Mr Desmond Choo: To ask the Minister for Trade and Industry (a) how many family offices are currently set up in Singapore; and (b) how do family offices contribute to Singapore's economy.
Written Answer by Minister for Trade & Industry Mr Chan Chun Sing
1. MAS estimates that there are about 400 Single Family Offices (“SFOs”) operating in Singapore as at end-2020. These SFOs were established in Singapore due to our stability, competitive business environment, the availability of talent from our wealth management industry as well as the breadth and depth of investment opportunities that we offer as an international financial centre.
2. Besides the advisors and investment professionals that SFOs directly employ, they also generate indirect employment when they work with external finance, tax and legal professionals on wealth planning and operational matters. In addition, they expand the pool of patient capital for Singapore-based startups and business ventures as well as funds that invest in such companies. Many principals of these family offices are owners of successful businesses too and may be able to provide guidance to the companies they invest in.