Singapore's family office ecosystem is rapidly growing, with over 1,650 single family offices in operation, up from 400 in 2020, according to Chee Hong Tat, second minister for finance and transport and deputy chairman of the Monetary Authority of Singapore (MAS).

Speaking at the Global-Asia Family Office Summit in the city-state, Chee highlights how Singapore's strong financial regulation and business-friendly environment have made it a preferred destination for Asian and global wealthy families.

Singapore’s assets under management (AUM) grew by more than 8% in 2023, with a five-year compound annual growth rate of 10%. As Asia-Pacific is projected to grow by 4.9% in 2025, Singapore is strategically positioned to benefit as a key financial hub serving the region, Chee says.

He emphasizes Singapore's role in wealth management, highlighting the appeal of local banks DBS, Bank of Singapore and UOB, alongside global institutions such as Citi and HSBC.

A survey conducted by MAS with a group of leading private banks in Singapore earlier this year found that client assets in the first quarter of 2024 grew by 9.5% compared to the same quarter a year ago. This was echoed by BCG’s Global Wealth Report, which projected that Singapore would grow by 8.5% per annum between 2023 and 2028, faster than any other global wealth centre.

Chee notes that family offices in Singapore contribute beyond wealth, generating jobs and investing in local ventures like GetGo, the largest car-sharing platform in Singapore.

He also expresses his support for Singapore’s growing interest in philanthropy, emphasizing the impact family offices can have through both financial and social contributions, with family office foundations in Singapore backing causes such as education for dyslexic and autistic individuals and enhancing elderly care. 

Singapore, he points out, is now boosting philanthropic advisory through programmes like the 2021 Philanthropy Advisory Skills launched by MAS and the Asia Centre for Changemakers’ certified impact philanthropy professional certification in 2023.

With a slew of further talent development and supportive government policies, Singapore is poised to remain a global and Asian leader in wealth management and family office services, Chee says.