The rapid growth of single family offices in Singapore has boosted job creation in the city-state in recent years, according to the local regulator.
Of the single family offices (SFO) that applied for tax incentives, 900 jobs were created as a result in the past three years, according to the Monetary Authority of Singapore's (MAS) Tharman Shanmugaratnam in a published response to parliamentarian questions about contributions to job creation.
As of June 2022, SFOs employ around 1,400 Singaporeans and local permanent residents. The regulator noted that it did not have data on all SFOs, including those that did not apply for tax incentives.
Salary Breakdown
On salaries, MAS shared that two-thirds of the Singaporeans and permanent residents employed by SFOs under the tax incentive schemes earned more than S$5,000 ($3,700) per month. More than 400 earned between S$2,000 and S$5,000 per month while fewer than 50 earned less than S$2,000 per month.
«These are generally well-paying jobs,» Tharman said.
In a separate response to another question in parliament, the local regulator also disclosed that the number of SFOs rewarded tax incentives in the city-state rose to 1,100 as of end-2022, up from 700 in 2021.
