Singapore remains ‘bedrock’ for family offices, but more turn to Hong Kong or Middle East for extra bases: StanChart’s private bank head

[SINGAPORE] More wealthy families with family offices in Singapore are setting up additional bases in other hubs such as Hong Kong, Dubai or Abu Dhabi, said Raymond Ang, global head of private bank and affluent clients at Standard Chartered.

While Singapore “will always be the bedrock” for setting up family offices in Asia, different centres have their roles and strengths, and serve different purposes, said Ang, who is also head of wealth and retail banking for Greater China and North Asia.

According to the latest available data, the number of single-family offices in Singapore exceeded 2,000 as at end-2024, up 43 per cent on year.