According to Channel NewsAsia, Singapore currently has about 700 family offices, up from 400 in end-2020 and up sevenfold from 2017.
This comes about as more affluent families are setting up offices in Singapore to manage their wealth. In particular, demand from Asia is soaring as private wealth in the region accelerates faster than anywhere else in the world; India tops the list for fastest rate of growth of millionaires.
Family offices located in Singapore can also benefit from Singapore’s wide network of 25 free trade agreements and more than 80 Double Taxation Agreements (DTAs), lowering withholding taxes from overseas investments, for example.
Furthermore, there is increased interest in the Asia Pacific—54% of global family offices plan to increase asset allocation in Asia Pacific over the next five years. Being situated at the heart of Asia provides unparalleled connectivity to capture this growth.