Singapore’s Ultra-Rich Prefer Banks Over Costly Family Offices

Singapore’s ultra-rich are shifting towards private banks instead of establishing single-family offices, as compliance and operational costs mount. While private banks’ wealth management services provide access to tax incentives typically linked to single-family offices, they spare ultra-wealthy clients the expense and regulatory burden of managing one. However, observers note the trade-off is reduced customisation and possible conflicts of interest when banks handle multiple clients. The trend reflects how Singapore’s wealth management ecosystem is adapting to the ultra-rich balancing cost, control and convenience, as the city-state seeks to remain the preferred hub for global capital inflows.