In 2024, Singapore’s family office sector experienced significant growth and transformation. The number of single-family offices surged from 1,400 at the end of 2023 to 1,650 by August 2024, with projections indicating that over 300 new single-family offices will be established by the end of the year. This expansion underscores Singapore’s status as a leading wealth management hub in Asia.

The city-state’s favorable tax incentives and political stability continue to attract ultra-high-net-worth individuals and financial institutions. For instance, Barclays announced plans to establish a new private banking booking center in Singapore by 2026, aiming to leverage the growing pool of wealthy clients and family offices. Additionally, Singapore’s family offices are increasingly focusing on nature-friendly investments, aligning with global sustainability trends and contributing to the nation’s environmental goals.