Singapore Family Office Guide
A month ago, I visited Singapore and what was perhaps most impressive to me was the huge percentage of wealth in Asia that is flowing into the country. I came to Singapore for some meetings and to prepare to speak in Tokyo the following week at a conference.
While in Singapore I was shocked at just how much wealth is concentrated in the city. If you run a family office or are thinking of starting one, I would certainly consider Singapore as a location for an Asian hub. This country is growing very fast and is attracting a lot of millionaires and billionaires from all over the world due to its high standard of living and friendly tax environment.
The following free Guide to Singapore Family Offices will help you better understand Singapore family offices and provide you with resources to learn more about Singapore. You should also check out our 100% free book on family offices.
Introduction to Singapore
Let’s start with a brief introduction to Singapore: international trade has helped jetison Singapore above leading Western countries in terms of GDP per capita (the IMF, CIA World Factbook and World Bank all place Singapore in a range of 3-5 in the rankings and always above the United States, Switzerland and other wealthy countries). Singapore has a healthy and free-market economy that has excelled in recent years. However, like other international business and financial-focused economies, Singapore’s economy was hurt by the global financial meltdown, but managed to rebound impressively by earning more than 14% GDP in 2010. Singapore’s status as Southeast Asia’s financial and high-tech center has drawn a great deal of wealth and investment.
Here is a video that I shot on the waterfront in Singapore talking about the country. In this video, I talk about Singapore and how there is a great concentration of wealth in this booming country.
This city-state is a popular financial destination due to its business- and wealth-friendly tax environment. It is also an island nation that draws a lot of tourists and vacationers as well as wealthy individuals looking for an international hub that is both attractive and enjoyable from which they can conduct their business. Singapore is also an attractive location for firms and investments funds looking to establish an Asian hub for their business as it is a brief flight to Tokyo, Shanghai or Mumbai. This access to emerging markets has led to a growth in foreign investment and made Singapore a highly-attractive place to live and do business.
Family Offices in Singapore
As the amount of wealth in Singapore has steadily grown, so too has the need for family offices. Asia is, of course, a region of great wealth and Singapore is one of the wealth capitals for the region. It is estimated that there are 17,500 ultra-high net worth individuals in Asia and the region accounts for 18.5% of ultra-high net worth individuals in the world.
Singapore has been attracting a great number of these ultra-high net worth individuals and more and more are moving from mainland China to reside in Singapore. Accordingly, the number of family offices in Singapore is growing; however many high-net-worth individuals and wealthy families are looking less to typical single family offices. Instead, one study (see resource #1) found that wealthy Asian families turn to “‘a plurality of players that are independently (e.g. global banks) or collaboratively (e.g. asset managers, lawyers and independent advisors) providing Family Office services for wealthy Asian clients … these structures work as a dynamic network of different players’ discussed as a ‘Hybrid network Family Office Model.'”
In Asia, Singapore serves as one of two hubs for Asian family offices–the other being Hong Kong. Singapore has developed a reputation among the high-net-worth community as a financial capital and a popular destination for wealthy families, so many family offices have established offices in the country to service local families and individuals.
Wealth accumulation has steadily increased in Singapore from a low point in 2001 along with the number of family offices. The country has a high concentration of billionaires compared to other Asian countries, making it a very attractive destination for family offices. The number of high-net-worth individuals in the country is estimated to be 60,000 although that number has likely grown since.
Despite the huge number of high-net-worth individuals and billionaires currently residing in the country, there are relatively few family offices but that is expected to change in the coming years. As one report on Singapore Family Offices concluded: “Even if only a few Family Offices are identifiable in Singapore today, the market will clearly play an important role in the Family Office business for Asian clients in the future.” It is clear that Singapore will continue to play a big part in the future growth of the family office industry.
Singapore Family Office Resources Guide
Singapore Family Office Resource #1: Family offices in Singapore are expected to increase in 2021 with an effort to bring in more hedge funds.
Singapore Family Office Resource #2: If you are looking for contact details of family offices places such as Singapore you may want to consider using a Family Offices Database. A Family Office Database provides you with the complete contact details for 100’s or sometimes even up to 1,000 global single and multi-family offices within an easy to use Excel spreadsheet format. Learn more about this by clicking here.
Singapore Family Office Resource #3: Here is a video I recorded while in Tokyo, Japan. I speak primarily on why Singapore is attracting so much wealth. I offer my take on family offices in Singapore and why I expect there to be a lot more family offices in this country over the next few years.
Singapore Family Office Resource #4: If you are interested in a more academic look at the family office industry, you can find a study by Raphael (Raffi) Amit who led a global team of researchers in a first ever study of single family offices (SFOs) across Europe, the Americas and Asia. The study was done in collaboration with Singapore Management University and Professor Amit presents his findings at the school in Singapore. Click here to learn more about this study.
Singapore Family Office Resource #5: Here is another study on family offices in Asia. This one focuses primarily on Singapore and the growth of family offices in the country. The report is titled: “Family Offices in Asia with a Special Focus on Singapore.”
Singapore Family Office Resource #6: Here is the article talking about why billionaire Ray Dalio who is the founder of hedge fund Bridgewater Associates, is set to open up a family office in Singapore in 2021.
Singapore Family Office Resource #7: You can find an article here on how Singapore’s economy is set to rebound in 2021.
Join Us in Singapore: The Family Offices Group is hosting a Family Office Workshop in Singapore on October 4th, 2013. Download our brochure to learn more about this Singapore Family Office Workshop.
Are you an employee or manager of a family office in Singapore? Then we’d like to keep in touch with you. Simply send us an email at Richard@RichardWilsonCapital.
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