The number of Single Family Offices (SFOs) in Singapore continued to rise in 2024, surpassing 2,000 by year’s end, according to Chee Hong Tat, Second Finance Minister and Deputy Chairman of the Monetary Authority of Singapore (MAS). He shared this update at an event on January 14.

In mid-September 2024, Chee had reported that the central bank had granted tax incentives to approximately 1,650 SFOs by the end of August. This indicates a 21% growth in the last four months of 2024. Comparing year-on-year, the number of SFOs increased by at least 42.9%, up from 1,400 at the end of 2023. The growth last year was more than double the 300 added in 2023.

Chee, who also serves as Singapore’s transport minister, attributed this rise to the country’s business-friendly and innovation-driven environment, which provides a stable, well-regulated platform for investors with a long-term perspective.

“MAS will continue to collaborate closely with the sector to further expand; we expect even more interest from investors looking at Singapore as a key hub,” he said.

Speaking at the UBS Asia Wealth Forum, Chee emphasized that financial services and wealth management would remain crucial growth areas for Singapore in the coming year.

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