Singapore has the highest mutual fund ownership rate in Asia, even as a large share of assets remains in deposits
[SINGAPORE] Mutual fund ownership among Singapore’s high-net-worth (HNW) investors has nearly trebled since 2022, reaching the highest level among Asian markets surveyed in a report by Citi Wealth.
The proportion of HNW investors holding mutual funds in the Republic rose to 31 per cent in 2026, from 11 per cent in 2022, indicated a white paper released by Citi Wealth and research firm RFI Global on Thursday (Oct 22).
Singapore’s mutual fund ownership rate was ahead of India at 24 per cent, South Korea at 17 per cent, Hong Kong at 16 per cent and mainland China at 7 per cent.
The report also found that average assets under management (AUM) among Singapore’s HNW banking customers rose 6 per cent to US$1.5 million from US$1.41 million a year earlier.
Among affluent banking customers, average AUM grew 5 per cent to more than US$565,000, up from US$537,710 in 2025.
The increase comes as Singapore continues to attract wealth from across Asia. Indonesia accounted for the highest proportion of affluent cross-border banking customers using Singapore, at 41 per cent, followed by Malaysia at 36 per cent.
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Despite growing mutual fund ownership, a large proportion of assets remained in deposits.
In Singapore, 72 per cent of onshore affluent assets and 74 per cent of offshore assets booked in the country were held in cash and liquid deposits. Only 26 to 28 per cent were allocated to investments.
This was broadly similar to Hong Kong, where 76 per cent of offshore assets were held in deposits. In comparison, deposits accounted for 42 per cent of offshore assets surveyed in the US.
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Yeo Wenxian, Citi’s Asia South head of wealth and chief executive officer of Citibank Singapore, said: “As wealth becomes increasingly international, clients are looking for opportunities that extend beyond their home markets, while seeking trusted advice to help them navigate an increasingly complex investment landscape.”
AI adoption and estate planning
The report also found that 58 per cent of Singapore’s HNW customers and 51 per cent of affluent customers were comfortable using artificial intelligence for personalised financial advice.
However, retaining control over financial decisions remained a key consideration, cited by 31 per cent of affluent respondents. Another 22 per cent valued having the option to consult a human adviser alongside AI tools.
On estate planning, around three in four affluent Singaporeans had a will or wealth succession plan in place, or intended to establish one.
The report said Singaporeans consistently outpaced their regional peers across all age cohorts in this category, with the gap the most pronounced among senior wealth holders.
Among Singaporeans aged 55 and above, 76 per cent have established wills or succession plans, compared with 41 per cent in Hong Kong.
Protecting family assets was the top consideration for succession planning, cited by 51 per cent of Singapore respondents. This was followed by avoiding family disputes and ensuring fair distribution among heirs, both at 45 per cent.