Local banks including DBS, UOB, and the Bank of Singapore, alongside global institutions like HSBC and Citi, play a central role in supporting this ecosystem.
Beyond investing, single family offices play a broader economic role, generating local jobs and channeling capital into Singapore-based ventures. Philanthropy has become part of that role as well, with family offices supporting causes such as education for autistic and dyslexic individuals and elderly care, backed by government initiatives including the 2021 Philanthropy Advisory Skills programme and the Asia Centre for Changemakers’ professional philanthropy certification launched in 2023.
Singapore’s combination of stable governance, favorable residency policy, and world-class financial infrastructure makes it the leading family office hub in Asia, and that position is expected to strengthen as global wealth continues shifting into the region. Structuring, compliance, and investment execution still require dedicated expertise, which is where firms like IMC support family offices and high-net-worth individuals directly.
Singapore’s single family office count grew from 400 in 2020 to 1,650 in 2024, according to MAS deputy chairman Chee Hong Tat. More recent tracking places the figure above 2,000, a 43% year-on-year increase, making Singapore home to an estimated 59% of all family offices in Asia.
Singapore offers political stability, a robust legal framework, strong financial regulation, and a strategic location as a gateway to Asian markets. It is ranked the third least corrupt country globally and has been recognised as the best place to do business for 15 consecutive years.
Under the Global Investor Program (GIP), qualifying family office leaders can apply for permanent residency through Plan C, allowing them to live and work in Singapore while managing their investments locally.
Family offices in Singapore balance private and public market exposure, with a strong preference for direct private capital investments, growing allocations to technology and AI, and increasing focus on ESG and philanthropic giving.
Under current tax incentive conditions, family offices are generally expected to allocate at least 10%, or up to S$10 million, of their assets to local investments.
Yes. In Asia-Pacific, 43% of family offices are moving toward professional, non-family leadership, compared with a global average of 29%, with many hiring from financial services and consulting backgrounds.
Many do. Functions such as bookkeeping, compliance, and IT integration are increasingly outsourced, with 85% of surveyed respondents saying outsourcing middle- and back-office functions improves cost efficiency and operational quality.
Setting up a family office in Singapore involves entity structuring, regulatory registration, and residency planning, typically done with support from an experienced advisory firm such as IMC.
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