In recent years, Singapore has become a leading hub for high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals establishing family offices. This trend reflects Singapore’s appeal as a stable, well-regulated environment that supports efficient wealth management, asset preservation, and legacy planning.
Today Singapore’s family office sector has seen exponential growth. Singapore’s wealth management sector continues to flourish, with the number of single family offices (SFOs) set up by the super rich ballooning to 1,650, fuelling optimism that the growth of SFOs in 2024 will surpass that in 2023. From just 400 SFOs awarded tax incentives by the Monetary Authority of Singapore (MAS) in 2020, the number of family offices grew to 1,400 at the end of 2023.
In this article, we delve into the core advantages that make Singapore a top choice for family offices, share insights on global billionaires who have already established their family offices here, and compare Singapore with other popular wealth management jurisdictions.
Today Singapore’s family office sector has seen exponential growth. Singapore’s wealth management sector continues to flourish, with the number of single family offices (SFOs) set up by the super rich ballooning to 1,650, fuelling optimism that the growth of SFOs in 2024 will surpass that in 2023. From just 400 SFOs awarded tax incentives by the Monetary Authority of Singapore (MAS) in 2020, the number of family offices grew to 1,400 at the end of 2023.
In this article, we delve into the core advantages that make Singapore a top choice for family offices, share insights on global billionaires who have already established their family offices here, and compare Singapore with other popular wealth management jurisdictions.
1. Tax Incentives and Financial Benefits
One of Singapore’s key advantages is its absence of capital gains tax, enabling UHNW individuals and families to grow wealth through investments without incurring taxes on capital gains. This policy is particularly beneficial for those investing in real estate, stocks, and private equity, where returns can be substantial. By eliminating capital gains taxation, Singapore provides a tax-efficient environment that is highly attractive to families focused on wealth preservation and growth.
Singapore also offers a compelling tax regime designed to attract UHNW families through family office tax exemptions and the Global Investor Program (GIP). Under the Monetary Authority of Singapore’s (MAS) Section 13O (formerly 13R) and Section 13U (formerly 13X) tax exemptions, qualifying family offices enjoy tax relief on certain types of income, including dividends and capital gains from designated investments. The Global Investor Program further incentivizes investment, offering a pathway to permanent residency for investors who commit S$10 million to a new business, S$25 million to a GIP fund, or S$200 million to a single-family office. These tax and residency benefits make Singapore a financially advantageous location for wealth preservation and growth.
One of Singapore’s key advantages is its absence of capital gains tax, enabling UHNW individuals and families to grow wealth through investments without incurring taxes on capital gains. This policy is particularly beneficial for those investing in real estate, stocks, and private equity, where returns can be substantial. By eliminating capital gains taxation, Singapore provides a tax-efficient environment that is highly attractive to families focused on wealth preservation and growth.
Singapore also offers a compelling tax regime designed to attract UHNW families through family office tax exemptions and the Global Investor Program (GIP). Under the Monetary Authority of Singapore’s (MAS) Section 13O (formerly 13R) and Section 13U (formerly 13X) tax exemptions, qualifying family offices enjoy tax relief on certain types of income, including dividends and capital gains from designated investments. The Global Investor Program further incentivizes investment, offering a pathway to permanent residency for investors who commit S$10 million to a new business, S$25 million to a GIP fund, or S$200 million to a single-family office. These tax and residency benefits make Singapore a financially advantageous location for wealth preservation and growth.
2. Political Stability and Legal System
Singapore’s political stability and rule of law are cornerstones for UHNW families prioritizing wealth protection. Ranked consistently high in global indices for governance and transparency, Singapore provides an environment where wealth is safeguarded by robust legal protections. The legal system, based on English common law, offers clear investor protections and effective mechanisms for contract enforcement. In the World Justice Project Rule of Law Index, Singapore ranks among the top 10 worldwide, a testament to its efficient judiciary and anti-corruption policies. This strong regulatory environment, combined with strict confidentiality laws, attracts UHNW families seeking reliable, long-term wealth management solutions in a secure jurisdiction.
Singapore is also a global leader in arbitration, offering a neutral venue for resolving high-stakes international disputes. The Singapore International Arbitration Centre (SIAC) ranks as one of the most popular arbitration centers globally. This reputation for fair dispute resolution is essential for individuals seeking assurance that their investments are protected by a trusted legal framework. Additionally, Singapore’s intellectual property (IP) safeguards rank among the highest globally, according to WIPO’s Global Innovation Index. These protections are crucial for UHNW individuals investing in sectors that rely on intellectual capital.
