The global use of family offices for wealth planning is on the rise, with Singapore poised to experience the highest growth in the coming years, according to a report by Ocorian.
Over the next three years, Singapore is expected to lead with a 45% increase in family offices focused on wealth structuring. This is followed by the Cayman Islands (41%), Hong Kong (32%), Jersey (29%), and the UAE (26%).
Key Criteria for Choosing Jurisdictions
When selecting a jurisdiction, the top priority for family offices is cost management. Other important factors include cultural compatibility, transparent tax systems, fluency in the local language, time zone alignment, political stability, international reputation, infrastructure, legal frameworks, and ease of travel.
Positive Growth Outlook
Family offices are generally optimistic about future growth. Of those surveyed, 68% saw asset growth in the past five years, and of this group, 92% expect further expansion, with 48% anticipating significant increases.
Ocorian’s study surveyed over 300 family offices globally, managing a combined $155 billion in assets.
