The number of single-family offices (SFOs) in Singapore surpassed 2,000 by the end of 2024, marking a significant increase from 1,400 in 2023. The Monetary Authority of Singapore granted tax incentives to about 1,650 SFOs by August, with numbers growing over 21% in the last four months of 2024. The rise reflects Singapore’s appeal as a stable, well-regulated hub for ultra-rich families, supported by pro-business policies and financial incentives. SFOs have surged from 400 in 2020, reinforcing Singapore’s position as a leading wealth management center in Asia. Financial services contributed to a 4% economic expansion in 2024, but growth may moderate in 2025 amid global trade uncertainties. Singapore’s fiscal reserves are expected to cushion potential economic impacts.