Best Private Bank for Family Office, Asia

DBS Private Bank

DBS Private Bank has become the acknowledged leader in the family office business by adding multiple new family office clients during the awards period. Its market-leading investment strategy in both public and private markets provide its clients with a wide array of well-performing investment products.

Best CIO Office, Asia

DBS Private Bank

DBS Private Bank has strengthened its “One Bank” strategy with the launch of “CIO Office”, a specialized division dedicated to providing HNW and UHNW clients with top‑tier investment insights, portfolio construction strategies, and asset allocation frameworks.

Best Private Bank for Philanthropy, Asia

J.P. Morgan Private Bank

J.P. Morgan Private Bank gains a competitive edge in philanthropic capabilities through its market-leading Philanthropy Centre. It has also ramped up its digital tools to empower its advisers and bolster their capabilities in philanthropy.

Best Private Bank for Philanthropy, Asia, Advisory

BNP Paribas Wealth Management

BNP Paribas Wealth Management empowers its clients to make meaningful contributions to society that are aligned with their values through a comprehensive suite of advisory services, a forward-looking approach to sustainable wealth planning, and best-in-class philanthropic engagement.

Best Nexgen Private Bank, Asia

BNP Paribas Wealth Management

BNP Paribas Wealth Management continues to make meaningful contributions to intergenerational wealth transfer through its comprehensive coverage of the nexgen sector and by providing highly detailed and helpful insights to clients in inheritance planning, preserving family legacy, and strengthening financial stability.

Best Private Bank, India, Winner

360 One Wealth

360 One Wealth was the best-performing private bank in India during the review period in terms of assets under management, ratio of relationship managers to clients, cost-to-income ratio, and return on equity. It also came up with the best-performing investment products among its peers in the past year.

Best Private Bank, India, Highly Commended

Kotak Private Banking

Kotak Private Banking is recognized for its strong client-centric innovation, institutional stability, digital integration, and customized wealth solutions.

Best Private Bank for HNWIs, India, Winner

Burgundy Private

Burgundy Private, the private banking arm of Axis Bank, has grown into one of the largest private wealth franchises in India, combining the agility and personal touch of a boutique with the strength and scale of a universal bank. Its rise reflects a broader trend of India's maturing wealth sector and its ability to meet the evolving needs of the market’s most discerning clients.

Best Private Bank for HNWIs, India, Highly Commended

Centrum Wealth Management

Centrum Wealth Management is Highly Commended for its strong client-centric model, boutique agility, and ability to deliver highly personalized, multi-asset wealth management solutions in a competitive and evolving market.

Best Private Bank for HNWIs, India, Rising Star

Sanctum Wealth

Sanctum Wealth is recognized for its rapid evolution into a credible, client-first, and innovation-driven platform tailored to India’s changing wealth landscape. Since its inception, Sanctum has demonstrated consistent growth, clear positioning, and a modern approach to wealth management for high-net-worth individuals.

Best Private Bank for UHNWIs, India

Barclays Private Bank

Barclays Private Bank wins the award for its exceptional ability to serve global Indian families with sophisticated cross-border needs, institutional-grade investment solutions, and deep relationship coverage tailored to complex wealth structures.

Best Wealth Manager, India

Motilal Oswal Private Wealth

Motilal Oswal Private Wealth wins the award for its research-driven investment philosophy, deep understanding of Indian HNWI/UHNWI needs, and a consistent ability to deliver long-term wealth creation with integrity and conviction. Its investment products are some the best performing in 2024 and are distributed by many of its peers.

Best Boutique Wealth Manager, India, Winner

Alpha Capital

Alpha Capital is recognized for setting the benchmark for other boutique wealth managers in India by providing independent, client-aligned, and quality advisory services. It has maintained strong relationships with clients, observed transparency in its business, and provided tailored solutions to earn the trust of India’s most discerning HNW clients.

Best Boutique Wealth Manager, India, Highly Commended

Capital League

Capital League has maintained its high-integrity, women-led, and advice-first approach that prioritizes trust, transparency, and deep, long-term client relationships. In an industry often dominated by transaction-driven models, Capital League offers a distinctive, values-driven alternative tailored to the sophisticated needs of Indian HNWIs.

Best Private Bank for Family Office, India

Waterfield Advisors

Waterfield Advisors is recognized for its exclusive, conflict-free model, deep specialization in multi-family office (MFO) advisory, and ability to serve complex, intergenerational wealth with institutional-grade solutions. In a market where many of its peers focus on product sales, Waterfield stands apart by acting as a pure fiduciary partner to India’s ultra-wealthy families.

