THE exponential growth of the burgeoning family office space in Singapore has captured global attention. Data from Singapore’s Economic Development Board showed that family offices in the country grew fivefold between 2017 and 2019. In 2020, the number of family offices in Singapore was around 400, and the latest figures indicate that more than 800 family offices were established in the Republic by end-2022. With the world’s billionaire population expected to grow at a global average of close to 34 per cent and a third of them from Asia-Pacific, this pace is likely to continue.
Against this exciting backdrop of rapid growth and wealth influx, it is easy to rest on our laurels and celebrate...
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