As of the end of August, the Monetary Authority of Singapore (MAS) had granted tax incentives to around 1,650 single-family offices (SFOs), up from 1,400 by the end of 2023. In 2020, only 400 SFOs received these benefits.
During the Global-Asia Family Office Summit on September 16, Chee Hong Tat, Singapore’s second minister for finance and MAS deputy chairman, highlighted that 250 new SFOs were added in the first eight months of 2024, likely surpassing the 300 added in 2023.
He emphasized Singapore’s strategic importance as a gateway to Asia, with the country’s wealth management assets growing over 8% in 2023, contributing to a five-year compound annual growth rate of about 10%.
Chee noted that Singapore continues to attract wealth, investment, and international talent by maintaining a stable and welcoming environment amidst global uncertainties.
Family offices have contributed to job creation and engaged with sectors such as private banking, fund management, and legal and tax services. Moreover, they play a key role in supporting local innovation and climate initiatives.
Singapore plans to further strengthen its ecosystem by focusing on trust, regulation, and government support, positioning itself as a secure, long-term investment destination.
