In an increasingly bifurcated world, wealthy families are turning to DBS for innovative family office services, helping them grow cross-border wealth and manage succession, while using their wealth as a force for good.
For ultra-high net worth (UHNW) families, the challenge is clear: manage assets spread across borders, prepare heirs to lead and navigate an unpredictable global environment, all while preserving and growing their legacy. The urgency is mounting, with an estimated US$124 trillion expected to change hands from the current generation of wealth holders to the next globally by 2048, according to Cerulli Associates. This has led many to Singapore, where frameworks such as the Variable Capital Company (VCC) offer new ways to structure and grow their wealth.
“In times of volatility and a shifting regulatory environment, wealthy families seek more than investment returns. They want certainty, clarity and control, not only over their personal wealth but also their business operations. Governance and succession are no longer distant priorities; they are front and center as the next generation steps up,” says Lee Woon Shiu, Group Head of Wealth Planning, Family Office and Insurance Solutions at DBS Private Bank.
More global clients are turning to DBS—recently recognized again as the World’s Best Bank—for trusted advice, seamless execution and innovative structures tailored to multi-generational wealth. The bank currently supports more than a third of the family offices set up in Singapore.
“As UHNW families become more global, the stakes of an unpredictable world are higher than ever. At DBS, we bring clarity and structure to that complexity, with solutions that are truly innovative, yet grounded in transparency and predictability. This is why families from Asia to North America, Europe and even the Middle East choose to work with us as a trusted partner,” says Lee.
The New Family Office: Global By Nature, Built For Complexity
The decision to establish a private family office is often motivated by a desire to take a more structured, multi-generational approach to wealth. But it also brings complexity. Many families today run businesses, manage investments and maintain personal ties across multiple geographies. This requires an integrated approach to portfolio management, tax, estate and legacy planning.
DBS supports clients with family offices in Asia’s leading wealth hubs, Singapore and Hong Kong, giving them the flexibility to choose the jurisdiction that best matches their needs, regulatory requirements and long-term goals.
“Some families prefer Hong Kong for the ease of moving capital, while others choose Singapore for the certainty and clarity it offers around succession and legacy planning,” explains Lee. “DBS is one of the few banks with experienced teams and strong family office capabilities in both markets.”
Simplifying Family Wealth Structures With The World’s First Multi-Family Office VCC Platform
To help clients manage complex family wealth more effectively, DBS became the world’s first private bank to launch a multi-family office platform using Singapore’s Variable Capital Company (VCC) structure in 2022.
Known as the DBS Multi Family Office Foundry VCC (DBS MFO), it brings together the bank’s full suite of investment services—from portfolio management to trade execution and custody—on a single platform. It also allows families to set up a Singapore-based family office without relocating staff or family members, giving them access to the city’s regulatory and financial ecosystem while retaining operational flexibility.
“A VCC is often the ideal first step for families exploring Singapore as a base for wealth management. Once they experience the efficiency, stability and depth of services here, many see it as the natural progression to establish a single family office,” explains Lee.
In the two years since its launch, the DBS MFO has achieved a record S$1 billion (US$773.7 million) in assets under management (AUM), onboarding more than 25 UHNW clients around the world. These include families who were originally considering setting up their own single family office (SFO), but were won over by cost optimization, manpower benefits and the ease of administration which the DBS MFO offers.
One Bank, One Strategy. Every Need Covered.
DBS supports UHNW clients through its One Bank model, which brings together private banking, corporate and investment banking, and expertise in wealth planning, legacy and philanthropy under one roof.
This allows family office clients to manage both corporate and personal wealth strategies through one relationship.
“Some of our large family office clients are served by both our private bank and our institutional banking group—and we are one of the few banks that can bridge such conversations seamlessly. What makes us different is that we can also bring legacy planning into the equation, ensuring that every decision, whether corporate or private, supports the family’s long-term vision,” says Lee.
An important part of this integrated approach is DBS Trustee, which celebrates its 50th anniversary this year. As one of the country’s oldest trust companies, and among the few remaining bank-owned trust entities, it plays a critical role in helping families manage complex wealth structures. In one instance, a client with US$1.8 billion in assets spread across 200 companies worldwide required more than one full-time DBS specialist to oversee and manage the structure effectively.
Serving The Next Generation With A Focus On Digital Assets
As families prepare to hand over the reins to the next generation, a new set of priorities is emerging, and digital assets are high on the list. The next generation of wealth owners are as comfortable with cryptocurrencies and tokenized securities as they are with traditional investments, and they expect both to be part of the conversation.
DBS is among the few global private banks to offer institutional-grade digital asset services through its in-house exchange, DBS Digital Exchange (DDEx), enabling eligible clients to trade within a secure, regulated environment. DBS Trustee is also the world’s first bank-backed trust company that can hold digital assets as trust assets, enabling families to include them in legacy and succession planning.
Future-Proofing Family Wealth
For UHNW families, the complexity of managing wealth across multiple jurisdictions amid a challenging economic environment is here to stay. Many are looking for a global private bank that can adapt swiftly to shifting landscapes, align financial strategies with family values and guide them through transitions with confidence.
“It’s no longer just about tax and estate planning. Today’s clients expect a broader bench of expertise, from ESG to philanthropy and even digital assets,” Lee says.
DBS is stepping up to that role. Through its VCC platform, integrated One Bank approach, digital asset capabilities and long-standing commitment to client trust, it is enabling global families to turn uncertainty into opportunity.