Singapore’s revised Global Investor Programme (GIP) could pose challenges for wealthy individuals setting up family offices, as new rules require at least SGD50m (USD37.52m) to be allocated to Singapore-listed equities, excluding REITs and business trusts. Previously, capital could be spread across various asset classes, including private equity. The shift aims to boost Singapore’s stock market but raises concerns over diversification in the city-state’s relatively small market, with just 10 companies accounting for half of SGX’s USD650bn market cap. Some investors see the requirement as restrictive, particularly for those near the SGD200m AUM threshold. The rule, which locks funds in equities for five years, limits flexibility, though the government is leveraging family offices as key financial market players deploying long-term capital.