Date: For Parliament Sitting on 5 August 2026

Name and Constituency of Member of Parliament

Dr Neo Kok Beng, NMP 

Question

Dr Neo Kok Beng: To ask the Prime Minister and Minister for Finance (a) what is the current number of approved Family Offices (FO) and Assets Under Management (AUM), with a breakdown into its country of origin and amount; and (b) how many FO applications are currently under processing and its proposed AUM, with a breakdown of its region and amount.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. As of end December 2025, more than 2,000 Single Family Offices (SFOs) receive tax incentivesThese are the tax incentive schemes for single family office funds under sections 13O and 13U of the Income Tax Act (ITA).. These SFOs manage the monies of families originating from a range of countries, predominantly from the Asia Pacific region, followed by Europe and the Americas.

2. Singapore's broader asset management industry grew 10.1% in 2025 to record total assets under management of S$6.7 trillion, with SFOs continuing to grow alongside it. They contribute positively to this growth and increase demand for jobs in asset management as well as in ancillary services, such as in private banking, legal and tax advisory, accounting and fund administration.

***