This story is part of Forbes’ coverage of Singapore’s Richest 2026. See the full list here.
Singapore’s reputation as a safe haven for the ultrarich has been a boon for the wealth management units of its banks. At OCBC, the country’s second-largest bank by assets, that business grew 11% in the first quarter, accounting for 39% of total revenue. The bank’s shares nearly doubled over the past year, boosting the net worth of the Lee family, whose biggest asset is their stake in OCBC, to $13.8 billion. The family is the biggest gainer in both dollar and percentage terms this year and appears among the top five at No. 4.
OCBC’s recent efforts to target high-net-worth customers include recruiting senior executives for Bank of Singapore, its private banking subsidiary, and launching an AI-enabled wealth management app. In May, it announced the acquisition of HSBC’s wealth management and retail operations in Indonesia for an undisclosed price. Glenn Thum, an analyst at Singapore-headquartered financial services firm PhillipCapital, notes in a May report that the deal strengthens OCBC’s regional wealth franchise. The Lee family includes the heirs of Lee Seng Wee, the former chairman and CEO of OCBC who passed away in 2015. His son Lee Tih Shih, a medical doctor and professor at Duke-NUS Medical School, is a non-executive director.
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