Best Private Bank, Thailand

Kiatnakin Phatra Securities

Kiatnakin Phatra Securities wins the award for its institutional investment capability, bespoke wealth advisory, and leadership in innovation within Thailand’s fast-evolving HNW and UHNWI market. As one of the few domestic private banks that can compete with foreign competitors in both depth and personalization, Kiatnakin Phatra has carved a dominant position in the country’s private banking industry.

Best Private Bank for HNWIs, Thailand

KASIKORNBANK Private Banking

KASIKORNBANK Private Banking combines scale and stability to maintain its leading position in the business. With a nimble, client-focused advisory approach, the bank stands out with its comprehensive offerings, digital innovation, and deep local insights.

Best Private Bank, Singapore

DBS Private Bank

DBS Private Bank attributes its sterling performance to an investment strategy known as “barbell approach”. This strategy combines strong discretionary portfolio management, a strategic platform, and bold advisory calls that often anticipate market trends. Its one-bank approach leverages its corporate banking, investment banking, and private banking teams to offer integrated solutions, talented wealth planning managers, and strong business growth metrics in the service of clients.

Best Private Bank for Family Office, Singapore

DBS Private Bank

DBS Private Bank is recognized for its first-mover advantage, deep regional expertise, integrated services, and commitment to innovation, governance, and sustainability, making it a trusted adviser of choice for Asia’s wealthiest families.

Best Private Bank, Hong Kong

DBS Private Bank

DBS Private Bank wins this award for its strategic regional expansion, digital innovation, and bespoke wealth solutions that align with the needs of Hong Kong’s HNWI and UHNWI clients.

Best Private Bank for UHNWIs, Hong Kong

BNP Paribas Wealth Management

BNP Paribas Wealth Management is recognized for its global capabilities and local depth, investment banking-grade sophistication, long-term and trust-based relationships, as well as a multigenerational approach to wealth that is particularly suited to sophisticated UHNWI families seeking cross-border solutions and complex asset strategies.

Best Boutique Wealth Manager, Hong Kong

Carret Private Capital

Carret Private Capital wins this award for its independent business model, institutional discipline with personalized care, deep client trust and intergenerational focus, and long-term commitment to UHNWI and family office clients.

Best Wealth Manager, Hong Kong

CMB International Securities Limited

As one of the biggest players in Hong Kong, CMB International recorded more than 40% AUM growth last year. Various case studies have showcased its capabilities in wealth management, succession planning, and value-added services. Clients have attested to its service quality, especially when it comes to investment advisory.

Best Wealth Manager, Hong Kong, Rising Star

Everbright Securities International

Everbright Securities International has been developing its business with double-digit AUM growth and expanding HNW client base. New accounts opened last year increased by almost 70%. The wealth management business accounts for more than 90% of the company’s total revenue.

Best External Asset Manager, Hong Kong

Fargo Wealth

Fargo Wealth is focused on servicing Chinese clients, many of whom come from the new economy sector. Real-life case studies have showcased its customization capabilities.

Best Private Bank, China

ICBC Private Banking

With almost 4 trillion yuan in AUM, ICBC Private Banking is one of the largest private banks in China. It continues to grow its business and expand its relationship manager base by 15%. Clients are deeply appreciative of the firm’s service quality, especially in risk mitigation during market uncertainty.

Best Private Bank for HNWIs, China

China Merchants Bank

As one of the largest private banks in China, China Merchants Bank saw a double-digit growth in its private banking client base. The UHNW client base, in particular, has increased by almost 40%. The bank is also a leader in providing family trust services to clients, selecting the best trust companies in the market for its private banking clients.

Best Private Bank for Philanthropy, China

Bank of Communications

Bank of Communications achieved a double-digit growth in its private banking business last year. In philanthropy, the bank rolled out innovative solutions to meet clients’ requirements in contributing to the good of society. Its asset management trust plus charitable trust structure has engaged with more than 1,000 HNW clients.

Best Law Firm, China

Zhong Lun Law Firm

Zhong Lun Law Firm is a leader in providing wealth planning and tax services to HNWIs in China. With solid understanding of laws in multiple jurisdictions, the law firm has shown its outstanding capabilities through various case studies.

