Propelling Singapore’s growth as a family office hub

GLOBAL wealth is at one of its highest levels today. Asia-Pacific accounts for 42 per cent (or S$289 trillion) of total global wealth as at August 2023. Within the next decade, baby boomers are expected to impart S$25 trillion of collective wealth to the next generation.

This has fuelled the growth of family offices established by affluent families to manage their family assets.

Singapore is emerging as an attractive location for family offices in Asia. The nation’s robust regulatory framework, stable economy, favourable tax and regulatory conditions, talented workforce, and strategic geographical location are key draw factors. Additionally, Singapore is among the world’s least corrupt countries, and its advanced healthcare infrastructure and safe environment appeals to affluent families.