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On May 10, 2023, Mr. Alvin Tan, Minister for Trade and Industry, Culture, Community, and Youth, and board member of the Monetary Authority of Singapore, announced that the total assets managed by local financial institutions in Singapore for foreign non-retail investors such as family offices and high net worth individuals had increased by SGD 470 billion between 2017 and 2021. This represents a 20% increase in the overall asset management industry in Singapore during the same period.
The category of “non-retail investors” in the annual Singapore Asset Management Survey report released by the Monetary Authority of Singapore is the closest to high-end individual investors. This category includes family offices, clients of offshore asset managers, private trusts, and high-net-worth individuals. Family offices are classified as a type of individual investor. Minister Tan noted that the increase in funds from high-end individual investors was roughly similar to the overall trend of asset management in Singapore.
The Monetary Authority of Singapore’s report does not break down the total amount of funds flowing into Singapore through family offices. Minister Tan stated that single-family offices that applied for and received tax incentives from the Monetary Authority of Singapore managed approximately SGD 90 billion in assets as of 2021. As Singapore’s total asset management industry was SGD 5.4 trillion in 2021, this accounts for less than 2% of the total.
The increase in Singapore’s asset management industry is mainly driven by institutional investors. Non-retail investors account for a small portion, and family offices account for an even smaller proportion. Between 2017 and 2021, the assets managed by high-end individual investors in Singapore grew the most in the Asia-Pacific region, accounting for over half of the total assets managed by this group of investors. Europe and the Americas followed next.
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