Singapore to continue welcoming legitimate wealth
- Kelvin Tan
- Sep 25, 2024
- 1 min read
Singapore will continue welcoming "legitimate wealth," "genuine investments," and "complementary international talent," said Second Minister for Finance Chee Hong Tat at the Global-Asia Family Office Summit on September 16.
Chee emphasized that Singapore must remain "open, welcoming, stable, and secure" to stand out in an increasingly volatile world.
The city-state's family office sector is booming, with the number of single-family offices rising from 400 in 2020 to 1,650 by mid-2024. Chee expects 2024 will see more than 300 new offices, surpassing 2023's growth. He highlighted that Asia’s projected 4.9% growth in 2025 positions Singapore to benefit from regional expansion.
Singapore’s wealth management sector is also thriving. A MAS survey reported 9.5% year-on-year asset growth in early 2024, and BCG predicts the sector will expand by 8.5% annually from 2023 to 2028. Chee attributed this success to Singapore’s strong legal system and trusted financial environment.
Article by Mary Alavanza for The Independent SG. Read more here or in the PDF below.
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