Singapore’s wealth management sector is thriving, with the number of single family offices (SFOs) reaching 1,650 by August 2024. This marks significant growth from 400 in 2020, driven by favorable tax incentives and the country’s stable regulatory environment. As of 2023, assets under management (AUM) grew by 10% to $5.41 trillion, highlighting Singapore’s appeal to wealthy investors.

Family offices are expanding their contributions to the economy, focusing on areas such as philanthropy and sustainable finance. The Monetary Authority of Singapore (MAS) is streamlining processes to attract more family offices, offering tax incentives and enhancing connections with local businesses and investment opportunities.