As Asia’s richest man denounces China, Asia’s second-richest man sets his sights on Singapore.

Mukesh Ambani is the latest billionaire to look to the Garden City for a home for his Family Office joining the likes of Sergey Brin, Li Ka-Shing, James Dyson and Ray Dalio who with a collective net worth of more than $140BN decided that Singapore was the number one destination for Family Offices.

And they are not alone.

Singapore has steadily become one of the most popular jurisdictions for Family Offices with political stability, a high standard of living and various tax incentives attracting UHNW Families from the rest of the world.

There were thought to be 200 new Single Family Offices set-up in Singapore in 2021, collectively managing more than $20BN in AUM. This is the only official figure quoted by the Monetary Authority of Singapore (MAS) however our own research suggests there could be a considerable amount more.

While the billionaire population across Asia has increased by 39%, Singapore has gained at least four billionaires in the last year alone.

Singapore is a well-established country with a strategic location, stable economy, balanced political system and robust regulatory framework. It has a well-regulated financial centre, a selection of trust and corporate services providers and the simplicity of a shared language.

Singapore also offers an extraordinary lifestyle.

Proven to be the safest place on earth during the pandemic as well as the cleanest, its transparency, low crime rate and high standard of living makes it extremely attractive for professionals and their families. It is also personally welcoming Family Offices.

Singapore is a playground for the rich and wealthy with good governance, ample opportunity and a cosmopolitan lifestyle and as Hong Kong clings to its widely-described draconian COVID-19 restrictions and China fights to retain its status as a global powerhouse, Singapore’s popularity is only set to soar.

For more information about Singapore and how it could be the right place for your Family Office, download our Family Office in Asia report where we interview the Monetary Authority of Singapore (MAS) and Economic Development Board of Singapore (EDB).