Singapore’s single household workplaces climbed to 2,000 final yr, minister says

SINGAPORE (Reuters) – The variety of single household workplaces in Singapore grew to 2,000 in 2024, the deputy chairman of the town state’s central financial institution, Chee Hong Tat, mentioned on Tuesday.

That is up from a determine of 1,650 Chee shared in September final yr.

Singapore has benefited from robust inflows of wealth into Asia because of insurance policies beneficial for establishing household workplaces and trusts, low taxes and its location as a gateway to the rising Southeast Asian markets.

Single household workplaces are one-stop corporations that handle the funds of the very rich.

“There will probably be, I feel, extra curiosity from traders to have a look at Singapore as a key node and hub in Asia,” Chee mentioned in a session on the UBS Asia Wealth Discussion board convention in Singapore.

“We need to see how we are able to provide larger number of funding choices, together with for individuals who need to put their wealth right here additionally to develop their wealth,” he added.