SINGAPORE (Reuters) – The number of single family offices in Singapore will rise to 2,000 in 2024, the city-state’s central bank deputy chairman Chee Hong Tat said on Tuesday.
This represents an increase from the figure of 1,650 Chee shared in September last year.
Singapore has benefited from a strong influx of wealth to Asia thanks to policies favorable to the creation of family offices and trusts, low taxes and its location as a gateway to the growing markets of Southeast Asia.
Single Family Offices are one-stop-shop companies that manage the finances of the very wealthy.
“I think investors will be more interested in Singapore as a key node and hub in Asia,” Chee said during a session at the UBS Asia Wealth Forum conference in Singapore.
“We want to see how we can offer a wider variety of investment options, including to people who want to place their wealth here and also to grow their wealth,” he added.
