Singapore’s single family offices climbed to 2,000 last year, minister says

SINGAPORE (Reuters) – The number of single family offices in Singapore grew to 2,000 in 2024, the deputy chairman of the city state’s central bank, Chee Hong Tat, said on Tuesday.

That’s up from a figure of 1,650 Chee shared in September last year.

Singapore has benefited from strong inflows of wealth into Asia due to policies favourable for setting up family offices and trusts, low taxes and its location as a gateway to the growing Southeast Asian markets.

Single family offices are one-stop firms that manage the finances of the very wealthy.

“There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia,” Chee said in a session at the UBS Asia Wealth Forum conference in Singapore.

“We want to see how we can offer greater variety of investment options, including for people who want to put their wealth here also to grow their wealth,” he added.