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Family Offices in Singapore record 43% growth in 2024 with 2,000+ new Establishments Head

Family Offices in Singapore record 43% growth in 2024 with 2,000+ new Establishments

  • Modified On: February 26, 2026

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Singapore has cemented its position as one of the leading wealth management hubs in Asia. As evident from statistics, the number of single family offices in Singapore soared by 2,000 in 2024 itself. In 2023, the country had only 1,400 SFOs, which marks a significant growth of 42.9% last year.

Around 600 new single family offices were launched in Singapore in 2024, which is more than double of the 300 that were added in 2023.

While speaking at the UBS Asia Wealth Forum, Second Finance Minister and Monetary Authority of Singapore (MAS) Deputy Chairman Chee Hong Tat explained the popularity of the country as a premier financial hub. He added that the financial stability in Singapore, along with its pro-business policies and incentives from the government make it an attractive destination for ultra-high-net-worth families.

Government Support for Single Family Offices in Singapore

The government of Singapore has been proactive in shaping the investment ecosystem in the country. In September 2024, MAS reported that it granted incentives to approximately 1,650 SFOs by the end of August. This suggests that more than half of the new SFOs were established in the last four months of the year.

One of the key reasons for the spike in the number of single family offices in Singapore is a key policy shift in November 2024. An amendment was made during this time, which allowed non-family employees to hold shares in these offices.

The Strong Economy and Financial Resilience of Singapore

Single family offices are expanding in Singapore at a time when the country’s economy is on a growth trajectory. Singapore recorded a 4% growth in its GDP in 2024, outperforming the 1.1% growth recorded in 2023.

Interestingly, the wealth management sector and financial services form a significant part of the services-producing industries. It contributed to 4.1% growth, surpassing the 3.6% from goods-producing sectors.

Geopolitical Uncertainties That May Impact the Market

 With Donald Trump returning as the US President, experts are wary of certain challenges due to probable trade restrictions. Amidst tariff hikes and the economic slowdown in China, certain risk factors linger in 2025. If Trump decides to follow the 60% tariff rate, the GDP of China may slow down to 3%, further disrupting global markets.

Also, the prospect of higher-for-longer U.S. interest rates could strengthen the US dollar, leading to further depreciation for Asian currencies. An expert suggested that the Chinese yuan may fall to 7.5 against the dollar, while in the latter half of 2025, the Japanese. Amidst the uncertain market conditions, the Singapore dollar could fall by another 2%.

Why Singapore is Advantageous for Setting up a Single Family Office

Now, let’s understand why Singapore is advantageous for setting up a single family office even amidst global turbulence. The country is in a position to weather economic fluctuations. The country has strong fiscal reserves, which provide a buffer to absorb economic shocks. With the upcoming general elections expected in 2025, the new budget statement on February 18 may present a fiscal bonanza.

Also, Singapore’s stature as a global financial hub is expected to draw investors. Currently, the city-state is the top deep-tech startup ecosystem in Asia, and occupies the fourth spot globally. Its reputation for regulatory stability continues to attract investors looking for a strategic base for wealth management.

Advisory Services for Setting up Single Family Offices in Singapore

The government of Singapore is adopting a wait-and-see approach as the country steps into 2025. Finance Minister Chee expressed the commitment of the country to stay adaptable in at a time when the financial environment is evolving.

Top advisory experts like the IMC Group can guide single family offices in Singapore operate with confidence, establishing their presence in the country. The financial stability and favourable policies in the country continues to position Singapore as a premier destination for ultra-wealthy families.

CategoryKey Takeaway for Single Family Offices
Macroeconomic StrengthStrong fiscal reserves help Singapore remain steady during global economic uncertainty.
Political OutlookStable governance and upcoming budget announcements linked to the 2025 elections support long-term planning.
Global PositioningRecognised as a leading international financial centre that continues to attract global capital.
Regulatory EnvironmentConsistent regulations provide predictability for wealth structuring and family office operations.
Investment ClimateAsia’s leading deep-tech ecosystem and a top global ranking offer access to future-focused sectors.
Wealth Management AppealTrusted jurisdiction for families seeking long-term asset preservation and orderly succession planning.

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