About 400 ultra-rich families have been operating offices out of Singapore as of the end of last year to manage their wealth and investments, according to Trade and Industry Minister Chan Chun Sing.
Chan was responding to a parliamentary question in a written answer that was released last night, attributing the rise in single-family offices to Singapore’s stability, competitive business environment, talent in the local wealth management industry, as well as investment opportunities.
The families of Google co-founder Sergey Brin, as well as those of American billionaire Ray Dalio, were among the latest to set up offices in Singapore, which is also famous for its low taxes and incentives for the rich.
“[Monetary Authority of Singapore] estimates that there are about 400 Single Family Offices (“SFOs”) operating in Singapore as at end-2020. These SFOs were established in Singapore due to our stability, competitive business environment, the availability of talent from …