Political tensions, Covid-19 hasten wealth flow to Singapore
Wealthy families are setting up secondary offices in Singapore to diversify their exposure to risks, particularly in Hong Kong, and to avoid areas being badly affected by the pandemic.
Regional political turmoil and health and economic concerns caused by the Covid-19 pandemic have prompted more wealthy families in Asia to set up primary or satellite family offices in Singapore.
According to the Monetary Authority of Singapore (MAS) website, assets managed by single-family offices have risen an estimated five-fold from 2017 to 2019. Earlier this month, Singapore’s senior minister Tharman Shanmugaratnam, who is also the minister in charge of the MAS, said in a wri…
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