Singapore continues to attract ultra-rich individuals after luring hundreds of new single family offices in 2023.
As of 31 December 2023, there were around 1,400 single family offices (SFOs) that have been awarded tax incentives, according to Deputy Prime Minister Lawrence Wong in response to a parliamentary question.
This marks a 27 percent increase year-on-year from end-2022, which saw 1,100 SFOs rewarded with the incentives.
Employee Mix
In addition, the question by parliament member Patrick Tay Teck Guan also covered inquiries about the number and mix of workers employed at the SFOs.
According to Wong, who is also the Minister of Finance and chairman of the Monetary Authority of Singapore, most SFOs have fewer than 20 employees with a small number that have more than 20.
From Other Countries
The majority of their workforce is comprised of locals with foreign workers mostly from other countries in Asia. By age, 10 percent are below 30 years old, 35 percent are between 30 and 40, and 55 percent are above 40. Slightly more than half are males.
