In his speech at the Global-Asia Family Office Summit, Mr. Chee Hong Tat highlighted the significant growth of Singapore’s family office sector, with the number of single family offices increasing from 400 in 2020 to 1,650 in 2024. This growth reflects the attractiveness of Singapore as a financial hub, thanks to its stable regulatory environment, high quality of life, and strong connections to Asia’s booming economy. He emphasized the importance of building on this momentum through strategic initiatives that support both the philanthropic and investment activities of family offices.

The speech also focused on enhancing Singapore’s family office ecosystem through initiatives that foster philanthropy, private equity investments, and skills development. Mr. Chee noted the importance of developing talent in the industry and encouraged family offices to collaborate in contributing to societal impact, such as in climate solutions and innovation. He reaffirmed Singapore’s commitment to providing a stable, secure environment for family offices, emphasizing a balance between regulation and growth, and positioning the country as a global hub for wealth management.