Single Family Offices as Continuing Growth Sector in Singapore

Mr Yip Hon Weng asked the Prime Minister and Minister for Finance (a) whether the Ministry views the single family office (SFO) sector as a continuing growth area for Singapore; (b) if so, what steps are being taken to prepare the local workforce with the specialised skills and expertise needed to effectively service this sector; and (c) what is the estimated number of Singaporean Citizens currently employed within the SFO sector.

The Single Family Office (SFO) sector in Singapore is expected to continue to grow, given that Singapore is a trusted and well-regarded centre for asset and wealth management.

The Monetary Authority of Singapore (MAS), the Institute of Banking and Finance Singapore (IBF) and the Wealth Management Institute have worked together over the past few years to support the talent needs of the family office ecosystem. In 2020 and 2021, skills maps for family office executives and private banking professionals advising family offices were launched to highlight the technical skills and competencies that such professionals will need to acquire. Training providers took reference from these skills maps to develop relevant courses. Today, there are more than 60 such courses offered by established training providers. MAS, through the Financial Sector Development Fund, provides course fee subsidies for locals attending training programmes that are accredited by IBF under these skills maps.

As of 31 December 2023, more than 1,700 locals were directly employed by SFOs awarded MAS tax incentives1. Beyond direct employment, SFOs contribute to the growth of ancillary services as they engage local service providers, such as private banks, law firms, tax advisers, fund administrators and custodians.