Singapore’s appeal to the ultra-rich has continued to grow, with the city-state drawing hundreds of new single family offices (SFOs) in 2023. By the end of December 2023, approximately 1,400 SFOs had received tax incentives, showcasing a significant 27% increase from the previous year, Deputy Prime Minister Lawrence Wong revealed in response to a parliamentary query. This surge reflects Singapore’s strategic efforts to position itself as a global wealth management hub. In terms of employment within these SFOs, Wong, who also serves as the Minister of Finance and chairman of the Monetary Authority of Singapore, noted that most SFOs operate with fewer than 20 employees, although a select few employ more than 20 individuals. The workforce predominantly consists of local residents, supplemented by a number of foreign workers primarily from other Asian countries.