As of December 31 2023, there were about 1,400 single family offices ( SFOs ) in Singapore that have been awarded tax incentives, according to Deputy Prime Minister Lawrence Wong.

Wong, who is also minister of finance and chairman of the Monetary Authority of Singapore, revealed the figures in a written reply to a parliamentary question on family offices in the city-state.

There has been a rapid expansion of family offices in the Southeast Asian wealth hub, from 400 in 2020 to 1,100 by the end of 2022.

The majority of the workforce consists of locals, while foreign staff are from several countries, mostly from Asia, Wong says. Slightly more than half of the employees are males. As to their age, about 10% are below 30, 35% between 30 and 40 years old, and 55% above 40.

Most of the family offices have fewer than 20 employees, while a smaller proportion has 20 or more.

Family offices are classified under different Singapore standard industry classification ( SSIC ) codes. Code 66306 refers to single/multiple family office activities such as managing investments and trusts. Code 663 refers to fund management activities such as traditional/ long-only asset/ portfolio management ( 66301 ), while Code 702 refers to management consultancy activities.

Singapore has attracted SFOs by positioning itself as a safe offshore asset management centre, supported by a strong legal regime and a robust education system as well as a high-quality family lifestyle environment.

While attracting wealthy technology entrepreneurs, Singapore is now positioning itself as a leading Asian hub for green and sustainable investment, an approach that aims to attract the younger generation of ultra-high-net-worth individuals to set up SFOs in the country.

North Asian wealth hub Hong Kong has been keen to maintain its status as a key location for family offices in Asia. There are about 430 family offices in the city, with the government aiming to attract another 200 such entities by 2025.