Singapore’s political stability and rule of law are cornerstones for UHNW families prioritizing wealth protection. Ranked consistently high in global indices for governance and transparency, Singapore provides an environment where wealth is safeguarded by robust legal protections. The legal system, based on English common law, offers clear investor protections and effective mechanisms for contract enforcement. In the World Justice Project Rule of Law Index, Singapore ranks among the top 10 worldwide, a testament to its efficient judiciary and anti-corruption policies. This strong regulatory environment, combined with strict confidentiality laws, attracts UHNW families seeking reliable, long-term wealth management solutions in a secure jurisdiction.
Singapore is also a global leader in arbitration, offering a neutral venue for resolving high-stakes international disputes. The Singapore International Arbitration Centre (SIAC) ranks as one of the most popular arbitration centers globally. This reputation for fair dispute resolution is essential for individuals seeking assurance that their investments are protected by a trusted legal framework. Additionally, Singapore’s intellectual property (IP) safeguards rank among the highest globally, according to WIPO’s Global Innovation Index. These protections are crucial for UHNW individuals investing in sectors that rely on intellectual capital.
3. Advanced Financial Infrastructure
Singapore’s sophisticated financial ecosystem hosts a concentration of top global banks, wealth management firms, and private equity investors. Banks such as DBS, UOB, and OCBC are recognized globally for financial soundness, with Global Finance Magazine in 2023 ranking DBS among the safest banks worldwide. This advanced infrastructure facilitates complex wealth management needs for UHNW families, offering a range of tailored services from investment advisory to estate planning.
According to the Global Financial Centres Index, Singapore ranks among the top financial hubs worldwide, noted for its advanced regulatory practices and strict financial oversight. The country’s banks maintain high capital adequacy ratios, often exceeding the Basel III requirements, ensuring robust protection against economic shocks. S&P Global Ratings affirmed the AAA Local Currency LT credit rating of Singapore in 2024. This top-tier rating reflects the country’s strong economic fundamentals and prudent fiscal policies. For the past ten years, Fitch has consistently awarded Singapore its highest rating of AAA. The International Monetary Fund (IMF) recently praised Singapore’s banking sector for its stringent regulatory measures, identifying it as a benchmark for stability in the Asia-Pacific region.
Singapore’s sophisticated financial ecosystem hosts a concentration of top global banks, wealth management firms, and private equity investors. Banks such as DBS, UOB, and OCBC are recognized globally for financial soundness, with Global Finance Magazine in 2023 ranking DBS among the safest banks worldwide. This advanced infrastructure facilitates complex wealth management needs for UHNW families, offering a range of tailored services from investment advisory to estate planning.
According to the Global Financial Centres Index, Singapore ranks among the top financial hubs worldwide, noted for its advanced regulatory practices and strict financial oversight. The country’s banks maintain high capital adequacy ratios, often exceeding the Basel III requirements, ensuring robust protection against economic shocks. S&P Global Ratings affirmed the AAA Local Currency LT credit rating of Singapore in 2024. This top-tier rating reflects the country’s strong economic fundamentals and prudent fiscal policies. For the past ten years, Fitch has consistently awarded Singapore its highest rating of AAA. The International Monetary Fund (IMF) recently praised Singapore’s banking sector for its stringent regulatory measures, identifying it as a benchmark for stability in the Asia-Pacific region.
4. Ease of Doing Business
Singapore ranks consistently as one of the easiest places globally to conduct business, bolstered by a regulatory environment that emphasizes transparency and efficiency. According to the World Bank’s previous Ease of Doing Business Index, Singapore consistently ranked within the top three worldwide, excelling in areas such as contract enforcement, property rights, and investor protection. For UHNW families, setting up a family office in Singapore is streamlined with support from MAS and the Economic Development Board (EDB), which provide dedicated guidance on regulatory requirements and incentives, making Singapore an attractive base for families managing large and complex wealth portfolios.
In 2024, the World Bank introduced the Business Ready report, which replaced the discontinued Ease of Doing Business index. Singapore ranked among the top-performing countries in regulatory efficiency, public service reliability, and operational processes, placing second globally for public service effectiveness and scored highest in operational efficiency. These high scores reflect the country’s commitment to maintaining a favorable environment for business, providing UHNW families and their family offices with stable, efficient support for wealth management in Asia.
