Strengthening Singapore’s position as a hub for family offices
Amid growing competition from jurisdictions around the world, what can Singapore do to cement its position as a family office hub?
THE global landscape of family offices is experiencing unprecedented growth. According to the World Ultra Wealth Report, in 2023, the global ultra-high-net-worth (UHNW) population grew by 7.6 per cent to a high of 426,330 individuals. This surge is driven by increasing wealth accumulation among high-net-worth (HNWs) and UHNW individuals.
This proliferation coincides with a significant intergenerational transfer of wealth. According to Wealth-X, US$18.3 trillion of collective wealth globally will be transferred by 2030, of which around US$2.5 trillion will be handed over in Asia. As older generations pass on their assets, younger family members are increasingly turning to family offices to manage their inherited wealth efficiently and sustainably.
Governments across the Middle East and Asia – such as Hong Kong, Dubai, Malaysia and Indonesia – are capitalising on this trend by introducing tax incentive schemes to attract family offices to their jurisdictions.
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