| Singapore has cemented its position as one of the leading wealth management hubs in Asia. As evident from statistics, the number of single family offices in Singapore soared by 2,000 in 2024 itself. In 2023, the country had only 1,400 SFOs, which marks a significant growth of 42.9% last year. Around 600 new single family offices were launched in Singapore in 2024, which is more than double of the 300 that were added in 2023. While speaking at the UBS Asia Wealth Forum, Second Finance Minister and Monetary Authority of Singapore (MAS) Deputy Chairman Chee Hong Tat explained the popularity of the country as a premier financial hub. He added that the financial stability in Singapore, along with its pro-business policies and incentives from the government make it an attractive destination for ultra-high-net-worth families.
Government Support for Single Family Offices in SingaporeThe government of Singapore has been proactive in shaping the investment ecosystem in the country. In September 2024, MAS reported that it granted incentives to approximately 1,650 SFOs by the end of August. This suggests that more than half of the new SFOs were established in the last four months of the year. One of the key reasons for the spike in the number of single family offices in Singapore is a key policy shift in November 2024. An amendment was made during this time, which allowed non-family employees to hold shares in these offices.
The Strong Economy and Financial Resilience of SingaporeSingle famil... | 
