SINGAPORE Trends and Developments Contributed by: Lee Woon Shiu and Catherine Cheung, DBS Bank Limited
DBS Private Bank 12 Marina Boulevard Level 6, DBS Asia Central Marina Bay Financial Centre Tower 3 Singapore 018982 Tel: +65 90215130 Email: catherineks@dbs.com Web: www.dbs.com.sg
Introduction The private wealth management landscape in Sin - gapore, which was once primarily focused on opti - mising asset allocation through offshore companies, continues its trajectory of evolution into a multi-fac - eted wealth management hub focusing on delivering holistic solutions to an increasing segment of afflu - ent and high net worth families. This new paradigm encompasses comprehensive financial, succession and estate planning, insurance solutions, tax advisory and intergenerational wealth transfer across multiple jurisdictions, and has also extended to include phi - lanthropy advisory solutions. Not only is this evolu - tion influenced by shifting generational priorities and government initiatives, it is also particularly driven by the increasing complexity and volatility of the global environment. Asia is now the world’s most dynamic source of new ultra-high net worth individuals (UHNWIs), with pri - vate clients and families – particularly from Mainland China, Taiwan, India, Indonesia and Vietnam – moving beyond traditional offshore booking models to seek jurisdictions that combine safety with operational capability. Singapore’s Position in a Shifting Global Wealth Landscape As investors increasingly diversify away from Western financial centres towards neutral and well-regulated jurisdictions, Singapore has emerged as a prime des - tination for private wealth in the recent past years. The city-state’s robust regulatory framework, political stability and comprehensive suite of financial services
contribute to its appeal in this evolving landscape. This trend is evidenced by the continued influx of affluent and sophisticated migrants with new family office capital. While Singapore continues to attract significant wealth, clients are also exploring alternative financial hubs such as the United Arab Emirates (UAE) and Hong Kong, indicating a broader diversification strat - egy among global investors. This multi-hub approach underscores the sophisticated needs of global family offices and Singapore’s ongoing efforts to maintain its competitive edge through continuous enhancements to its value proposition. Given its unique edge with deep Southeast-Asia con - nectivity, Singapore would remain as a base for Asean activity, offering both a predictable and robust legal environment and a full ecosystem of professionals such as licensed fund managers, trustees, legal, tax In the last five years, Singapore has proven to be the favoured hub in Asia for the UHNWIs to base their family offices and park their assets. The number of single-family offices (SFO) established in Singapore rose from about 400 to over 2,000 within roughly four years. Although the family office sector continues to expand in terms of numbers and assets under management (AUM), the growth has become more selective as the Monetary Authority of Singapore (MAS) tightened and technology providers. Family Office Development
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