The number of family offices in Singapore rose to 2,000 last year, says minister By Reuters

SINGAPORE (Reuters) – The number of family offices in Singapore will rise to 2,000 in 2024, the country’s central bank deputy governor Chee Hong Tat said on Tuesday.

That’s up from the 1,650 Chee figure he shared in September last year.

Singapore has benefited from a strong influx of wealth into Asia thanks to policies that favor family offices and foundations, low taxes and its position as a gateway to growing Southeast Asian markets.

Family offices are one-stop businesses that manage the finances of the very wealthy.

“I think there will be more interest from investors to look at Singapore as a key hub and hub in Asia,” Chee said at the UBS Asia Wealth Forum conference in Singapore.

“We want to see how we can offer a wider variety of investment options, including for people who want to invest their wealth here and grow their wealth,” he added.