What family offices should know before setting up in Singapore
“The best time to plant a tree was 20 years ago. The second best time is now”. This ancient Chinese proverb is likely to resonate with both family members and advisors in the private wealth space. Singapore might be the answer for many Western family offices looking to bridge family values and forthcoming disruptions.
Jurisdictions Published on Simple January 13, 2021

In order to safeguard a fruitful heritage for the next generation, it is necessary to approach today with a forward-looking lens. “The best time to plant a tree was 20 years ago. The second best time is now”. This ancient famous Chinese proverb is likely to resonate with both family members and advisors in the private wealth space. But which is the best future-proof environment for family offices?

Whether we like it or not, 2020 was a year of phenomenal change that brought to light the shift of the world’s centre of gravity towards the East. Even though the data is not yet fully available, it is clear that the heterogeneous management of the COVID-19 pandemic has accelerated the growth gap between European, American, and Asian countries. The distribution of wealth, as a result, will be impacted in the coming months and years.

A shifting centre of gravity

Until 2019, North America led the way in terms of UHNWI’s per capita – with Asia only holding a third of the market. However, the high net worth h population in Asia is set to increase by over 40% per year within the next decade and thereby progressively contribute to an East-West wealth imbalance, with Asian wealth being one  of the fastest growth worldwide.

About the Authors

Christelle Vigot

Christelle Vigot

Business transformation & value creation

Christelle believes that families have to adapt if they are to safeguard their legacy, the performance of their business – as well as the planet. Strategy, empathy, and transversal creativity are fundamental in a shifting and complex world.

Connect with Christelle Vigot
Freya Williams

Freya Williams

External Advisor: Business Anthropology

Freya is a business anthropologist specialising in qualitative insights and user-driven innovation. With a background in NGO’s and consultancy in London and Copenhagen, she works with Simple to co-create insights with our network of experts

Connect with Freya Williams

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