Singapore ranks consistently as one of the easiest places globally to conduct business, bolstered by a regulatory environment that emphasizes transparency and efficiency. According to the World Bank’s previous Ease of Doing Business Index, Singapore consistently ranked within the top three worldwide, excelling in areas such as contract enforcement, property rights, and investor protection. For UHNW families, setting up a family office in Singapore is streamlined with support from MAS and the Economic Development Board (EDB), which provide dedicated guidance on regulatory requirements and incentives, making Singapore an attractive base for families managing large and complex wealth portfolios.
In 2024, the World Bank introduced the Business Ready report, which replaced the discontinued Ease of Doing Business index. Singapore ranked among the top-performing countries in regulatory efficiency, public service reliability, and operational processes, placing second globally for public service effectiveness and scored highest in operational efficiency. These high scores reflect the country’s commitment to maintaining a favorable environment for business, providing UHNW families and their family offices with stable, efficient support for wealth management in Asia.
5. Strategic Geographic Location
Located in Southeast Asia, Singapore serves as a gateway to some of the world’s fastest-growing economies, including China, India, and Indonesia. This positioning is invaluable for UHNW families with diverse interests across Asia. According to a report by PwC, Asia-Pacific is projected to see UHNW wealth grow by 8.4% annually through 2030, with increasing investment opportunities in tech, renewable energy, and consumer markets. Singapore’s connectivity through Changi Airport and one of the world’s busiest shipping ports ensures efficient access to these markets, making it an ideal hub for regional operations and investment management.
Located in Southeast Asia, Singapore serves as a gateway to some of the world’s fastest-growing economies, including China, India, and Indonesia. This positioning is invaluable for UHNW families with diverse interests across Asia. According to a report by PwC, Asia-Pacific is projected to see UHNW wealth grow by 8.4% annually through 2030, with increasing investment opportunities in tech, renewable energy, and consumer markets. Singapore’s connectivity through Changi Airport and one of the world’s busiest shipping ports ensures efficient access to these markets, making it an ideal hub for regional operations and investment management.
6. Quality of Life
Singapore consistently ranks among the top cities globally for quality of life, making it highly attractive for ultra-high-net-worth (UHNW) families considering relocation. In 2023, it secured the 6th position globally in the Expat Insider survey and was named the top city in Asia for quality of living by Mercer. Furthermore, Singapore achieved 5th place in the HSBC Expat Explorer Survey as a top destination for expats. Singapore has consistently been ranked the world's freest economy by the Heritage Foundation's Index of Economic Freedom, holding the top spot for many years. Personal safety is a significant draw; according to the Economist Intelligence Unit’s Safe Cities Index, Singapore is ranked as the third safest city globally.
The RIE2025 plan positions Singapore as a leader in both biomedical innovation and advanced education by 2025, with ambitious targets across sectors. For healthcare, the plan aims to increase industry funding, boost licensing revenue, and foster spin-off companies from research, as well as initiate early-phase clinical trials and influence healthcare policy. In education, RIE2025 focuses on strengthening research capabilities in universities, developing cutting-edge curricula, and supporting industry collaborations to ensure a skilled, future-ready workforce. These initiatives collectively advance Singapore’s standing as a hub for science, healthcare, and education.
Singapore consistently ranks among the top cities globally for quality of life, making it highly attractive for ultra-high-net-worth (UHNW) families considering relocation. In 2023, it secured the 6th position globally in the Expat Insider survey and was named the top city in Asia for quality of living by Mercer. Furthermore, Singapore achieved 5th place in the HSBC Expat Explorer Survey as a top destination for expats. Singapore has consistently been ranked the world's freest economy by the Heritage Foundation's Index of Economic Freedom, holding the top spot for many years. Personal safety is a significant draw; according to the Economist Intelligence Unit’s Safe Cities Index, Singapore is ranked as the third safest city globally.
The RIE2025 plan positions Singapore as a leader in both biomedical innovation and advanced education by 2025, with ambitious targets across sectors. For healthcare, the plan aims to increase industry funding, boost licensing revenue, and foster spin-off companies from research, as well as initiate early-phase clinical trials and influence healthcare policy. In education, RIE2025 focuses on strengthening research capabilities in universities, developing cutting-edge curricula, and supporting industry collaborations to ensure a skilled, future-ready workforce. These initiatives collectively advance Singapore’s standing as a hub for science, healthcare, and education.