Best Private Bank, Taiwan, Winner

CTBC Bank

With over two decades of experience in the market, CTBC Bank has grown to become a leading private bank in Taiwan, meeting the needs of its HNW and UHNW clients. Despite its large client base, the bank managed to grow its private banking business by almost 20% last year.

Best Private Bank, Taiwan, Highly Commended

DBS Private Bank

With an astonishingly low cost-to-income rate, DBS Private Bank grew its business by about 7% last year. And with its strong offering of structured products, the bank achieved double-digit growth in net new money and total income.

Best Private Bank for HNWIs, Taiwan, Winner

Cathay United Bank Private Banking

Cathay United Bank Private Banking continues to be a leader in Taiwan’s onshore private banking sector, recording a 30% business growth last year.

Its offshore business servicing Taiwanese clients also grew significantly during the awards period, driven by robust activity in Singapore.

Best Private Bank for HNWIs, Taiwan, Highly Commended

E.SUN Bank

During the awards period, E.SUN Bank doubled its market share in servicing HNWIs in Taiwan.  Its clients with assets exceeding NT$100 million (US$3.43 million) have grown in a particularly fast pace.

Best Private Bank, Philippines, Winner

BPI Private Wealth is uniquely positioned to serve the needs of Filipino HNWIs and UHNWIs, whether they are family business owners, tech entrepreneurs, or legacy wealth stewards, through a holistic, forward-looking approach, investment innovation, and client-centricity.

Best Private Bank, Philippines, Highly Commended

UnionBank Private Banking is Highly Commended for its innovative digital approach, bespoke client solutions, fast-growing presence in wealth management, as well as its agility, entrepreneurial mindset, and future-ready model, which resonates well with HNWI and UHNWI clients.

Best Wealth Manager, Malaysia

HSBC Malaysia is recognized for its global capabilities, local market knowledge, innovative technology, and comprehensive wealth services that effectively serve the needs of Malaysia’s affluent families and business owners.

Best Wealth Manager, Indonesia, Winner

PT Bank HSBC Indonesia wins the award for its offshore capabilities, local expertise, innovative digital tools, and a full suite of wealth management services, empowering Indonesian HNWI and UHNWI clients to grow, protect, and transfer their wealth effectively in an increasingly complex and globalized financial landscape.

Best Wealth Manager, Indonesia, Highly Commended

Standard Chartered is Highly Commended for its strong regional network, cutting-edge digital platforms, and client-focused, sustainable wealth solutions designed for the specific requirements of its clients.

Best Private Bank for HNWIs, Indonesia    

PT Bank Rakyat Indonesia wins this award for its deep local market penetration, trusted legacy, and tailored wealth management solutions that resonate strongly with Indonesia’s affluent clients. 

Best Wealth Manager, Taiwan

Cathay United Bank

Cathay United Bank has been steadily developing its wealth management business over the past few years, with AUM increasing by 9% last year. The bank is also a leader in product innovation. With a wide range of product offerings and a strong distribution network, the bank has significantly grown the net fee income of its wealth management business.

Best Wealth Manager Experience, Taiwan

Yuanta Bank

A major player in Taiwan’s wealth management sector, Yuanta Bank has formed a mechanism tracking its service quality, which saw an improvement in client satisfaction rate during the awards period. In addition to digital innovation, the bank has developed a family office type of wealth management services, which cover a wide range of clients, to better tap the growing demand for family wealth management in the market.

Best Wealth Manager Experience – Privilege Services, Taiwan

Far Eastern International Bank

Far Eastern International Bank continues to provide outstanding value-added services to Taiwanese clients, leveraging various featured events. It has taken special effort in upgrading and innovating physical branches.

Best Family Office Experience – Advisory Services, Greater China

Panhe Family Office

Panhe Family Office has seen growing demand from Greater China clients, especially those enquiring about family governance issues. Clients have recognized its capabilities as an advisory service provider, particularly in providing solutions to some of the issues that bigger private banks do not want to take over.    

Editors' Triple Star

ATR Wealth launched the Philippines’ first corporate debt vehicle (CDV) in May 2023 in response to the impact of the pandemic on businesses, providing a vehicle to match investors seeking higher yields with the funding needs of corporates. Last year, the firm expanded the CDV to further support the liquidity needs of mid-sized and large companies, with more investors participating and more enterprises securing debt.

For the full list of winners, please click here.

The awards dinner will be held on September 5, 2025. Please contact celebrate@TheAsset.com for details.