The rapidly growing financial center Singapore is digging deeper into a still young field: It wants to promote the settlement of "family offices" more.

With their own offices, which are usually hidden by companies or foundations, wealthy families try to preserve and increase their property.

The strictly regulated, low-tax city-state wants to offer them an even better platform in the future.

The plan is also likely to aim to attract even more investment from competing Hong Kong.

Since Beijing pushed through its course there with an iron fist, more and more capital and talent have migrated to the tropical island.

Christoph Hein

Business correspondent for South Asia / Pacific based in Singapore.

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The Singapore Wealth Management Institute (WMI) is bundling the initiative in a new network called the “Global-Asia Family Office Circle (GFO Circle)”. Behind the institute is the city-state: The WMI was founded by the Singapore state funds Temasek and GIC. His job is to “advance Singapore's growth plans to become a leading international center for wealth and investment management.” The tropical island, with its extremely fast-growing investment volume, has identified another flow of money here: “Family offices play an important role in Singapore's economic growth by bringing in patient capital, business expertise and networks that help promote entrepreneurship, innovation and philanthropy here, ”says Jillian Lim.She leads the sector at the business development authority EDB. The wealth managers in family services should "improve access to opportunities in Singapore and the region," she hopes. Foo Mee Har, the head of the institute, sums up the advantages for Singapore: “The rapidly growing family office segment creates top jobs and new career opportunities for Singaporeans in start-ups, but also in areas such as asset management, taxes, accounting, legal and fiduciary services . ""The rapidly growing family office segment creates top jobs and new career opportunities for Singaporeans in start-ups, but also in areas such as asset management, taxes, accounting, legal and fiduciary services.""The rapidly growing family office segment creates top jobs and new career opportunities for Singaporeans in start-ups, but also in areas such as asset management, taxes, accounting, legal and fiduciary services."

Good cause ecosystem

It's already working. The number of family offices in Singapore doubled to around 400 last year.

As is so often the case, the city-state is planning a networked approach.

Treasury Secretary Lawrence Wong stressed the importance of funding the fight against climate change on several occasions.

Singapore is working on becoming a focal point for this too.

After all, the ten Southeast Asian countries alone would need around $ 200 billion in “green investments” annually by 2030, explains Wong: “With its programs, the MAS central bank is attracting more green funds and asset managers with a strong focus on sustainability.

That will help grow our sustainable finance ecosystem. "

 This ecosystem of good causes should make the expensive location attractive to even more family investors.

Both sides should benefit from this.

Because in addition to building the network of the super-rich, the GFO circle will focus on attracting talent for the industry.

For this, the Singaporeans have once again looked for strong partners.

Together with Dalio Philanthropies, WMI will teach global investment strategies and market principles.

Together with the Gates Foundation, the next generation will be offered a master class in philanthropy.

And Stanford professor Bill Burnett teaches “purposeful wealth accumulation”.