Singapore Tightens Grip on Asia as Singapore Family Office Boom Tops 2,000

Singapore is cementing its lead as a hub for wealthy families as the Singapore family office boom gathers pace, with the number of single-family offices receiving tax incentives jumping from about 400 in 2020 to over 2,000 by end-2024, the Monetary Authority of Singapore said, helped by faster approvals and a competitive tax regime.

Deloitte estimates there were about 8,030 single-family offices globally in 2024, rising to 10,720 by 2030, underscoring the industry’s rapid expansion.

Singapore’s schemes typically require minimum assets and local substance, including hiring investment professionals and deploying the lower of S$10m (USD7.4m) or 10% of AUM into qualifying Singapore-based investments.

Korean banks and brokerages are stepping up multi-family office offerings and cross-border advisory as they chase the Singapore family office boom.