Growth of Single Family Offices in Singapore

SINGAPORE (Reuters) – The number of single family offices in Singapore grew to 2,000 in 2024, according to Chee Hong Tat, the deputy chairman of the city state’s central bank.

This marks an increase from 1,650 in September of the prior year.

Singapore has seen significant inflows of wealth into Asia, supported by favorable policies for establishing family offices and trusts, along with low taxes and its strategic location as a gateway to the burgeoning Southeast Asian markets.

Single family offices serve as one-stop firms managing the finances of the ultra-wealthy.

“There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia,” Chee stated during a session at the UBS Asia Wealth Forum conference in Singapore.
“We want to see how we can offer greater variety of investment options, including for those who want to grow their wealth here,” he added.