Family offices in Singapore have increased nearly 10 times over five years, exceeding 2,000 by the end of 2024, establishing the city-state as a key regional hub for philanthropy [1]. Registered charities in Singapore also rose from 2,321 in 2020 to 2,406 in 2024, a growth of about 3.6% [1].
Industry participants say the philanthropic ecosystem in Singapore is undergoing a structural shift as it matures, with wealthy families and family offices moving from private, trust-based giving toward public foundations and grant-making models [1]. Tommy Leung, head of private bank for South Asia at HSBC, said, "It is very common for clients to want to give back to society – some are very passionate about doing it on their own, so they create their own foundations" [1].
Vikna Rajah, partner at Rajah & Tann Singapore, described the trend as one of "structured, long-term and regional philanthropy," reflecting a more formalized approach to charitable giving [1]. Drivers behind the rise include tax incentives, reputational benefits, and an increasing focus on creating a lasting legacy [1].
The number of family offices has surged from just over 200 to more than 2,000 in five years, while registered charities have grown steadily in the same period, pointing to a growing culture of organized philanthropy in Singapore [1].
Singapore's status as a regional hub for philanthropy is expected to deepen as more wealthy families adopt structured giving models. The latest available statistics date to the end of 2024, marking a milestone in this development [1].
