Malaysia has never been the loudest wealth market in Asia, but that may be changing. A growing pool of billionaire families, more sophisticated affluent investors, and increasingly ambitious local banks are reshaping the country’s wealth landscape and putting it firmly on Southeast Asia’s radar.
The opportunity is clear, but the bigger question is whether Malaysia’s banks can capture more of this growing wealth — both onshore and offshore.
That opportunity is set to grow. Malaysia’s pool of wealthy individuals is expected to expand in the coming years, with Knight Frank forecasting the country’s billionaire population will increase 39% by 2031. The number of UHNWIs is also projected to rise from 1566 in 2026 to 1881 by 2031.
Local champions such as Maybank, CIMB, Hong Leong Bank and Public Bank are moving beyond traditional banking, investing in wealth platforms, advisory capabilities and talent to compete for the next generation of affluent and UHNW clients.
Malaysia’s private banks grew onshore AUM by 13% to US$91 billion in 2024, according to APB data, with the latest 2025 figures due in August. But growth alone does not guarantee success.
With wealthy Malaysians increasingly booking assets offshore, particularly in Singapore, domestic banks are competing not only with each other but also with global private banks offering broader international capabilities and investment access.
Still, Malaysian banks are not stepping aside. Instead, they are expanding beyond their traditional domestic base and building capabilities to capture a larger share of regional wealth.
2024 AUM of Malaysia’s private banks and wealth managers
CIMB, for example, is expanding its private wealth business in Singapore and Thailand, looking beyond offshore Malaysian clients to capture affluent investors across Southeast Asia. The bank aims to double its wealth assets by 2030.
CIMB Private Banking managed US$29 billion in Asia at end-2025, while its onshore affluent banking business in Malaysia managed around US$16 billion at end-2024, according to APB data.
Maybank is also accelerating its wealth ambitions. Its Malaysian private banking business saw new assets rise 20% to US$7.78 billion in 2025, while fee income increased 15%. The bank has expanded beyond Kuala Lumpur into Penang, Sarawak and Sabah, while establishing a private wealth presence in Johor.
The bank established an Islamic Wealth Management Hub in Singapore in 2023 to address the shortage of Shariah-compliant investment solutions in Southeast Asia. Its CIO-led Shariah multi-asset solution has raised nearly US$370 million since launching in January.
In Asia, Maybank Private managed US$30.2 billion in AUM at the end of 2025, up 29.1% year on year, according to APB data. The bank is also strengthening its family wealth capabilities. Malaysia approved six SFOs last year, with Maybank securing two approvals and a third recently granted. Around ten more SFOs are currently in the pipeline.
Hong Leong Bank is similarly stepping up its UHNW ambitions. After building its leadership structure in 2025, the bank plans to double its relationship manager headcount in Malaysia over the next 18 months as it shifts towards a more advisory-led model.
Its Singapore private banking office, launched in 2025, alongside partnerships with WeBank Technology and Lombard Odier, highlights its ambition to combine digital capabilities with more sophisticated wealth solutions. Onshore Malaysia, Hong Leong managed US$14 billion as of end-2024, APB data shows.
At the same time, wealth transfer is becoming a bigger priority. A HSBC survey this year found that Malaysian HNW individuals are increasingly focused on legacy planning, with many already putting formal succession plans in place.
For Malaysia’s private banks, the challenge now is not simply attracting more assets. It is proving they can offer the international connectivity, investment sophistication and advisory depth required by the region’s next generation of wealthy families.
Can they move beyond being domestic wealth champions and become regional players — winning Malaysian assets both onshore and offshore while capturing the next wave of Southeast Asia’s affluent fortunes?