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Singapore: More than half (59%) of family offices in Asia may be in Singapore, according to a recent report. Family Office is a private wealth management firm serving high net worth and ultra high net worth individuals, aka the world’s ultra high net worth individuals.

Asia’s second-richest Indian, Mukesh Ambani, has set up a family office in Singapore, along with once the world’s ninth-richest tycoon and Google co-founder Sergey Brin. US hedge fund investor Ray Dalio.

There are several factors that make Singapore attractive for opening family offices. It has one of the least corrupt countries in the world, a tax-friendly system and low corporate tax rate, a welcoming environment for investment, and is widely considered to be a good place to open a family office. It means that there is One of the best places in the world to do business.

“Singapore has all the ingredients right to attract investment. With a stable currency and rule of law, it is clearly a great place to live. It is a hub for national companies and talent,” said Anurag Mathur, Head of Wealth and Personal Banking at HSBC.

With 9% of the world’s family offices in Asia, 2023 Global Family Office Compensation Benchmark Report, Recently published by KPMG Private Enterprise and Family Office Consultancy Aggreus.

There are currently approximately 20,000 family offices worldwide.

The report found that family office CEO salaries in Asia ranged from S$158,001 to S$500,000, while in Europe they ranged from S$291,237 to S$389,126. In the Americas, salaries range from S$267,415 to S$356,551.

Family offices in Asia differ from the rest of the world, with nearly a quarter (23%) of them being less than two years old and only 39% operating for more than 10 years.

In contrast, in the Americas and Europe, 60% and 53%, respectively, have been in service for 10 years or more.

Interestingly, nearly a quarter (24%) of family offices in Asia have AUM (AUM) between S$500 million and S$1 billion.

Companies with AUMs of S$1.1 billion to S$2 billion, S$251 million to S$500 million and less than S$250 million make up another 20 per cent of family offices in Asia.

The Americas, meanwhile, have the highest percentage of family offices with AUM over US$5 billion (S$6.75 billion), at 9%. In Europe and Asia it is 5 percent and 4 percent respectively. /TISG

DBS launches family office platform to help ultra-high net worth individuals keep their wealth without moving to Singapore

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