Business growth and competition
From 2012 to 2021, UBS and Credit Suisse have consistently held the top two positions in Asia ex-China onshore AUM, with third place being more variable.
From 2012 to 2016, HSBC was the third-largest private bank in Asia. However, in 2017, the AUM of DBS Asia ex-China onshore rocketed by 86% to US$151 billion, leaping into third-place above HSBC and Julius Baer, which had AUM of US$129 billion and US$115 billion, respectively. HSBC reclaimed third place in 2021.
When Credit Suisse collapsed in 2023, DBS replaced the bank as the third largest in AUM with US$200.7 billion, while HSBC held second place for two consecutive years with US$204 billion.
The industry saw the biggest YoY jump in 2017, when aggregate AUM increased 34% to US$1.691 trillion.
With a ten-year Compounded Annual Growth Rate (CAGR) of 9%, Asia’s private banking industry has displayed consistent growth. While its five-year CAGR stood at a close 8%, its three-year CAGR of 2% reflected a maturing of growth over more recent timeframes.
The industry saw the biggest YoY jump in AUM in 2017, where the total AUM increased 34% to US$1691 billion from US$1262 billion, while the highest total AUM was seen in 2021 with US$2,286 billion.
With a ten year CAGR of 9%, Asia’s private banking industry displayed consistent growth, indicating a sustained period of expansion and development. Five year CAGR in 2017 to 2022 slowed, signalling a period of relative stability and steady growth in comparison to the longer ten year time frame. Three year CAGR is lowest among all three, showing a slowdown in growth.
The Asia private banking growth story
From 2012 to 2023, Asia ex-China onshore AUM managed by the top 15 private banks has more than doubled, growing 164% to US$2426.6 billion.
Changes of AUM managed by the top 15 players in the industry in 2022 is partly boosted by adding Citi Wealth to the league table in the year.
Methodology
A private banking client is considered to have a minimum of US$1 million in investable assets with a bank, to have an allocated RM, and to be able to use the bank’s investment products as well as other personalised services. For the purposes of our data, this definition includes services offered by banks with a retail legacy that fall outside their uppermost private banking client segment, but still meet the private banking criteria mentioned above.
Some banks publicly state their regional AUM totals, others do not. Therefore, the datasets presented here contain a mix of estimates, shared, and reported figures. We also recognise that banks are inconsistent in the way they count AUM. Where possible, we footnote for or provide some guidance on this. However, in the absence of enforced or agreed-upon standardisation and transparency, these inconsistencies will continue to undermine our ability to directly compare banks’ AUM.
BNP Paribas Wealth Management (BNP WM) – Global AUM: publicly reported; Asia AUM: APB estimate;
Bank of Singapore (BOS) – Asia AUM: APB estimate;Bank of China (Hong Kong) Private Banking (BOCHK) – Asia AUM: APB estimate;
CIMB Private Banking (CIMB PB) – Asia AUM: APB estimate;
Citi Wealth (Citi) – Asia AUM: provided by bank (includes Private Bank and Private Client);
China Merchants Bank Private Banking (CMB PB) – Asia AUM: APB estimate;
Credit Suisse (CS AG) – Global AUM: publicly reported; Asia AUM: APB estimate;
Deutsche Bank Private Bank (DB PB) – Global AUM: publicly reported; Asia AUM: APB estimate;
DBS Wealth Management (DBS WM) – Asia AUM: provided by bank (includes Private Bank and Treasures Private Client);
EFG Bank (EFG) – Global/Asia AUM: publicly reported (excluding asset management AUM);
Goldman Sachs Private Wealth Management (GS PWM) – Global AUM: publicly reported; Asia AUM: APB estimate;
Hang Seng Private Banking (HS PB) – Asia AUM: APB estimate;
HSBC Global Private Banking (HSBC) – Asia AUM: APB estimate;
Indosuez Wealth Management (Indosuez WM) – Global AUM: publicly reported; Asia AUM: provided by bank;
Julius Baer (JB) – Global AUM: publicly reported; Asia AUM: APB estimate;
J.P. Morgan Private Bank (JPM PB) – Global AUM: publicly reported; Asia AUM: APB estimate;
J. Safra Sarasin – Global AUM: APB estimate (excluding asset management AUM); Asia AUM: publicly reported (excluding asset management AUM);
LGT – Global/Asia AUM: APB estimate;
Maybank Private – Asia AUM: provided by bank;
Morgan Stanley Private Wealth Management (MS PWM) – Global AUM: publicly reported; Asia AUM: APB estimate;
Pictet Wealth Management (Pictet WM) – Global AUM: provided by bank; Asia AUM: APB estimate;
Standard Chartered (SC) – Global/Asia AUM: APB estimate (includes Private Bank and Priority Private);
Standard Chartered Private Banking (SC PB) – Global/Asia AUM: APB estimate;
Union Bancaire Privée (UBP) – Global AUM: publicly reported (excluding asset management AUM), Asia AUM: APB estimate;
UBS Global Wealth Management (UBS GWM) – Global/Asia AUM: publicly reported;
UOB Private Wealth (UOB PW) – Asia AUM: APB estimate (includes Private Bank and Privilege Reserve)
