Tracking Economic and Social Contributions of Single Family Offices from 2020 to 2024 and Plans to Attract SFOs

Mr Saktiandi Supaat asked the Prime Minister and Minister for Finance (a) from 2020 to 2024, what are the metrics used to track the economic and social contributions of the Single Family Offices (SFOs) established in Singapore; and (b) how does the Government plan to continue attracting SFOs to establish themselves in Singapore while ensuring such capital inflows benefit all Singaporeans.

Mr Gan Kim Yong (for the Prime Minister): Developing Single Family Offices (SFOs) is part of broader efforts to grow Singapore's wealth management sector. When SFOs and other high net worth individuals (HWNIs) use wealth management products and services, private banks, other financial institutions and ancillary service providers benefit, and business revenue and jobs are generated. The Monetary Authority of Singapore (MAS) tracks metrics such as assets under management, employment and the wages earned to measure growth and contributions of the wealth management sector.

While MAS does not track social contributions from SFOs in Singapore, industry players such as Soristic Impact Collective 1 track philanthropic giving, including those from HNWIs. Some HNWIs behind SFOs have engaged in philanthropic activities and established philanthropic entities, such as Tsao Foundation 2 and Ishk Tolaram Foundation 3 . The recent establishment of new intermediaries such as ImpactSG 4 and Philanthropy Asia Alliance 5 also reflects growing interest in philanthropy among HNWIs in Singapore.

The Government will continue to work closely with industry to strengthen Singapore’s position as an international wealth management centre, including revamping the family office tax scheme application process. Most applications are now processed within three months, down from the previous 12 months; supporting HNWIs across their business, wealth and family interests; improving customer onboarding experiences including ensuring private banks' account opening processes are efficient and customer-friendly, while maintaining sound controls.

We must continue to strike the right balance, to ensure we remain competitive versus other wealth management centres. We will continue to enable our wealth management sector to thrive, so it can generate opportunities, create good jobs for Singaporeans, and contribute to our social and philanthropic sectors.

Note(s) to Question No(s) 2:

1 Soristic Impact Collective is a social impact consultancy that aims to empower businesses, non-profits, and philanthropists to create meaningful change through research, evaluation, philanthropy support, and capacity building.

2 Tsao Foundation is a non-profit family foundation focused on promoting successful ageing and active ageing and among its various initiatives, had established the Hua Mei Centre for Successful Ageing, which provides medical, social and psycho-emotional care for adults aged 40 and above living in the community.

3 Ishk Tolaram Foundation aims to empower underserved individuals by providing access to quality education, healthcare, and skills training in geographies where Tolaram has a significant business presence. In Singapore, Ishk' focuses on inclusive education. Its partners include Boys' Town, Dyxlexia Association of Singapore, Samaritans of Singapore and Shine Youth Services.

4 ImpactSG is a ground-up non-profit organisation that was born out of Forward Singapore. It works with individuals from family offices, foundations, and corporations to deploy financial and non-financial contributions in Singapore and Asia. Since its launch in November 2024, ImpactSG has engaged more than 100 individuals and wealth owners on their contributions facilitated by specially designed programmes, such as one for Singapore's neighbourhood schools.

5 Philanthropy Asia Alliance was launched by Temasek Trust, dedicated to catalysing collaborative philanthropy in Asia through dynamic multi-sector partnerships. Since its launch in 2023, it had amassed over S$1 billion in pledges from more than 80 global members and partners including Gates Foundation, The Rockefeller Foundation and Li Ka Shing Foundation.