7. Investing in Future
Singapore is advancing a series of high-impact projects that present UHNW investors with the chance to engage in the city’s transformation into a sustainable, tech-forward metropolis. Projects like the Tengah Eco-Town (completion by 2025-2035), Singapore’s first “smart” and eco-focused city, embody this vision, integrating underground roads, green spaces, and sustainable infrastructure. Similarly, the Punggol Digital District, set to partially open in 2025, will serve as a hub for digital industries and cybersecurity, with expected job creation of around 28,000, making it a prime area for investment in tech and real estate.
Additional developments include the Jurong Innovation District, expected by 2028, which will support advanced manufacturing and research, and the Sungei Kadut Eco-District (due by 2025-2050 – this is a long-term project), which is designed to be a center for sustainable industrial practices. Together, these projects provide UHNW families with opportunities to invest in sectors driving future growth, from green technology to digital innovation, positioning Singapore as a global leader in sustainable urban living.
Singapore is advancing a series of high-impact projects that present UHNW investors with the chance to engage in the city’s transformation into a sustainable, tech-forward metropolis. Projects like the Tengah Eco-Town (completion by 2025-2035), Singapore’s first “smart” and eco-focused city, embody this vision, integrating underground roads, green spaces, and sustainable infrastructure. Similarly, the Punggol Digital District, set to partially open in 2025, will serve as a hub for digital industries and cybersecurity, with expected job creation of around 28,000, making it a prime area for investment in tech and real estate.
Additional developments include the Jurong Innovation District, expected by 2028, which will support advanced manufacturing and research, and the Sungei Kadut Eco-District (due by 2025-2050 – this is a long-term project), which is designed to be a center for sustainable industrial practices. Together, these projects provide UHNW families with opportunities to invest in sectors driving future growth, from green technology to digital innovation, positioning Singapore as a global leader in sustainable urban living.
Who & Why Are Choosing Singapore?
Consider the example of Ray Dalio, the billionaire founder of Bridgewater Associates, who established a family office in Singapore to manage his investments and philanthropic efforts in the region. Dalio has maintained strong relationships in Singapore and China for over three decades, expressing admiration for both and enthusiasm for developments in the area. His decision underscores Singapore’s strategic importance as a wealth management hub in Asia; the choice of a forward-thinking investor like Dalio, known for his principles and ability to foresee trends, affirms the reliability of Singapore’s jurisdiction.
Ray Dalio isn’t alone in choosing Singapore as a base for his family office. For instance, James Dyson (UK's second-richest person), founder of Dyson Ltd., moved his family office, Weybourne, to Singapore in recent years. Dyson’s choice highlights the country’s legal reliability and favorable environment for family wealth management. Dyson has emphasized that Singapore’s transparent regulatory framework and strong IP protections were key factors in his decision, allowing him to manage and expand his assets with confidence. James Dyson highlighted Singapore’s strategic importance and business-friendly environment, noting: “The move is nothing to do with Brexit or tax; it’s about making sure we are future-proofed.”
Sergey Brin, co-founder of Google, has established a family office in Singapore under the name Bayshore Global Management to oversee his investments and manage his wealth. Bayshore Global Management, Brin’s family office, is tasked with managing a broad range of investments, from technology ventures to philanthropic initiatives. Choosing Singapore as a base allows him to access both the dynamic Asian markets and the strategic advantages that Singapore offers.
Eduardo Saverin, co-founder of Facebook, chose Singapore for its robust legal framework and dynamic economy, stating: “Singapore is a place where I can be globally competitive.” In Singapore, Saverin has focused on technology and innovation through his family office, B Capital Group, which has invested in promising tech startups across Asia. By choosing Singapore, he benefits from easy access to key Asian markets and a wealth of opportunities in Southeast Asia’s rapidly growing digital economy.
Consider the example of Ray Dalio, the billionaire founder of Bridgewater Associates, who established a family office in Singapore to manage his investments and philanthropic efforts in the region. Dalio has maintained strong relationships in Singapore and China for over three decades, expressing admiration for both and enthusiasm for developments in the area. His decision underscores Singapore’s strategic importance as a wealth management hub in Asia; the choice of a forward-thinking investor like Dalio, known for his principles and ability to foresee trends, affirms the reliability of Singapore’s jurisdiction.
