Wealth Management

Learn more about Singapore’s offerings as a leading wealth management hub, which empowers investors with access to Pan-Asian and global opportunities as well as world-class wealth management capabilities.


Singapore has established itself as one of the leading private banking and wealth management centres globally and in Asia.

High net worth individuals choose Singapore for our sound financial regulation, strong rule of law, as well as political and economic stability. The breadth and depth of institutions here also give them ready access to global and regional financial markets while providing a full suite of wealth management services to meet their every need.

In addition, Singapore has built up a strong eco-system of capabilities to support the growth of private banking. These include:

  • Skills and expertise in asset management, wealth and succession planning, foreign exchange and derivatives trading.
  • A diverse pool of local and international wealth management talent, supported by world class training institutions.
  • Developed capital markets as well as a vibrant private equity and venture capital ecosystem.
  • Comprehensive suite of wealth management players including trust companies, philanthropy organisations, family offices and ancillary service providers such as tax, legal advisors, consultants and technology platform providers.

Key Facts

“As an established financial hub, Singapore will continue to grow opportunities for wealth management and support the evolving needs of family offices…we also believe that the best legacy that those with greater means can leave behind is a positive impact on society.”

Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, Mr Lawrence Wong at The Owner's Symposium of The Global-Asia Family Office Summit on 29 September 2022 

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Private Banking

The potential for wealth management in Asia is significant. We live in one of the fastest growing regions in the world. In tandem with economic development, private wealth in Asia is growing rapidly, with a burgeoning middle class and an increasing number of ultra-high net worth. At the same time, there is a growing clientele from outside Asia looking for investment diversification opportunities in Asia.

Family Offices

In line with the growth of family offices globally, an increasing number of families are setting up family offices in Singapore as a useful structure to professionalise the management of their family’s wealth over the long term. Many find Singapore an attractive base to access Asian opportunities as part of a globally diversified investment portfolio. In March 2019, MAS and the Singapore Economic Board (EDB) jointly established the Family Office Development Team (FODT) to enhance Singapore’s competitiveness as a global wealth management and family office hub. The FODT seeks to enhance the operating environment for family offices; deepen capabilities of family office professionals and service providers; and build a stronger community of family offices.

Promoting Purposeful Contributions

To promote purposeful contributions, MAS announced the following enhancements to the tax incentive schemes for Single Family Offices on 5 July 2023.

Overview of July 2023 enhancements to the tax incentive schemes for Single Family Offices

Safeguarding against Money Laundering Risks

To safeguard against money laundering risks, MAS requires an SFO applying for a tax incentive to open and maintain an account with a bank licensed by MAS. The bank is in turn required to conduct customer due diligence. This includes assessing whether there is a clear and legitimate purpose for the use of the SFO structure, ascertaining the ultimate beneficial owners, and corroborating the sources of wealth and funds of both the SFO and any beneficial owner(s).

In addition to the checks conducted by banks, MAS screens the individuals and entities involved in the SFO against databases and other information sources for money laundering, terrorism financing and other adverse news, and reviews the business plans of the SFO.

To strengthen the due diligence checks, MAS has enhanced our tax incentive administration processes as follows:

  • With effect from Dec 2023, MAS has extended the scope of due diligence checks to a wider group of individuals and entities associated with the tax incentive applicant.
  • Depending on the screening results, applicants may be required to provide additional documentary validation. For example, a statutory declaration, and where applicable, a certificate of non-criminality.
  • MAS will appoint a panel of specialised firms to conduct screening checks on tax incentive applicants for money laundering and terrorism financing risks. More details will be released in the coming months.

Regulatory Status

Family offices can be either multi -family offices (MFOs) that manage third party assets of two or more families, or single family offices (SFOs) that manage assets belonging to only one family. MFOs are subject to licensing and regulation under the Securities and Futures Act (SFA)which provides safeguards to protect the interests of the different families served by the MFO. As SFOs manage the monies of a single family, they are not subject to licensing and regulation under the SFA.

There are existing class exemptions from licensing under the SFA and the Financial Advisers Act for the provision of fund management and financial advisory services respectively to related corporations. For further details, please refer to the full FAQ here.


With rising interest amongst High Net Worth Individuals and families to apply their wealth as a force for good, MAS sees a role for Singapore as a financial centre to intermediate and shepherd wealth to purposeful causes that meet global and regional needs.

Under the Industry Transformation Map 2025 Strategies for Financial Services, MAS will work with the industry to grow Singapore as Asia’s centre for philanthropy through building impact monitoring solutions, philanthropy advisory competencies, and innovative philanthropy models.

To encourage single family offices to use Singapore as a base to conduct philanthropic activities, MAS announced the launch of the Philanthropy Tax Incentive Scheme on 5 July 2023. 

Overview of the Philanthropy Tax Incentive Scheme for Single Family Offices

Overview of Philanthropy Tax Incentive Scheme

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