Property News - General
2023 Jan 23 – More ultra-wealthy families setting up offices in Singapore, and they’re not just coming from Asia
SINGAPORE: More super-rich families are setting up offices in Singapore to manage their wealth, with the number of such offices nearly doubling from two years ago.
Singapore currently has about 700 family offices, up from 400 in end-2020 and up sevenfold from 2017, according to government estimates.
Source: https://www.channelnewsasia.com/singapore/family-offices-ultra-rich-set-singapore-financial-sector-3182131
2022 May 04 – Ultra-rich families racing to park wealth in Singapore under enhanced investment scheme
THE recent tightening of regulations for family offices in Singapore does not seem to have dissuaded wealthy investors, with a growing number anecdotally pursuing this route to permanent residency after the Global Investor Programme (GIP) scheme was expanded in 2020 to include them.
Ultra-high net worth families seeking to move their assets here form the largest category of investors under the enhanced GIP, professional service providers told The Business Times (BT).
Application figures were not available from the Economic Development Board (EDB), which manages the scheme. But the Monetary Authority of Singapore (MAS) has disclosed that there were about 400 single…
2021 Dec 06 – Why the affluent are setting up family offices in Singapore
The city-state’s strategic location, trusted legal system and pool of experienced advisers are among reasons that make it attractive for wealth management and preservation.
As a growing number of Asian entrepreneurs, tycoons and affluent families prepare to hand over the reins of the business to the next generation, they are turning to family offices to facilitate succession planning and wealth transfer.
Wealth-X, a research firm specialising in high-net-worth individuals, estimates that US$1.9 trillion (S$2.6 trillion) of wealth in Asia will be passed on to the following generation over the next decade. Campden Wealth, a provider of education, research and networking opportunities for wealthy families, estimates the number of family offices in Asia grew by 44 per cent between 2017 and 2019.