Ray Dalio isn’t alone in choosing Singapore as a base for his family office. For instance, James Dyson (UK's second-richest person), founder of Dyson Ltd., moved his family office, Weybourne, to Singapore in recent years. Dyson’s choice highlights the country’s legal reliability and favorable environment for family wealth management. Dyson has emphasized that Singapore’s transparent regulatory framework and strong IP protections were key factors in his decision, allowing him to manage and expand his assets with confidence. James Dyson highlighted Singapore’s strategic importance and business-friendly environment, noting: “The move is nothing to do with Brexit or tax; it’s about making sure we are future-proofed.”
Sergey Brin, co-founder of Google, has established a family office in Singapore under the name Bayshore Global Management to oversee his investments and manage his wealth. Bayshore Global Management, Brin’s family office, is tasked with managing a broad range of investments, from technology ventures to philanthropic initiatives. Choosing Singapore as a base allows him to access both the dynamic Asian markets and the strategic advantages that Singapore offers.
Eduardo Saverin, co-founder of Facebook, chose Singapore for its robust legal framework and dynamic economy, stating: “Singapore is a place where I can be globally competitive.” In Singapore, Saverin has focused on technology and innovation through his family office, B Capital Group, which has invested in promising tech startups across Asia. By choosing Singapore, he benefits from easy access to key Asian markets and a wealth of opportunities in Southeast Asia’s rapidly growing digital economy.
Comparing Singapore to Other Wealth Hubs
While Hong Kong and Switzerland have traditionally been popular among HNW individuals, Singapore’s transparent regulatory environment is a significant differentiator. Hong Kong’s political landscape and regulatory shifts have led some investors to consider Singapore as a stable alternative. Similarly, Switzerland’s reputation for banking secrecy has faced scrutiny under global AML standards, pushing UHNW individuals to look for alternative wealth management centers.
Switzerland, traditionally known for its banking secrecy and privacy, has had to adapt to stricter global anti-money laundering (AML) standards. As a result, the anonymity that Switzerland once offered is no longer as robust, which has led some ultra-high-net-worth (UHNW) individuals to consider other financial hubs, such as Singapore, that provide strong regulatory protections without the same level of scrutiny on client identity. This shift has encouraged UHNW clients to diversify or move their wealth management operations to jurisdictions that align with global standards while maintaining privacy and stability, as Singapore does.
Unlike Switzerland, where banking secrecy was one of the key factors attracting capital, Singapore has focused on innovation, asset management, and sustainable development, strengthening its reputation as a reliable wealth management center. Singapore’s balance of transparency, regulatory rigor, and investor-friendly policies sets it apart, particularly for individuals seeking a secure, globally compliant environment.
While Hong Kong and Switzerland have traditionally been popular among HNW individuals, Singapore’s transparent regulatory environment is a significant differentiator. Hong Kong’s political landscape and regulatory shifts have led some investors to consider Singapore as a stable alternative. Similarly, Switzerland’s reputation for banking secrecy has faced scrutiny under global AML standards, pushing UHNW individuals to look for alternative wealth management centers.
Switzerland, traditionally known for its banking secrecy and privacy, has had to adapt to stricter global anti-money laundering (AML) standards. As a result, the anonymity that Switzerland once offered is no longer as robust, which has led some ultra-high-net-worth (UHNW) individuals to consider other financial hubs, such as Singapore, that provide strong regulatory protections without the same level of scrutiny on client identity. This shift has encouraged UHNW clients to diversify or move their wealth management operations to jurisdictions that align with global standards while maintaining privacy and stability, as Singapore does.
Unlike Switzerland, where banking secrecy was one of the key factors attracting capital, Singapore has focused on innovation, asset management, and sustainable development, strengthening its reputation as a reliable wealth management center. Singapore’s balance of transparency, regulatory rigor, and investor-friendly policies sets it apart, particularly for individuals seeking a secure, globally compliant environment.
How We Can Help
- Tax and Family Office Advisory: We offer consultations on Singapore’s tax incentives and family office structures, helping you leverage exemptions.
- Relocation and Residency Assistance: Our relocation specialists guide you through the Global Investor Program (GIP) application process, helping secure permanent residency for you and your family, along with support for educational and healthcare arrangements.
- Investment and Market Insights: We connect you with opportunities in Singapore’s high-growth sectors, from tech to biotech, and provide insights on investment strategies to maximize returns in Singapore’s favorable tax environment.
- Wealth Transfer and Estate Planning: We assist in establishing trusts and foundations, ensuring seamless intergenerational wealth transfer without estate taxes, safeguarding your legacy.