Debated in Parliament on 5 Oct 2020.
Mr Ang Wei Neng asked the Prime Minister (a) in the past three years, how many high net worth individuals have set up or have been given approval to set up family offices in Singapore; (b) what is the total quantum of assets that have been attracted to Singapore through these high net worth individuals; and (c) how many Singaporeans have been employed by such family offices in Singapore.
As Single Family Offices (SFOs) do not manage third party monies, they are not registered with or licensed by the Monetary Authority of Singapore (MAS). So MAS does not have hard data on the scale of their operations.
There are about 200 SFOs in Singapore. The number has grown in recent years.
Industry research1 estimates that each SFO typically manages assets in excess of US$100 million. So total assets under management by SFOs could be around US$20 billion.
SFOs would usually employ small teams of trusted advisors and investment professionals, and there could be several hundred in the industry. Beyond direct employment, they generate indirect employment in Singapore through their engagement of external finance, tax and legal professionals for advice on wealth planning and operational matters.
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