The Monetary Authority of Singapore (MAS) has awarded tax incentives to about 1,650 single family offices (SFOs) as of the end of August, up from 1,400 at the end of 2023 and just 400 in 2020. With 250 SFOs added in the first eight months of this year, the number of new SFOs in 2024 is expected to surpass the 300 added in 2023, according to Chee Hong Tat, Singapore’s second minister for finance and deputy chairman of MAS. Speaking at the Global-Asia Family Office Summit, Chee noted that Singapore’s assets under management grew over 8% in 2023, with a five-year compound annual growth rate of around 10%. He emphasised Singapore’s commitment to attracting legitimate wealth, investments, and international talent, highlighting the positive impact of family offices on job creation and innovation.