Insights
Singapore is becoming a hub for family offices.
Asia has emerged as the fastest-growing region for high-net-worth individuals. According to the Hurun Global Rich List 2023 by Hurun Research Institute, Asia houses 49% of the world's billion-dollar entrepreneurs and 39% of the world's total wealth, with family offices becoming a popular wealth management tool for the wealthy .
Given this trend, Singapore is ideally placed to offer financial services to Asia's ultra-high-net-worth individuals (UHNWIs).
Attractive environment - stability and security.
Singapore is a desirable location for affluent families managing their fortunes due to its stability, security, and decent governance. Its strong legal and regulatory framework, transparent judicial system, and long-standing political stability provide confidence to businesses and investors alike.
Additionally, Singapore has attracted foreign investment and created a thriving financial sector because of its well-developed infrastructure and highly educated population.
Attractive industry development - well-developed financial sector.
Singapore has a well-developed financial sector with a range of financial institutions and service providers that cater to the needs of family offices.
Attractive policies - flexible investment and tax incentives.
The government of Singapore has implemented policies to attract family offices, such as the introduction of the Variable Capital Company (VCC) structure, which provides more flexibility and tax benefits for investment vehicles.
Attractive measures - family office allowance
Singapore also offers a range of incentives and initiatives aimed at supporting the development of the family office ecosystem, such as the Family Office Development Grant and the Global Investor Program.