Singapore has witnessed a remarkable rise in its family office sector, with the number of single-family offices exceeding 2,000 in 2024, despite concerns over a high-profile money laundering case and delays in application processing.
Chee Hong Tat, Singapore’s Second Minister for Finance and Deputy Chairman of the Monetary Authority of Singapore (MAS), shared these figures during the UBS Asia Wealth Forum on January 14, 2025. Chee noted that the sector has grown tenfold since its inception five years ago, starting with just 200 family offices.
MAS aims to foster the financial services and wealth management sectors, focusing not only on attracting wealth but also on creating growth opportunities for investors and family offices. In 2024 alone, applications for tax incentives surged by 43%, with 600 new submissions.
Despite this growth, challenges remain. Six family offices were linked to the Fujian money laundering case, which caused significant disruption and resulted in 10 arrests. Additionally, processing delays for tax incentive applications have extended wait times, though MAS has pledged to reduce them to three months by 2025 by integrating external providers for application screening.
In August 2024, Singapore reported 1,650 single-family offices, with expectations to surpass the 300 added in 2023. Meanwhile, the broader wealth management sector experienced robust growth, with assets under management increasing by 10% to $5.41 trillion in 2023.
As a regional competitor, Hong Kong boasts over 2,700 family offices and aims to attract an additional 200 by the end of 2025, according to a report by InvestHK and Deloitte.
The UBS Asia Wealth Forum, held at Marina Bay Sands Expo, drew over 2,000 clients from UBS Global Wealth Management. UBS, managing $678 billion in assets across Asia, highlighted its successful integration of Credit Suisse clients and data into its platforms, underscoring its leadership in the region.
