Is Singapore’s family office hub losing its shine?

A recent CNBC report – “Rich Chinese are exiting Singapore as wealth regulations tighten: ‘my patience is gone” suggests that Singapore may be slipping as Asia’s go-to wealth centre, with Hong Kong, Dubai, and even Tokyo positioning themselves as serious contenders.

However, the broader data tells a more balanced story: Singapore now has around 2,000 single-family offices (SFOs) — a 25% increase in just one year. That’s not a decline. It’s robust growth.

At the same time, competition is intensifying:

Hong Kong has reportedly overtaken Singapore in raw SFO numbers, boosted by tax concessions and mainland proximity.

Dubai is growing even faster in percentage terms, attracting global wealth with 0% income tax and streamlined residency.

Tokyo is a minor player, but policy reforms show intent.

So where does that leave Singapore?

In my opinion, Singapore is not losing its shine — it is evolving in what is a more competitive, multipolar era. Its strengths stay the same: credibility, governance, ecosystem depth, and quality of life. These issues are more significant to families when considering governance, succession, and trust than short-term concessions elsewhere.

The next chapter will focus on professionalisation, including governance structures, next-generation education, ESG, and impact investing. Singapore has the chance to lead not by being the cheapest or the biggest, but by being the most indispensable.

For UHNW families, the benefits are clear: more choice, better ecosystems, and stronger services. For Singapore, the challenge is equally clear: adapt, deepen, and differentiate.

Singapore’s hub status is not fading — it is evolving. The question is how boldly it chooses to lead.

Source: "Rich Chinese are exiting Singapore as wealth regulations tighten: 'my patience is gone"

Read the CNBC article here: https://lnkd.in/g8xnkEr3

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For more information please contact Michael Velten.

michael@veltenadvisors.com

+6590687547

37 Ann Siang Rd, Singapore 069715

Is Singapore’s family office hub losing its shine?

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