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Family offices in Singapore – Achieving a sustainable legacy for business families

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Family offices in Singapore – Achieving a sustainable legacy for business families

Jan 11, 2024

Family offices in Singapore – Achieving a sustainable legacy for business families Watch the video: Family offices in Singapore – Achieving a sustainable legacy for business families

Singapore has become a favourable destination for ultra-high net worth families to set up their family offices. The growth of global and Asian wealth in recent years, backed by the demand of these business families to professionalise the management of their wealth, has spurred on the development of Singapore’s family office ecosystem. At the same time, the Singapore government has been working hard to maintain Singapore as a stable and vibrant hub to attract a strong talent pool to provide professional services to these family offices. The number of Single-Family Offices (SFO) in Singapore is approximately 1,100 as at end-2022.

The Global Investor Programme and the 13 series of tax incentive schemes administered by the Singapore Economic Development Board and the Monetary Authority of Singapore, respectively, have also been refined over the years to keep up with market trends and the increasingly sophisticated demands of ultra-high net worth clients and their family offices.

Aik Ping Ng, Managing Director and Head of Family Office Advisory, Asia Pacific at HSBC Global Private Banking, shares the key developments and opportunities in the Singapore family office landscape.

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