Wealth management has become a growing source of income for three Singapore-listed banks.

Last year, DBS, OCBC and UOB generated average fee income of S$507 million ($362.3 million) from their wealth management services, up 12 per cent from S$450.3 million in 2014, the Singapore Exchange revealed in a market update.

Between 2010 and 2015, DBS’s fee and commission income from wealth management services rose more than four-fold to S$599 million. Meanwhile, that for OCBC and UOB more than doubled over this period to S$506 million and S$416 million respectively. In 2015, these figures were up by 18 per cent, 8 per cent and 10 per cent respectively from the previous year.

In its results statement, DBS said its wealth management fees accounted for 24 per cent of total 2015 fee and commission income, up from 22 per cent in 2015. For OCBC and UOB, wealth management fees took a respective 31 per cent and 22 per cent share, unchanged year-on-year.

The value of Singapore's high net worth market for wealth managers is further underlined by Knight Frank’s new rankings of the most important cities for ultra-high net worth individuals. Singapore has overtaken rival Asian financial hub Hong Kong to claim third place after London and New York.

On the Singapore Exchange, DBS, OCBC and UOB have averaged a total return of -13.2 per cent this year so far. Over a 12-month and three-year period, their dividend-inclusive total returns were -23.5 per cent and -3.1 per cent respectively.