The number of single-family offices in Singapore receiving tax incentives reached 1,650 by the end of August 2024, demonstrating the country’s appeal as a hub for wealth management. This growth follows the government’s strategic efforts to provide favorable tax perks, encouraging high-net-worth individuals to establish family offices.

These offices benefit from incentives while contributing to economic activity, including job creation, and further solidifying Singapore’s position in the global wealth management sector.