From Spear's magazine, May14:
Family offices are flocking to Singapore thanks to a concerted effort by government to court global wealth and capitalise on growing UHNW interest towards Asian markets
Family offices are fast becoming the favoured method of administering and managing UHNW wealth. There are now an estimated 3,700 single family offices (SFOs) worldwide – a 38 per cent rise since 2017, according to research by Campden Wealth.
That’s higher than the number of billionaires worldwide (2,043). As this number continues to rise – and there is no reason to think it will stop – countries are seizing on their economic potential. Singapore might have latched onto the trend with more determination than anywhere else. According to the Monetary Authority of Singapore, assets managed by SFOs in the city-state have risen an estimated five-fold from 2017 to 2019.
Last October, the country’s senior minister Tharman Shanmugaratnam said that there were around 200 SFOs in Singapore managing assets ‘in excess’ of $100 million. At the beginning of 2021, website Family Capital found that 229 family offices had registered in the jurisdiction since 2020.
Not bad for a city-state with a population smaller than London’s. Singapore has become something of a hotspot for Western wealth, too. Google co-founder Sergey Brin – the ninth richest person in the world – became the latest high-profile figure to announce he was setting up an SFO in the Lion City, joining recent additions such as Ray Dalio and Sir James Dyson.
This agglomeration is no accident, but rather a result of a concerted effort by government to court global wealth and capitalise on growing UHNW interest towards Asian markets.....
....MUCH MORE
I believe Dyson has re-domiciled back to the UK where he was on a bit of a land-buying binge.
