Asia's Private Wealth Market

Singapore Rising Star In Asia’s Private Wealth Market

SINGAPORE – Multinational law firm Carey Olsen said Singapore continues to shine as a jurisdiction of choice for wealth management advice and services, amidst the increasing number of high-net-worth individuals (HNWIs) in Asia, especially in China, reported Mondaq on Sunday (25 July, SGT).

“Singapore is definitely a rising star in the Asia private wealth market,” said Rachel Yao, Head of Carey Olsen’s trusts and private wealth practice in Asia.

“It benefits from a central location in Asia, good infrastructure and business connectivity, strong rule of law, sophisticated and highly regulated financial market infrastructure, and first-world standard of education and living.”

Usually, nouveau riche Chinese would go to Singapore for wealth management advice and structuring thanks to the tax perks and exemptions offered to single family offices established under Sections 13O and 13U of the Singapore Income Tax Act, noted Yao.

In fact, the number of newly opened family offices here had climbed substantially over the past three years from just 27 to 2018 to 453 in 2021.

“Even though Singapore has recently tightened its family office rules, I haven’t really seen a lot of impact on any family offices as a result of these additional measures.”

“For a lot of our clients, when they set up a family office in Singapore, their aim is to diversify their wealth with onward investment out of this region so, to the extent that they decide to make asset investments, they tend to cast their net quite wide and invest globally,” she added.

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