Despite stricter anti-money-laundering regulations and high operational costs, Singapore continues to attract a growing number of single-family offices. In 2024, the city-state saw a 21% increase, bringing the total to 2,000 such entities, according to the Monetary Authority of Singapore.
Richard Lewis of Schroders Wealth Management attributes this growth to Asia’s rising population of ultra-high-net-worth individuals, Singapore’s political stability, and its transparent regulatory environment.
However, establishing a family office in Singapore involves significant challenges. The Global Investor Programme requires a minimum of S$200 million in assets under management, with at least S$50 million invested in qualifying local assets. These stringent requirements, along with high operational costs and competition for experienced wealth management professionals, can be barriers for smaller or emerging family offices.
In 2024, Singapore faced a major money laundering scandal involving $2.2 billion and 10 Chinese nationals. The government responded with enhanced anti-money-laundering measures to promote greater transparency and accountability within the single-family office sector. While these actions initially caused hesitation among some ultra-high-net-worth individuals, they are expected to strengthen long-term confidence in Singapore as a leading destination for family offices and wealth management.
