Single family offices in Singapore balloon to 1,650 amid thriving wealth management sector
- Kelvin Tan
- Sep 20, 2024
- 1 min read
Singapore's wealth management sector continues to thrive. In particular, single family offices (SFOs) are seeing rapid growth, having reached 1,650 by August 2024 up from 1,400 in 2023.
This growth reflects increasing interest from the super-rich, driven by Singapore’s stable regulatory environment, robust financial services, and safe living conditions. Minister for Transport and Finance Chee Hong Tat noted the Asia-Pacific region’s projected 4.9% growth in 2025, further bolstering wealth management prospects.
Singapore’s assets under management (AUM) surged 10% to $5.41 trillion by end-2023, supported by rising valuations, net inflows, and diversification across asset classes.
The Monetary Authority of Singapore (MAS) is streamlining tax incentive processes to attract more SFOs. Additionally, initiatives like the Philanthropy Tax Incentive Scheme and new private market platforms aim to deepen Singapore's financial ecosystem.
Family offices headquartered in Singapore not only enhance the economy through job creation and capital, but also contribute to philanthropic causes and climate initiatives.
Article by Angela Tan for ST. Read more here or in the PDF below.
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