Growth of family offices in Singapore: Withersworldwide

24 Sep 2021 4 min read

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Wealth is being created at a remarkable pace in Asia, particularly over the last decade. This has fuelled the growth of family offices in Asia which are established to help the ultra-high net worth (UHNW) families manage their wealth and also to prepare for the transition of wealth to the next generation.

In a commentary by Stacy Choong, Stephen Banfield and Yong Sheng Hon from Withersworldwide, they share why Singapore is a top choice for Asian families seeking to set up their family offices.

They also discuss the factors that have contributed to the city-state’s growth in the family offices markets and expand upon the range of family office-related services and initiative offered. This article was first published in The International Family Offices Journal, published by Globe Law and Business.

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24 September 2021

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Stacy Choong is a Private Client and Tax partner at the Singapore office of Withersworldwide. She advises individuals and families on their estate planning and this includes advising on wills, trusts, family governance/constitution and family/shareholders’ agreements, and also on establishing family offices, private trust companies, family charities and foundations.

Yong Sheng Hon is a Senior Associate in the Private Client and Tax team at the Singapore office of Withersworldwide. He advises corporations, high net worth individuals and their professional advisers on matters relating to income tax, stamp duty, GST, property tax and international tax and treaties.

Stephen Banfield was a Private Client and Tax partner at the Singapore office of Withersworldwide. He has since left the organisation.