Family office acceleration: Singapore’s bid to remain wealth hub of Asia

Singapore is strengthening its position as Asia’s premier family office hub, reflecting both forward-looking policymaking and a reputation for regulatory clarity, safety and global connectivity. 

Wealthy families must balance expansion with complex compliance and operational challenges, while adapting to generational shifts in family leadership. Independent wealth managers,  focused on objective advice rather than transactional relationships, play an indispensable role in helping wealthy families navigate this fast-changing landscape.

Singapore: Doubling down as Asia’s family office hub

Singapore is reinforcing its ambition to be an all-in-one hub for family office services, driven by policy innovation and rising global demand. In recent years, the Monetary Authority of Singapore (MAS) and Economic Development Board (EDB) have introduced tax incentives, streamlined application processes and supported innovative fund structures.   

The impact of these efforts has been significant: the number of single family offices (SFOs), receiving tax incentives rose from roughly 400 in 2020 to over 2,000 by the end of 2024—a 43% year-on-year increase in the most recent period. MAS granted incentives to 1,650  SFOs by August, rising to approximately 2,000 by year-end.  

These policies make Singapore attractive for both Asian and Western families. Its robust tax regime—no capital gains tax and exemptions for offshore generated income — combined with its strategic location, enables Singapore to maintain a targeted focus on quality despite regional competition. Around 59% of all family offices in Asia are now based in Singapore.

Beyond incentives, families choose Singapore for its specialist expertise in banking, tax, legal and fiduciary services,  transparent regulation, favourable tax policies, global connectivity and high living standards.

This momentum supports continued expansion, although growth is likely to moderate as enhanced source of wealth and anti-money laundering scrutiny become more prominent. These higher standards, now an integral part of Singapore’s regulatory framework, have also led some families to explore jurisdictions perceived as more flexible, such as Dubai.

Balancing opportunity with regulation and complexity

Singapore’s regulatory refinements have opened new doors but also introduced more rigorous compliance obligations and greater operational complexity. Families now confront detailed questions on sources of wealth, and the uses to which that wealth is put. Although this can seem uncomfortably intrusive, it is a fact – and one that is here to stay.

To successfully balance these opportunities against potential pitfalls, families must work closely with expert advisors who understand local tax rules and regulations. Operational protocols need to be regularly updated to remain compliant as laws evolve. Investment in staff and robust systems is essential to support effective  risk and compliance management. Equally important is fostering cross-jurisdictional legal and tax expertise within teams or via key partners.

This demands a dynamic operational approach—proactive, well-governed and able to adapt swiftly as rules change.

Next generation demands: Beyond tax and custody

The next generation is reshaping traditional family office priorities by demanding purpose-driven strategies that focus not just on wealth preservation, but also on impact and personal fulfilment. The key question is “what is this money for?”. These successors are pushing for greater engagement with environmental, social and governance (ESG)  and impact investing. They are advocating for comprehensive philanthropic programmes, often as a gateway to family governance conversations. Broader education and career development for family members, along with transparent communication, robust governance structures and meaningful roles within the family enterprise, have become central to effective wealth management.

A focus on sustainable investing and family-wide involvement in philanthropic and entrepreneurial activities is now essential for family offices to maintain relevance and unity across generations.

Essential role of independent wealth managers

Increased regulatory scrutiny and family complexity drive the need for independent wealth managers. These professionals help families navigate evolving international compliance requirements and mediate governance and communication challenges, creating clear processes for decision making and conflict resolution. By providing impartial advice free from institutional sales pressures, they provide comprehensive oversight across investments, tax planning  and philanthropy. 

Independent wealth managers future-proof family offices by providing access to global opportunities and best-in-class operational solutions. As families look to remain resilient, compliant and focused on the long term, independent managers have emerged as strategic partners—critical for ensuring that family offices adapt not just to preserve wealth, but to create lasting family legacies in a complex world.

Stephen Davies is the CEO, Javelin Wealth Management, a Singapore-based independent wealth advisory firm dedicated to providing transparent, client-first financial solutions.