Number of Jobs Created for Singapore Citizens and Permanent Residents, and Tax Contributions by Family Offices

Assoc Prof Jamus Jerome Lim asked the Prime Minister and Minister for Finance in view of the four-fold increase in the number of family offices between 2020 and 2024 (a) how many jobs have they created in total; (b) how many more jobs are they expected to create, as a whole, over the next five years; (c) how many jobs are filled by Singapore citizens and permanent residents, as opposed to foreigners; and (d) what is the total tax revenue that these family offices are expected to contribute in the current fiscal year.

We will focus on Single Family Offices (SFOs) that have been awarded the Monetary Authority of Singapore tax incentives. They have to meet annual requirements on assets under management, headcount, business spending and deployment of funds to specific assets. SFOs contribute to the growth of the asset management industry and increase demand for ancillary services, such as in private banking, legal and tax advisory, accounting and fund administration. SFOs receiving tax incentives currently employ about 2,200 locals.