According to a minister, Singapore's single-family offices increased to 2,000 last year.

 

According to Reuters, Singapore Chee Hong Tat, the deputy head of the city-state's central bank, announced on Tuesday that Singapore had 2,000 single-family offices by 2024.

Compared to the 1,650 Chee reported in September of last year, this represents a huge increase. The increase highlights Singapore's expanding standing as Asia's top wealth management location.

Due to its advantageous location as a gateway to the quickly growing Southeast Asian markets, low taxes, and regulations that encourage the establishment of family offices and trusts, Singapore has profited from significant inflows of money into Asia.

Specialized, one-stop shops known as "single-family offices" cater to the financial requirements of extremely wealthy individuals and families by providing specialized services for philanthropy, estate planning, and investment management.

"There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia," Chee said during a session at the UBS Asia Wealth Forum conference in Singapore.

In his statement, he underlined Singapore's resolve to continue to be a major financial center, saying, "We want to see how we can offer greater variety of investment options, including for people who want to put their wealth here also to grow their wealth."

This growth trajectory is in line with worldwide patterns that show an increasing need for customized wealth management solutions. According to experts, Singapore will probably continue to see an increase in family offices, enhancing its standing as a major center of wealth in the area.