The number of single family offices in the city state soared five fold in the past four years, lending support to the city’s state’s positioning as a philanthropy hub. The number of single family offices in Singapore soared to more than 2,000 at the end of last year as the country strived to become a regional philanthropy hub. The latest number from the Monetary Authority (MAS) of Singapore is sharply up from 1,400 at the end of 2023 and 400 in 2020. Family offices often integrate philanthropic aspirations with financial objectives. Aiming to develop into a regional philanthropy hub, Singapore has launched various tax incentives for family offices in recent years. In March 2019, MAS and the Singapore Economic Development Board jointly established the Family Office Development Team to enhance the country’s competitiveness as a global wealth management and family office hub. ...