Singapore is stepping up efforts to channel more charitable giving from family offices, as the number of single family offices (SFOs) in the city-state climbed to more than 2,000 by the end of 2024, a tenfold increase in five years.
Officials and industry participants say the growth has been driven by tax incentives, regulatory clarity and a deep advisory ecosystem, making the Republic an attractive hub for wealthy families.
“These conditions make it a trusted hub for high-net-worth individuals to turn their philanthropic ambitions into credible action,” said Mae Anderson, head of philanthropy services, Asia, at BNP Paribas Wealth Management.
Charitable activity has grown alongside the expansion of family offices. The latest Singapore’s Biggest Philanthropic Organisations List by consultancy Soristic Impact Collective recorded 117 organisations, up from 101 in 2022, with total giving almost doubling to S$431 million.
Family offices have backed initiatives in healthcare, sustainability and innovation. The Carbon Project Development Grant, co-funded by the Economic Development Board and family office capital, supports local firms in developing carbon credits.
The Gates Foundation, which opened a Singapore office in May 2025, plans to mobilise at least US$100 million from family offices and foundations to boost healthcare in Southeast Asia.
Regulators are also building capacity. In 2021, the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance issued skills benchmarks for philanthropy advisers, with co-funding available for training.
MAS connects new SFOs with charities such as the Community Foundation of Singapore and Community Chest, and in 2023 broadened tax incentives to recognise donations as eligible expenditure.
The ecosystem has expanded to include groups such as ImpactSG, which launched in 2024 and partnered with multi-family office Farro Capital this year, engaging five families in commitments worth S$600,000 annually.
FamilyOfficeNewsAsia.com
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