Singapore’s wealth management sector continues to flourish, with the number of single family offices (SFOs) set up by the super rich ballooning to 1,650 at the end of August, fuelling optimism that the growth of SFOs in 2024 will surpass that in 2023. From just 400 SFOs awarded tax incentives by the Monetary Authority of Singapore (MAS) in 2020, the number of family offices grew to 1,400 at the end of 2023.