Singapore to remain open to 'legitimate wealth' and 'genuine investments'

The country has reached 1,650 single family offices by August.

Singapore will continue to welcome “legitimate wealth,” “genuine investments,” and “complementary international talent” from around the world, according to Chee Hong Tat, minister for Transport and Second Minister for Finance. 

Speaking at a family office summit, Chee emphasised that the country must remain “open, welcoming, stable and secure” to keep its competitive edge amidst a turbulent external environment.

By the first eight months of 2024, Singapore had reached 1,650 single family offices, and Chee expects this number to surpass 2023 figures. He noted that these new firms are arriving at “a good time,” as the Asia Pacific region is projected to grow by 4.9% in 2025, with the country positioned to benefit as a regional hub.

In particular, local and global banks alike have announced their plans to continue expanding their teams and operations in Singapore. 

A Monetary Authority of Singapore (MAS) survey showed a 9.5% growth in client assets during the first quarter compared to the previous year. A separate BCG report projects Singapore’s wealth management sector to grow by 8.5% per annum from 2023 to 2028, outpacing other global wealth centres.

Moreover, Chee highlighted Singapore’s status as a trusted financial hub, citing a strong rule of law, a robust regulatory regime, and a comprehensive ecosystem of wealth managers as reasons why wealth owners choose the country.

In 2023, wealth management assets under management grew by more than 8%, with a five-year compounded annual growth rate of about 10%.