The surge in the number of family offices in Singapore has also led to job creation for local workers.
The number of single family offices (SFO) in Singapore that have been rewarded tax incentives exceeded 2,000 at the end of 2024, up from 1,400 in end-2023 and 400 in end-2020. According to Gan Kim Yong, Deputy Prime Minister, Minister for Trade and Industry as well as chairman of the Monetary Authority of Singapore, this has also led to job creation with employment of about 2,200 local workers.
«SFOs contribute to the growth of the asset management industry, and increase demand for ancillary services such as in private banking, legal and tax advisory, accounting and fund administration,» Gan added in a reply to questions from the city-state’s parliament.
